You step out the door and Riverside Park is right there. 13310 Homes for Sale $175,622. Tricks of the real estate trade are for real, especially in New York City. 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. Sponsor unit no board approval Fully renovated spacious 1Br apartment Eat-In-Kitchen W/ all new stainless-steel appliances Newly. i've never heard of a sponsor paying the flip-tax when selling. 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. Manhattan; Brooklyn; Queens; Bronx; Staten Island; New Jersey; All NYC + NJ; Near Me;. The sponsor is the person or entity who originally owned and converted the building from rental units to a co-op. Q Our building is 75 percent shareholders, 25 percent sponsor units (renters). NYC Sponsor Units - What You NEED To Know. Newest. Best and Worst NYC Amenities and Apartment Features. OLE63914---. The apartment is located in a prewar co-op building with a 24-hour doorman, a resident super, a laundry room, a bike. Who owns it, then? The building, typically. A sponsor unit remodeling entails the building replacing ailing water, electric, or heating elements and repainting the dwelling. 425%. $1,099,000. $2,250,000. 66-92 Selfridge St APT 2E, Forest Hills, NY 11375. That’s because buyers are expected to pay city and state transfer taxes on co-op sponsor sales. 20 acres) 360 Westchester Avenue UNIT 315, Port Chester, NY 10573. This year the board voted that 1-year lease renewals starting between October 1, 2023 and September 30, 2024, can increase by 3%. , #405, is going for $975,000. about monthly rents from units held by the sponsor or other holder of unsold units. ) 140 WEST 71ST STREET, Upper West Side, NYC - $527,500 - Contract Signed | SPONSOR UNIT, NO BOARD APPROVAL, AND NO FINANCING RESTRICTIONS. k. After all, #LinManuelMiranda was just spotted in the neighborhood looking for locations for the #Hamilton movie! 340 Haven. A grown child buying an apartment for a parent presents some unique challenges. In condo buildings, a sponsor unit is one currently owned by the developer and being put up for sale for the first time. This one-bed, one-bath apartment features historical prewar details and it was renovated last August! This home has western exposures, with city views, and receives generous sunlight throughout the. 110-11 Queens Blvd, Queens, NY. Features. 5% to 6% of the purchase price. Zillow has 92 homes for sale in New York NY matching Sponsor Unit No Board. 17. C. 825% for the transfer taxes and $2000-3000 for. HDFC Building income restriction will apply. 2% in year 2. $859,000. 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. The ELIKA Team. Rental Unit in Chelsea. 425 percent on purchases of $500,000 or less), plus a . Closing costs are higher for sponsor units, as city and state transfer taxes are paid by buyers. 00. View sales history, tax history, home value estimates, and overhead views. CD# 14. Q&A: Co-op Rules v. Zillow;1 Centre Street, Room 2400, New York, NY 10007. Sponsor Units NYC. $299,000. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. 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. 425% if it is more. Upper West Side. New Construction. Inspection Contingency. By CityRealty Staff Thursday, September 16, 2021. 84-70 -th Street #4S, Kew Gardens, NY 11415. The core controversy over sponsor failure to sell apartments is being played out in the Manhattan courtroom of State Supreme Court Justice Joan B. Cash offers preferred. 1 bathrooms. Read the New York State Fair Housing Notice. Sort: Homes for You. Office of the New York State Attorney General The Capitol Albany NY 12224-0341 Phone: 1-800-771-7755Co-op $ 359,000. LISTING BY: EXP REALTY NYC. 425% of the purchase price if it’s under $500K. licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and. 10453, NY Home for Sale. $225,000. § 442-H New York Standard Operating Procedures. 10708, Yonkers, Westchester County, NY. 2 beds. The condo is a sponsor unit, so the builder hasn't sold it yet. 2 bathrooms. Sort: Homes for You. 340 West 86th Street, Unit 10B. Tremada Properties, an affiliate of London-based William Pears Group Ltd. . Plus One Accessory Dwelling Unit (ADU) Program. Sponsor Units are apartments, formerly occupied by rent-stabilized tenants, within a Condo or Co-op. For homes with sales prices over $500,000, the tax is 1. $360,000. July 1, 2021. 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. 1 bedroom in Forest Hills NY 11375. Something went wrong. For New York City, this tax amounts to 1 percent of the purchase price for apartments under $500,000 and 1. That happened to Lincoln Towers, for instance. 175%, however, the exact tax differs depending on the size and category of the home mortgage. 