2 bedrooms. Description. , between Broadway and Amsterdam Avenue, has high ceilings, a windowed kitchen, a windowed pantry and a new bathroom. ADUs come in a variety of types, including basement apartments, attic. HPD is publishing a series of brief reports on the stock of rent regulated units in New York City. A sponsor unit refers to an apartment that is owned or being sold directly by the original developer or builder. New York City’s affordable HDFC co-ops, explained Everything you need to know about HDFC co-ops, one path to affordable homeownership in New York City By Emily Nonko Mar 25, 2020, 8:56am EDTIn this week’s Buy Curious, guest broker Eydie Saleh of Mirador Real Estate shares her intel on co-op sponsor units so you can determine whether they may or may not turn you into a homeowner after all. 98-120 Queens Boulevard, Unit 4G. 1 Sadore Lane #6L | Yonkers NY 🔑 - SPONSOR UNIT with NO Board Approval and only 10% down! - This spacious and sun-drenched unit features a beautiful kitchen showcasing granite countertops, stainless steel appliances and modern white cabinetry, living room/dining area combination, renovated bath and plenty of closet space. 2 Bedroom Sponsor unit which has been totally renovated with a brand new kitchen with quartz countertops, white cabinets, tiled floor &. SPONSOR UNIT, ALL APPLICABLE NYC AND NYS TRANSFER TAXES PAID BY BUYER. Calculating the transfer taxes you may pay for a sponsor unit coop purchase can be tricky and beyond the grasp of even many real estate lawyers. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. 25 million. New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. . He or she collects the rent is responsible for dealing with renters' issues concerning the interior of the apartment. Hi, I'm looking to purchase a condo in Williamsburg, Brooklyn. The unit could be located within the existing home or could be a fully independent and detached structure. 5 Baths + Terrace Asking: $1,195,000. This one-bed, one-bath apartment features historical prewar details and it was renovated last August! This home has. 005. What is a Sponsor Unit? It's important to understand the definition of a sponsor unit and how it's somewhat different from a brand-new co-op or condo apartment that becomes available on the market. sarcasm, conveniently a same line unit, we have to make due with what we have. REBA MILLER: A sponsor unit is a residence that is owned by the original titleholder (usually the landlord or developer), who is responsible for converting the rental apartment building into a condominium or a co-op building that is offered for sale. $879,000. View property. unit. While median unit price dipped 12% from. A “construction defect” case is a lawsuit brought by a condominium on behalf of its unit owners against the condominium’s developer (commonly known as the “sponsor”), and sometimes other parties that were involved in the condominium’s construction, as a result of discovering defects in the manner in which the condominium was built. By CityRealty Staff Thursday, September 16, 2021. Sponsor units can sometimes be found in new-development condos, in which case the developer. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. Best and Worst NYC Amenities and Apartment Features. More. $369,000. Roosevelt Island Apartments for rent. Sort: Homes for You. For sponsor sales, the flip tax is usually paid for by the buyer. Rent Guidelines Board increases and other increases allowed by the Rent Stabilization Law or. SPONSOR UNITS NYC LLC (DOS #6523943) is a Domestic Limited Liability Company in New York registered with the New York State Department of State (NYSDOS). A buyer who wants to reside in the building but does not want to own an apartment held by. 2 bathrooms. A sponsor unit remodeling entails the building replacing ailing water, electric, or heating elements and repainting the dwelling. plan available from the Sponsor. However, given I did like the unit, I initially offered to renogitate on the price given the greater than 5% discrepancy in sqft, yet when I pointed out this discovery to them, they immediately. The current entity status is Active (current) The registered business location is at 300 Riverdale Drive, Apt 12B, New York,. new york law requires the sponsor to disclose all material information in this plan and to file this plan with the new york state department of law prior to selling or offering to sell any condominium unit. A guide to using a no-fee renovation loan from a NYC real estate firm. most of the time, you become like other unit owners. $6,450,000. 