Limited equity co-op offering below-market prices for all cash
From outward appearances, the 10-story, red-brick Knolls Crescent complex from 1953 blends into its Spuyten Duyvil, Bronx, neighborhood. However, it stands apart as a limited equity co-op, of which fewer than 100 exist in NYC. This is a model where co-ops offer below-market prices to buy but then keep a larger-than-average share of the proceeds upon selling. Mitchell-Lama buildings are the most common in this group and are income restricted. Knolls Crescent is even more unique since it is not income restricted. The catch is buying here is cash only. The co-op sets the sale price, the proceeds of which go toward capital funds and building improvements, and keeps 45% of the eventual sale. The seller keeps 55%. This structure works best for specific types of buyers, like those on a fixed income. Kate Mercado is an associate broker with Sotheby’s who knows the building. “One of the best features is being able to live there with fairly predictable monthly costs,” she says, adding how it’s a great alternative to renting since buyers are just paying monthly maintenance costs. For example, monthly charges for a recent two-bedroom listing are currently less than $1,000 a month, including utilities. Mercado points out how renters will never find a two-bedroom for that price. Plus, 50% of the monthly maintenance is tax deductible. “It has a lot of benefits to be able to own at an affordable level in New York City,” Mercado says.
The two-building complex, totaling 488 units, also attracts those seeking a long-term residence; some tenants have lived there from the beginning. “You’re allowed to do a one-time share transfer to a family member,” says Mercado. “It’s not considered a sale, so you wouldn’t have to forfeit equity at that point.” The catch is that the person must have lived in the apartment from the beginning.
Simple, well-maintained apartments with scenic views
Apartments in this well-maintained complex seem uniform, with parquet floors, ample closets, boxy rooms, large windows providing lots of light and windowed galley kitchens. An ad in the Riverdale Press in 1951 touted the soundproof and fireproof features, concealed radiators and spacious rooms off the foyer. It also highlighted “scientifically designed” kitchens with a gas range and bathrooms with built-in hampers and “ultra-modern” colored tile. Unlike conventional co-ops, owners are less likely to spend much on renovations due to the low return on their investment. Otherwise, some apartments feature unobstructed Hudson River views. Window air conditioners are standard, with an annual fee for each air conditioner. Although apartments sell in “as-is” condition, a committee dedicated to apartment restoration tackles any needed improvements. Not least, the pet policy bans dogs, but allows cats, birds and other apartment-friendly pets.
Units range from one- to three-bedrooms. One-bedrooms span 650 to 800 square feet, with a 2024 sale closing for $125,000. Two-bedrooms are the most common and provide around 850 square feet and one bathroom. A late 2024 listing asks $194,000, but recent two-bedrooms have sold for less. Utilities are bundled into monthly charges, including water, gas, heat and electric. As an example, monthly charges for the $194,000 two-bedroom are $957. There are a limited number of three-bedrooms, which also offer just one bathroom, with one asking $232,000 at the end of 2024. The last three-bedroom sold in 2021.
On-site parking is guaranteed and community involvement is encouraged
Indoor and outdoor parking lots are on the premises, with a guaranteed spot in the outdoor lot costing $75 a month. “It can be rare in the city to find something with parking right away,” says Mercado. Garage parking is waitlisted. Street parking is limited, so the co-op will rent spaces in the outdoor lot to the public based on availability. It offers guest parking for an additional fee as well. Other fee-based amenities include a bike room, for a one-time $20 cost, and waitlisted storage lockers. A basement-level laundry room in each building is equipped with commercial-size washers and dryers. The landscaped grounds cover 13 acres and accommodate a small playground, gardens, walkways and seating areas.
Beyond the tangibles, Knolls Crescent places a large emphasis on community building as younger families join long-time residents, and the co-op expects shareholders to take an active role. Numerous committees on everything from management to apartment sales are a main way to get involved. Community rooms include play areas and a library, while a community council organizes year-round events, not limited to holiday parties, barbecues and classes. Groups like the gardening club help to take care of the grounds in addition to a professional landscaper. Staff includes a live-in super, handyman and two porters. A security guard works the night shift, which includes keeping an eye on the parking lots.
Of note, Knolls Crescent refers to itself as Section 1, but Section 2 is a separate complex across the way that’s run by a different board.
Small, residential section within walking distance of a park and some businesses
Spuyten Duyvil is a bucolic pocket next to Riverdale, with scenic views of the Hudson River and New Jersey’s Palisade Mountains. “It’s a pretty quiet, walkable community, and there’s a lot of trees,” Mercado says. She adds how the co-op’s cul-de-sac location on top of a hill “feels like being tucked away in a little nook.” While this is a residential section populated by high-rises, there’s a small shopping strip anchored by Rite Aid at the bottom of the hill from Knolls Crescent. Henry Hudson Park is also a short walk from the complex and the small park includes playgrounds and a dog run. Additional shopping, dining and leisure options are found in Riverdale.
Express buses and Metro-North stop are close, but a car is convenient
While a car comes in handy, express buses to Manhattan stop in front of the building. The Spuyten Duyvil stop on Metro-North is about a 10-minute walk, but shuttle service is an option. The ride to Midtown takes about 25 minutes. Drivers are close to the Henry Hudson Parkway for heading north toward Westchester or south to Manhattan. A recent law eliminated the toll on the Henry Hudson Bridge for residents who are enrolled in E-ZPass with cars registered in the Bronx.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
2/ 10
Somewhat Bikeable
Bike Score®
37/ 100
Very Walkable
Walk Score®
80/ 100
Excellent Transit
Transit Score®
83/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Henry Hudson Park
6 min walk
Baseball/Softball
Basketball
Dog Park
Seton Park
12 min walk
Baseball/Softball
Dog Park
Football
Spuyten Duyvil Playground
14 min walk
Trails
Playground
Ewen Park
14 min walk
Basketball
Dog Park
Trails
Marble Hill Playground
2 min drive
Basketball
Playground
Marble Hill Playgound
2 min drive
Basketball
Playground
Spuyten Duyvil Playground
3 min drive
Basketball
Playground
Brust Park
4 min drive
Trails
Playground
Walking Paths
Isham Park
5 min drive
Trails
Events
Schools
Source:
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