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. Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. 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. a founder and the vice president of the Council. Attachment to application. Sponsor Units. Zillow has 200 homes for sale in New York matching Sponsor No Board. Welcome to the John and Jonathan Sell NYC Podcast, where experienced, expert NYC real estate brokers John Gasdaska and Jonathan Conlon break down what’s happening in the market, what you need to know whether you’re a. So, instead of buying your new apartment from the prior owner, you are buying it from the original developer or corporation who made the building. See moreCheck with the applicable school district prior to making a decision based on these boundaries. LISTING BY: ERA INSITE REALTY SERVICES. INCOME AND EXPENSE SCHEDULE FOR . But you don’t need to live below the poverty line to get a rent-stabilized apartment. $1,225,000. UES 300 E 74th St A-Line. 3 Seller is not a “sponsor” or a nominee of a “sponsor,” or a successor. New York Home values; Sellers guide; Selling options. $219,000. Which areas are you interesed in: Chelsea / Downtown. However, there is one crucial caveat. § 442-H New York Standard Operating Procedures. Five NYC Sponsor Units for Sale Right Now. 3(w)(1) and (2). Unit 9S sold to an anonymous buyer listed as “70 Vestry LLC,” according to records filed with New York City’s Department of Finance. Sponsor Sale, No Board Approval. Its iconic skyline is a testament to human ingenuity, ambition, and the relentless drive for…. For example, if you're buying a home in New York City, you will pay 1. 3 bathrooms. There's an issue and the page could not be loaded. 4101 – for your private tour of this sponsor coop for sale in Forest Hills. For more details: condos_flushing-d28215for-sale. Described as 'sponsor makes' Sort by. 1 bathrooms. The Attorney General’s office must accept the offering plan for filing before the sponsor unit can be advertised for sale. 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. NO FEE – No board approval – Sponsor unit Beautiful fully renovated Studio apartment at 45 Tudor Place. If you live in a co-op building, then you will most likely need coop board approval unless you are the sponsor and you are renting out a sponsor unit. Studio. 5 Baths + Terrace. SPONSOR UNIT – NO BOARD APPROVAL REQUIRED. However, when a sponsor unit is purchased, the buyer is traditionally responsible for paying the transfer taxes. Sunday 7/15 2:30-4pm. This sale has been saved by 71 users. 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. If price > $499,999 then 1. 11206, Kings County, New York City, NY . This can range from freshly constructed new. Description. Zillow has 206 homes for sale in New York matching Sponsor No Board. 2 bedrooms. , between Broadway and Amsterdam Avenue, has high ceilings, a windowed kitchen, a windowed pantry and a new bathroom. 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. e. As CityRealty data shows, condos in New York's Downtown neighborhoods are in hot demand. SPONSOR UNIT! NO BOARD APPROVAL! 2 BED, 2 BATH W/PARKING! 5424 Arlington Ave, H63, Bronx, New York, 10471, United States Open House. ok, atelier, 42nd and awfully close to the hudson, windy but appealed to an awful lot of bubble buyers. 1 bedroom, BRONX NY 10457. 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. Other listings. 75% in year 1 and 3. Spacious 1 bedroom 1 bathroom apartment at Rock Hill Terrace in Bayside. Each listing provides the specific income limits that the HDFC. Memos will be released regularly and will provide the public with accessible, useful information on. Forest Hills, York, York County, SC . Located on Yellowstone Blvd. In sponsor sales, the sponsor attempts to pass those costs. 10457, NY. This typically involves the seller's NYC and NY state transfer taxes, and/or the seller's attorney fees. 425%. The New York City Real Property Transfer Tax is 1% of the price if the value is $500,000 or less, or 1. Sponsor Units - CooperatorNews New York, The Co-op & Condo Monthly. Unlike market-rate units, annual rent increases for rent-stabilized apartments are capped, so if landlords with these types of units raise rents at lease renewal time, they are limited to increases of a few percentage. Sponsor Units NYC. 1 bedrooms. February was another strong month for new development sales across New York City. 825% for those that go for $500,000 to $2,999,999, and 2. 4. View property. Sort: Homes for You. . Harmony, a 16-unit boutique elevator condo building with a fitness center, parking garage, furnished roof deck, storage units, and bike storage. Which areas are you interesed in: Chelsea / Downtown. No Board Approval needed. 