2 bedrooms. Sponsor: 133-17 Sanford LLC. Typically, the sponsor (or developer), of a co-op building, will have many exclusive rights when it comes to an apartment that it still owns, including but not limited to not requiring board approval to rent the apartment. . Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. No Board Approval needed. A condo offering plan is a disclosure document that lays out the terms under which a sponsor, that is, the owner of the property, can sell you a condo (or parking space or storage bin). Sublet surcharge — some NYC coops impose sublet ‘surcharges’ based on the size of the unit being sublet. I said 50% of shares and OP said 50% of units. coop #507534. 1. There are pros, cons and closing cost considerations when it comes to buying a sponsor unit in NYC. A sponsor unit refers to an apartment that is owned or being sold directly by the original developer or builder. Pay a premium price for the. coop . 67 likes. ) 140 WEST 71ST STREET, Upper West Side, NYC - $527,500 - Contract Signed | SPONSOR UNIT, NO BOARD APPROVAL, AND NO FINANCING RESTRICTIONS. LISTING BY: EXP REALTY NYC. 5 baths. 2 Bed / 1. How does one tell whether the sponsor still owns units in a COOP? Also, how do you find out the real name of the sponsor?But the pandemic has ravaged New York City’s real estate market and its premier, $25 billion development, raising significant questions about the future of Hudson Yards. HDFC Building income restriction will apply. $4,700. For New York City, this tax amounts to 1 percent of the purchase price for apartments under $500,000 and 1. These units have never been on the market for sale! Now vacant, these. Pros of buying a sponsor unit in NYC. $330,000. Sponsor Units NYC, New York, New York. The main difference to be aware of for sponsor unit purchases is that the developer or sponsor may trip to flip some of the seller's closing costs onto the buyer. Co-op in Forest Hills. g. For co-ops,. This video explains the concept of sponsor units in the New York City real estate market. Schedule and attend closing. Located on Yellowstone Blvd. You can estimate your buyer closing costs using this calculator. In NYC real estate, a listing being labeled “sponsor unit” means the apartment is on the market for the first time. The Sponsor of The Oakman, a luxury condominium building located in Jersey City NJ, has announced that it is selling Units at The Oakman! By: Michael J. new york law requires the sponsor to disclose all material information in this plan and to file this plan with the new york state department of law prior to selling or of-fering to sell any condominium unit. Tremada Properties, an affiliate of London-based William Pears Group Ltd. $179,000. For condos, a developer may retain a sponsor unit. 11694, Queens County, New York City, NY. 2. Every year, the Rent Guidelines Board, a nine. Buying a co-op sponsor unit means you don't need board approval, but you'll likely pay a premium. § 442-H New York Standard Operating Procedures. Sponsor units can sometimes be found in new-development condos, in which case the developer. Condo For Sale In Queens, New York. $299,000. 3 bds; 3 ba; 1,500 sqft - Condo for sale. There are two types of sponsor units you may encounter while browsing real estate in NYC: condo sponsor units and co-op sponsor units. Bedford Park Apartments for rent. Attorneys who specialize in this area write offering plans. 75 . FOR SALE NOW. 825% for the transfer taxes and $2000-3000 for. S. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. SOLD CLICK HERE TO SIGN UP FOR ALERTS. Best and Worst NYC Amenities and Apartment Features. 42 units; 6 stories; Built in 1920; Co-op in Hudson Heights. . l Individual residential condominium unit owners should not file. co-ops, and closing costs are the highest for new developments (also known as sponsor units). $1,995,000. The Attorney General's office regulates the offer and sale of real estate. Contract of Sale—Condominium Unit. 1 results. Tricks of the real estate trade are for real, especially in New York City. A sponsor unit is a co-op unit that belongs to the sponsor, the building’s developer. The NYC Real Property Transfer Tax (RPTT) is 1% to 1. a founder and the vice president of the Council. We recently reported here that there has been an uptick in sales of sponsor-owned apartments in New York City co-ops and condos, driven largely by the renter-friendly Tenant Protection Act of 2019. 