Sponsor Renovated Units - Plesae Explain

Some sponsors do thoughtful high quality renovations (James Development), and some are even open to allowing buyers to choose finishes if they sign a contract early on in the renovation process (Roxann Management). Some sponsors do not. It is very tempting to buy a sponsor-renovated unit because you will not have to close before the renovations are done (avoiding the stress of the renovation process and cost of carrying two places for a very long time) and you will often be able to get things done that would not necessarily be permitted by the building, like washer/dryers or wet-over-dry. I would check this sponsor's renovations elsewhere in the building and see if you can find any information about its track record. If everything checks out, it could be a great opportunity for you. Potential drawback is that the sponsor drags its feet with the renovation and misses your targeted completion date, but since your closing will be tied to substantial completion of the renovation, your incentives are aligned, so this is not a huge risk. Another drawback is that you will often pay a premium for sponsor units, but if you do not have the desire or stomach to deal with a large-scale renovation project, it is worth it.

Dan Gotlieb
Digs Realty Group
https://digsrealtynyc.com/

Hi Ernest, this article does a pretty good job explaining the pros and cons are requested:

https://www.hauseit.com/buying-a-sponsor-unit-in-nyc/

It's definitely worth a shot esp if you're looking for a coop, no board approval etc.