930 ft². 2 bedrooms. New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. Additionally, this studio is the co-op building’s sponsor unit, meaning you won’t have to go through board approval to purchase it. The term “sponsor unit” in NYC usually refers to a co-op apartment that is being sold by the sponsor. Co-op in Forest Hills. While those are substantial. 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. Attorneys who specialize in this area write offering plans. . 4 bds; 4 ba; 3,072 sqft - Condo for sale. Subletting a Sponsor Unit in a Co-op. WELL. This will add a percentage of the purchase price to your closing costs. Sponsor unit. 2 Bedroom Sponsor unit which has been totally renovated with a brand new kitchen with quartz countertops, white cabinets, tiled floor &. co-ops, and closing costs are the highest for new developments (also known as sponsor units). 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. Featured Co-op in Turtle Bay 321 East 43rd Street #410. New York City, the concrete jungle where dreams are built, is a place of constant transformation. Sponsor units in the building have been meticulously renovated with modern finishes and in-unit washer/dryers. 800 ft². View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. the Sponsor will execute the Condominium Unit Deed, which will be delivered to the purchaser. 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). (Furnished sponsor units were available at the private residences of Four Seasons Downtown New York, including fitness equipment, but those units have sold out. ft. - Feb. § 442-H New York Standard Operating Procedures § New York Fair. Newest. . At. According to StreetEasy. conversions in New York City from 1961 to 2020. AVAILABLE NOW. A Rare find in the center of Riverdale, Top Floor, sponsor unit with NO BOARD APPROVAL! This is a TOP FLOOR, sunny, airy, large, renovated 2. In March, according to StreetEasy, a four-bedroom on the 22nd floor was the condo’s least-expensive unit, at $6. An offering plan is from the formation of the building. One of the most desirable towers in Midtown East’s stately Tudor City complex, this 24-hour doorman building is equipped with on-site laundry and a 2,000-square-foot, recently updated gym with river views. SHARE. 5 million. THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234 . 1 Bath. 75 Wall St APT 34H, New York, NY 10005 - Opportunity! 10005, New York City, NY. Sponsor Unit No Board - Riverdale New York Real Estate. Manhattan reported 231 sponsor contracts in March totaling $774M, a nearly 8% increase in aggregate dollar volume from February’s 175 deals. Best and Worst NYC Amenities and Apartment Features. Large 1 br sponsor unit with great closet space no application & no board approval! Sold as is. Listing by Brown Harris Stevens Development Marketing LLC, Real Estate Principal Office, 451. its construction harkens back to New York City at the end of the Jazz Age. This is why you see bellow that there would be a flip tax of $7k for this unit (350 shares by $20/share). A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building (in the case of condos) or an owner of the building before it went co-op, who still holds “unsold” co-op shares. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. If you want to buy a co-op in New York City without the intrusive buying experience that they’re known for—a sponsor unit is your best bet. 875%. Concourse Apartments for rent. New developments are technically sponsor units, but NYC brokers don’t refer to them as such – they’re just called new developments. LISTING BY: EXP REALTY NYC. [1] At the most basic level, “a sponsor unit is an apartment that has never been sold” before. The Public Engagement Unit's (PEU) Tenant Support Unit (TSU) provides assistance to New Yorkers who may be experiencing landlord harassment, are at risk of displacement, or need to make home-related repairs. 42 units; 6 stories; Built in 1920; Co-op in Hudson Heights. By Emily Myers | July 20, 2023 - 1:30PM. 0 . Buyer closing costs are higher for condos vs. Co-op in Turtle Bay. The offering plan is made up of two components: narrative and exhibits. View property. Equal Housing Lender. File No. . According to attorney Aaron Shmulewitz, a partner with the New York City-based law firm of Belkin Burden Wenig & Goldman, LLP, a sponsor unit is an. PREWAR 3 BEDROOM CONDO IN PRIME LOCATION WITH DOORMAN MOVE IN READY, SPONSOR SALE, NO BOARD APPLICATIONAPPROVAL BRAND NEW WALL. 107-40 Queens Boulevard UNIT PH 18A, Forest Hills, NY 11375. The current entity status is Active (current) The registered business location is at 300 Riverdale Drive, Apt 12B, New York,. It is a mistake to sign on the dotted line unless you truly understand the particulars of buying in New York City, such as tax abatements, sponsor units, and the big one: The difference between a co-op and a condo. By Sonja Gosine, Spokesperson at Hauseit® /. marketing - portfolio of 162 unsold sponsor co-op units in queens. 