1 Bath. This one bedroom, one bath is listed for $349,000. Here are some sponsor unit co-ops that are on the market now: Midtown East studio, $395,000: This gut-renovated studio at 5 Tudor City Pl. $859,000. Both unit types come with their. So, that’s it: no board approval,. Five NYC Sponsor Units for Sale Right Now. We’ll teach you everything you need to. condo located at 75 Wall St Unit 35A, New York, NY 10005. Featured Rental Unit in East Village 355 East 4th Street #66. A sponsor unit is a property within a condominium or co-op building in NYC that is owned by the original developer or sponsor. Subletting a Sponsor Unit in a Co-op. Since #3A is a sponsor sale, the buyer would pay the flip tax there and legal fees. 1 bedrooms. Zillow has 90 homes for sale in New York NY matching Sponsor Unit No Board. a. NYC Real Property Transfer Tax, $ If price $499,999 then 1%. $309,000. Receive new listings by email. Melissa Leifer, a salesperson at Keller Williams NYC, says she is seeing more sponsor units for sale and that's to be expected if the elderly move out of state, move into assisted living facilities, or pass away. The transfer of two adjacent condominium units by a sponsor, in a single transaction, is treated as the transfer of units combined at the time of sale and subject to tax as the sale of an individual residential condominium unit under Finance Memorandum 00-6REV. Or in the case of a co-op, it is owned by the original owner or the corporation that originally converted rental. 4320 Van Cortlandt Park E UNIT 4E, Bronx, NY 10470. As CityRealty data shows, condos in New York's Downtown neighborhoods are in hot demand. . 7 percent of that sum — or $6. A special category of apartments in New York City are called “sponsor units. 139 Wooster St UNIT PH1A, New York, NY 10012. Bring. We have 204 properties for sale listed as sponsor unit flushing, from just $175,000. Listing by Howard Hanna Coach. In New York City, getting any kind of living situation will mean meeting certain standards—many of which may be pretty shocking to people who haven’t lived in the Big Apple for too long. $69,000. 425%. It discusses what sponsor units are, who sponsors them, and the adv. 765 Bronx River Road UNIT 4J. 1bd. CONTACT. . Sponsor Units NYC, New York, New York. The main advantage of buying a sponsor unit from a developer is that you’re buying a new unit that has never been marred by another tenant’s wear and tear. “Sponsor listings” mostly are found in condo buildings, since. 75% in year 1 and 3. 80% of the units are already free market! potential cash flow of $2,000,000 a year!Stuart Saft in Legal/Financial. Exclusive 4% Buyer's Broker Commission Promotion! Limited-Time Offer: Starting immediately and running until 12/31/23, we're thrilled to. You’ll often encounter more rules in a co-op building vs a condo building. As noted above, prevailing wage affidavits must be filed for properties that have (1) 30 or more residential dwelling units and an average unit assessed value of more than $60,000, or. 1 bath. Doormen. The Zippers conversion is a singular blend of. Erin Hudson. The main disadvantage of sponsor units is that the sponsor may require the buyer to pay the transfer tax, which means closing costs will be higher. There's lots of new development in West Chelsea, including One High Line, which opened this year and has a one-bedroom sponsor unit for $2. Closings are typically held at the building management company’s offices for co-ops. One person $118,680Two persons $135,600Three persons $152,520Please. Attachment to application. , between. Dear Board of Directors, It is with great pleasure that I write to you about my application to. What Is a Sponsor Unit? The short answer: it’s an apartment that has never been sold. View property. T. See a list of these real estate licenses. 110-38 64th Ave #36/35B, Forest Hills, NY 11375. Listing by Brown Harris Stevens Development Marketing LLC, Real Estate Principal Office, 451. Renovated 1 Bedroom Sponsor unit for Sale in the beautifully maintained Kimberly Gardens. So if the loan amount is conforming — up to $970,800 in New York City — then it’s possible to get as much as 97% financing, she says. The number of Manhattan condos publicly listed for sale (resale and sponsor units) has steadily declined over the last six months, falling 20% from 4,671 units in early November 2020 to 3,760 condo listings today. There are currently 42 Sponsor units in the building and I want to know if there is any laws that would help us get the sponsor totally out of the building. Five NYC Sponsor Units for Sale Right Now. e. Lobis in a case involving 200 East 16th Street. Sort: Homes for You. . This year the board voted that 1-year lease renewals starting between October 1, 2023 and September 30, 2024, can increase by 3%. Concourse Apartments for rent. as long as the unit owners are not on the sponsor's payroll or otherwise given money by the sponsor. this offering plan is the entire offer to sell these condominium units. The memos aim to disseminate information about different facets of rent regulation in the city, using a variety of data sources. As a result, sponsor unit transactions can close faster with less hassle, although there are extra closing costs to consider during offer negotiation. 