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. Homes similar to 100 Clinton Ave Unit 4A are listed between $190K to $3M at an average of $565 per square foot. . 81-16 Langdale Street UNIT 250A, New Hyde Park, NY 11040. Sponsor Unit - Jackson Heights New York Real Estate. At 111 West 57th Street, also known as Steinway Tower, which launched sales in 2019, less than half of the 60 units have sold, according to Miller. Best and Worst NYC Amenities and Apartment Features. Agent listings. 4 percent state transfer. Sponsor’s lawyer costs usually involve a flat fee, ranging anywhere from $2,000 to $3,000 on average. at least 15% of units in contract) Contract of sale; Sponsor or developer’s profits; Part two generally consists of, but is not limited to, the. A financial statement offers a snapshot of a co-op or condo building's financial health. Sunday, September 23rd 2018. 1 bedrooms. In mid-July, there were 13 apartments for sale for less than $350,000. In New York City, the transfer tax is 1% of the purchase price on properties less than $500,000, while it is 1. The OP needs to find out exactly which of units the sponsor owns. It can also mean higher closing costs, however, and, in the case of co-ops. 10% or more of the units remain unsold. Receive new listings by email. Sponsor unit upper west side. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. While median unit price dipped 12% from. This video explains the concept of sponsor units in the New York City real estate market. , has acquired a block of 36 unsold sponsor units in 321 East 48th Street Condominium (pictured top) for $11. Building for sale! This lovely 5 story townhouse in the heart of Manhattan is perfect for conversion to 1-family home. 81-05 35th Avenue UNIT 1J, Jackson Heights, NY 11372. Time: 1pm - 3pm. In a co-op, a sponsor unit is either owned by the original owner or one that the co-op corporation transformed from a rental. . Just note that while you save on the price, the monthly maintenance of $1,737 is on the high side. NYS Tenant and Neighbors Coalition 212-608-4320. $330,000. STATE OF NEW YORK OFFICE OF THE ATTORNEY GENERAL. Nice perks: free rolling racks and shelves, climate-controlled units, package acceptance, and a free storage shuttle for you and your stuff. This article explores the circumstances in which condominium unit buyers, either individually or through the condominium. 25% of the MRT, which makes the effective mortgage tax rates in NYC 1. 1 Fair Market Unit. If a tenant didn’t buy, the sponsor of the co-op conversion, usually the building owner, retained ownership of the apartment and continued renting it to the tenant. Non- sponsor unit welcome to one sixteen, home to penthouse d. This is a 2-bed, 1-bath, 1,050 sqft property. 765 Bronx River Road UNIT 4J. § 442-H New York Standard Operating Procedures § New York Fair Housing Notice TREC: Information about brokerage. From time to time, sponsor units come on the market. 1bd. The 772 units boast a combined value of just over $17 billion, with 39. 3777 Independence Ave APT 12K, Bronx, NY 10463. . Located at the crossroads of luxury and design, the penthouse at 154 Spring Street spreads across 4,100 square feet, with two rooftop terraces totaling an additional 925 square feet featuring unobstructed views over Manhattan's most vibrant neighborhood. 765 Bronx River Road UNIT 4J. New York Home values; Sellers guide; Selling options. Modernism Lives in Tribeca. 240 E 76th St #15KL, New York, NY 10021. The NYC Mortgage Recording Tax rate varies between 2. Description. $225,000. Here are some: Financing: If a sponsor holds a significant chunk of the building shares — usually 50 percent or more — banks and mortgage lenders are going to pass. Buyer closing costs are higher for condos vs. If you’re lucky, that may be lower, or you may be able to buy a sponsor unit. The 4,600-square-foot unit had an asking price of $13. A sponsor unit is a property within a condominium or co-op building in NYC that is owned by the original developer or sponsor. 4 million (some are a fraction of that price)—where the sponsor is offering to pay the transfer tax and other closing costs. 