4 bds; 4 ba; 3,072 sqft - Condo for sale. Landing a rent-stabilized apartment in New York City can be a lifeline for renters who would otherwise struggle to afford to live here. 81-05 35th Avenue UNIT 1J, Jackson Heights, NY 11372. $100,000. When this condominium is created, the parent condo lot will. There are three people on the board, with the sponsor being one of them - all equal weighted votes. Coop sponsor units are generally known as "unsold shares" because of regulations issued in 1983 by the NYS Attorney General's office under the state's anti-fraud securities law, the Martin Act, I believe at 22 NY Code Rules and Regulations section 18. LISTING BY: DOUGLAS ELLIMAN. Read the New York State Fair Housing Notice. 625% and the City rate remains 0. Thanks in advance for any input - apartment hunting in NYC isn't easy even when you WANT to move! posted by Neely O'Hara to Home & Garden (9 answers total) 1 user marked this as a favorite I can't speak to renting a sponsored co-op unit, but before I moved I would double and triple check that what your landlord is telling you about the. CONTACT. , #405, is going for $975,000. Similar searches "sponsor unit in forest hills ny ": cheap pa , apartment upper east side new york fireplace ny . After all, #LinManuelMiranda was just spotted in the neighborhood looking for locations for the #Hamilton movie! 340 Haven. March 11, 2022 · RARE # SponsorUnit opportunity in # ParkSlope! Go in-contract now & the sponsor will use your input toward renovating to *your liking!* 2 Bed | 1 Bath “White Box” / Sponsor will reno Contact us at info@sponsorunitsnyc. Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power over the residents. The New York City Mansion Tax starts at 1% for purchases on/above $1 million and below $2 million. 765 Bronx River Road UNIT 4J. They can do that by offering a buyout of a non-purchasing, stabilized tenant renting in a building that’s already been converted to a co. Now offering sponsor paid 1 year of common charges This spacious 1,371sf 1 bedroom plus home office is a classic DUMBO loft with high ceilings. $3,000,000. v. 65 includes heat & hot water. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. C. In New York City, many rental apartment buildings were converted to condominiums or co-ops. Sponsor Units. The city transfer tax is 1 percent of the purchase price on sales over $500,000 (or 1. Find your next New York apartment or penthouse today. Other perks of buying directly from a sponsor can be lower cost or a. Pet friendly for. Freshly. (The average Manhattan apartment last year cost around $1. Last. 80-era conversions (still co-ops, rather than condos) tend to have sponsor units. g. 5 Baths + Terrace. The median price for a two-bedroom apartment in Midtown East is $1,850,000, based on current listings on StreetEasy. The units are sponsor units. 227-07 Hillside Ave Unit Duplex, Queens Village, NY 11427. 1 bd; 1 ba; 900 sqft - Condo for sale. Corcoran Group. 1 bathrooms. It's located in 11415, Kew Gardens, Queens County, New York City, NY. 1 bathrooms. The new laws require disclosure of the name of every natural person who owns a membership interest, directly or indirectly, in an LLC that is the grantor or grantee of residential property containing one to four units. FOR SALE NOW. From Get To Know Rare Deals: Sponsor co-ops with no board approvals priced under $2M. Renovated, it includes wood floors, plentiful cabinets, a kitchen island, and recessed lighting. Please contact the listing agent to schedule an appointment. The higher rate of 1. according to records filed with New York City’s Department of Finance. AVAILABLE NOW. • Individual residential condominium unit owners should not file. This is truly a buyer’s market, and for those rushing to move forward without time-consuming and intrusive board interviews, one. But what is a sponsor unit? The short answer is that it is a unit that has never been sold. Kitchen with. Sponsor units are a special category of apartments unique to New York City. . Find a seller's agent; Post For Sale by Owner; Home Loans Open Home Loans sub-menu. 10024, Upper West Side, Manhattan Community Board 7, New York County, New York City, NY. ) The luxury condos at Greenwich West—with interiors designed by Sébastian Segers—have walnut cabinetry from Italian furniture company Molteni & C. Rent regulation is a very real government policy (in select US cities like NYC) designed to provide affordable housing and protect against the displacement of low-income residents. I was in contract for a $450K studio but then Board declined my application. New York's highest court, the Court of Appeals, ruled in 211 West 232rd Street Owners Corp. A certain number of units must be sold before the Offering Plan is actually in effect. NO FEE – No board approval – Sponsor unit Beautiful fully renovated Studio apartment at 45 Tudor Place. Hudson Heights. 1ba. On March 25, the State of New York Department of Law (DOL) issued a policy memorandum temporarily modifying certain submission requirements for condominium and cooperative offering plans and amendments thereto. . Q Our building is 75 percent shareholders, 25 percent sponsor units (renters). For 2-year renewals, the landlord can increase the rent 2. . Buying a sponsor unit also comes with the added benefit that you can skip the dreaded board approval process. 345 East 80th Street, Unit 15G. Marketing for sale Sponsor (& Re-sale) Units in NYC. All, Five years ago a friend bought a co-op sponsor unit in my old building and his real estate lawyer discovered, that when buying in a co-op from the sponsor, the law says they are not allowed to sell the unit for higher than the number of shares times the current offering plan most recent stated maximum share value. 825 W 179th is a beautiful, Hudson River frontage, pre-war, 42 unit. 00. , #B5, Forest Hills. 425% for apartments priced at $500,000 or more. While those are substantial. The 772 units boast a combined value of just over $17 billion, with 39. The Sponsor must post in the building information on the number of units sold for all tenants to see until the Offering Plan is declared effective or abandoned. 11501, Hempstead, Nassau County, NY . Sponsor Units NYC. Transfer taxes for NYC property purchases can add up to 1. The ELIKA Team. Harmony, a 16-unit boutique elevator condo building with a fitness center, parking garage, furnished roof deck, storage units, and bike storage. The Attorney General’s office must accept the offering plan for filing before the sponsor unit can be advertised for sale. Council 212-979-0611. New York City, NY . new york, ny 10022. 9 million. Sponsor: 33rd Street Ventures, LLC, 60 Cutter Mill Road, Suite 405, Great Neck, NY. 425%. filing with the department of law does not mean that the department. 1 bedroom, BRONX NY 10457. The sponsor units fall under the Emergency Tenant Protection Act (ETPA) of 1974. 13477 Homes for Sale $224,723. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. Sponsor unit queens. 1 Fair Market Unit. When the sponsor owns 75 percent of the units, this means that each non-defaulting unit-owner must pay four times the previous common charges. National Cooperative Bank offers competitive rates and easy pre-qualification. At 30 Park Place — a Four Seasons-branded residence where units are listed for sale at roughly $4,000 per square foot — more than eighty of the building’s 157 units have been listed for rent. Anyone with plans to purchase a sponsor-owned condo or co-op in NYC needs to understand an offering plan. The offering plan is made up of two components: narrative and exhibits. Upper West Side. Sponsor: Madison 33 Owner, LLC, 461 Park Avenue South, 6th Floor, New York, N. More. It's one of the last 2 units in this building that the sponsor hasn't sold. In most cases, sponsor units are found in new condos. Sponsor units in the building have been meticulously renovated with modern finishes and in-unit washer/dryers. buying Co-ops family retiree sponsor unit. , #405, is going for $975,000. Picture an empty apartment. If your buyer’s agent hasn’t already explained to you the differences in closing costs associated with buying a sponsor unit in NYC, then you should consider getting rid of your real estate agent after reading this article. 10708, Yonkers, Westchester County, NY. UPDATED, June 9, 2021, 6:00 p. 340 West 86th Street, Unit 10B. View listing photos, review sales history, and use our detailed real estate filters to find the. Manhattan Mini Storage offers access around the clock, 365 days a year, with no extra charge for bulky items. Sponsors reported 259 deals city-wide, up from 192 in July, which puts the market in sync with pre-pandemic norms. LISTING BY: COMPASS. NEW YORK, NY 10. Map. When you buy a sponsor unit, you’ll often hear that you’re buying “unsold shares. This can be a tedious process as some co-op boards will require potential sublessees to fill out the same lengthy co-op board application as prospective purchasers in the building. 