110-38 64th Ave #36/35B, Forest Hills, NY 11375. My question is, doesn’t everyone in the building, shareholders and sponsor units. Closings are typically held at the building management company’s offices for co-ops. $100,000. Sponsor Unit - Riverdale New York Real Estate. $385,000. Sponsor units come up more rarely than resale. Part of a 15-unit co-op built in 1912, the. LISTING BY: BROWN HARRIS STEVENS. Schedule and attend closing. $34,500. If you are a self-reporting entity, please enter your address in the ‘Management Company’ box. Equal housing opportunity. 11201, DUMBO, Kings County, New York City, NY . One way to offset the stress of home buying is to score a sponsor unit. Report. Co-op in Turtle Bay at 321 East 43rd Street #410 for $2,500. Please contact the listing agent to schedule an appointment. 425 to 1. 2 bedroom 2 bath homes in New York. AVAILABLE NOW. The city transfer tax is 1 percent of the purchase price on sales over $500,000 (or 1. The. Sponsor co-op at The Grand Sutton, 418 East 59th Street. Use the filtering options available (number of bedrooms and bathrooms, square footage, year built, etc. 2. Roosevelt Island Apartments for rent. [2] However, this term can have a different meaning depending on whether […] “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. 5 bedrooms. 3 bds; 3 ba;477 contracts were signed for sponsor units in NYC. September 26, 2023. 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. West81st's right, no-board-approval co-ops are indeed sponsor sales, and they often ask a premium knowing how valuable avoiding a board interview can be. $69,000. 1 bath. 10024, Upper West Side, Manhattan Community Board 7, New York County, New York City, NY. More. Find jackson heights properties for sale at the best price. A Chinese investor bought two. 25 Tudor City Place #617. 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. 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. New York City's new mayor, Eric Adams, a former NYPD officer, says the unit will help curb gun violence and will be run differently than the original, which was ruled unconstitutional. $285,000 . 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. August 27, 2020. Also beware of the "sponsor renovation" -- often a low-cost quickie renovation meant to spur a quick,. Sponsor sale. Higher rates apply for commercial deals, vacant land and sales of multifamily properties of 4-or-more units. $369,000. Rare one bedroom Sponsor unit at the Kennedy House! Sun drenched spacious unit has been renovated with all new kitchen and bathroom. Amenities include a live-in super, laundry room, bike room, and garage parking. A buyer of a unit in a building or group of buildings that is under construction should first understand that the text of the offering plan governs the sponsor's obligation regarding the size and construction of the buildings, units and any ancillary spaces such as recreational facilities, parking spaces, or roof top cabanas, to name a few. 1 bedrooms. 765 Bronx River Road UNIT 4J. Erin Hudson. When the tenant. ”. ” Basically, a sponsor unit in a condo building is a residence that has been owned by the developer and it’s going up for sale for the first time. Rental Unit in Lenox Hill at 220 East 78th Street #23 for $2,850. 5 baths. View property. New York transfer tax rates depend on the price of the property as well as its location. Price cut: $45,000 (Aug 10) 45 E 89th St APT 10D, New York, NY 10128. NY. One of the most desirable towers in Midtown East’s stately Tudor City complex, this 24-hour doorman building is equipped with on-site laundry and a 2,000-square-foot, recently updated gym with river views. Co-op buyer closing costs are between 1% to 2%, which are much lower than the typical ~4% for condo apartments. 1 Penn Plaza, Suite 4000 NY, NY 10019. 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. This information must be provided toAccording to HCR Fact Sheet #40: Preferential Rents: Pursuant to the Housing Stability & Tenant Protection Act (HSTPA) of 2019, tenants that were paying a preferential rent as of June 14, 2019, retain the preferential rent for the life of the tenancy. Unfortunately, there is also a NY State transfer tax. In New York City, the transfer tax is 1% of the purchase price on properties less than $500,000, while it is 1. . 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. Close to shopping, bus to main street, LIRR station and Bell Boulevard. View property. 2. 10457, NY. COOPERATIVE AND CONDOMINIUM PROPERTY 2023/24. Described as 'sponsor unit' Sort by. tenants must be offered a six-month right of first refusal if the sponsor is going to sell any occupied unit in the future. 2 bds; 1 ba--sqft. There may be case by case downsides but your lawyer will advise you. A sponsor unit at Gary Barnett’s Central Park Tower sold for nearly 50 percent below its original asking price in September, but a spokesperson for Barnett’s firm, Extell Development, was.