1 Bed; 1 Bath; 750 Sq Ft; 100 Parkway Rd Unit 6D, Bronxville, NY 10708. Building for sale! This lovely 5 story townhouse in the heart of Manhattan is perfect for conversion to 1-family home. the Sponsor will execute the Condominium Unit Deed, which will be delivered to the purchaser. New York transfer tax rates depend on the price of the property as well as its location. A world-class condominium tower located in Tribeca and developed by a partnership of Fisher Brothers, Witkoff, and New Valley, 111 Murray Street soars some 800 feet, offering 157 residences ranging from one-bedrooms to full-floor penthouses, many with cinematic views of the Manhattan skyline,. 3B3Bth 1, 930 SF Move-In Condition NO BOARD APPROVAL Rare offering of a full three-bedroom, three-bathroom unit on the 19th. [1] At the most basic level, “a sponsor unit is an apartment that has never been sold” before. Who owns it, then? The building, typically. 1 bathrooms. ) to find Elmhurst, Queens, NY apartments for sale according to your specific needs. Brick has found that listings of these apartments are up about 50 percent from before the pandemic. 10708, Yonkers, Westchester County, NY. The short answer: it’s an apartment that has never been sold. 8% for loans under $500K and 1. Existing tenants have 90 days to exclusively purchase their units or shares in the Co-Op. Do not expect the fridge and stove to get an update, as the co-op usually leaves that to the new owners. fering plan is the entire offer to sell these condominium units. Q. 1 bd; 1 ba--sqft - Condo for sale. $225,000. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at [email protected]%. What distinguishes a sponsor unit from other apartments is that they have never been sold before. Manhattan. StreetEasy is a Real Estate Search Engine for apartments and real estate in Manhattan and New York City. Featured Co-op in Turtle Bay 321 East 43rd Street #410. 13134 Homes for Sale. $749,210. $325,000. For transactions that are $500,000 and higher, that rate goes up to 1. sponsor unit means you are the first to have bought that unitYou bought it from the developer as opposed to a previous owner. In your case, a mere 3 percent share is no big deal. “This could add 1. Developer Matt Lee’s decision to auction off a condo unit online later this month recalls another dire time in New York City’s new development market. The complete offering terms are in an Offering Plan available from the Sponsor, File No. 65% for properties over $3 million. Pet friendly for rent. LISTING BY: EXP REALTY NYC. Manhattan New York Real Estate (housing market) is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. Sponsor reserves the right to make changes in accordance with the terms of the offering plan. Sponsor Units NYC. For a co-op the sponsor is the original owner of the co-op or the person who initially converted the building from a rental into a co. 110-11 Queens Blvd, Queens, NY. In most cases,. 05% for any property that sells for over $3,000,000. Yonkers, Westchester County, NY . Albany, NY 12234 Attn: CTLE Sponsor Unit . Sunday 7/15 2:30-4pm. The appeal of these sponsor units is that there is no need to comply with co-op bylaws such as board approval or right of first refusal and other perks of buying directly from a sponsor can be. Sponsor Unit • Condo. सुने NYC Sponsor Units - What You NEED To Know और seventy-nine अधिक एपिसोड Real Talk NYC Real Estate द्वारा, मुफ्त! कोई साइनअप या इंस्टॉल की आवश्यकता नहीं है। NYC Sponsor Units - What You NEED To Know. To purchase an apartment or brownstone in New York City, you will generally need a 20% down payment if it is your primary residence and 30% down if it is an investment property. In sponsor sales, the sponsor attempts to pass those costs. They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). 2 bds; 1 ba;. sponsor units, if 10% or more of the units remain unsold. $395,007. . COOPERATIVE AND CONDOMINIUM PROPERTY 2023/24. Buying a sponsor unit in a converted co-op or condo means that the unit does not need to comply with co-op bylaws such as board approval or right of first refusal. The OP needs to find out exactly which of units the sponsor owns. Not the formation of the actual construction but the organization that owns it. Homebuyers in New York City may be presented with the opportunity to purchase a “sponsor unit,” a type of property unique to New York City real estate. 2.