How much to renovate this place? Sale at 68 East 86th Street #1FW

Maintenance is very high, first floor. Worth even less imho

See if you can bid on the small rear apt. This apt was originally the front portion of a 7-room apt (8 if you include the reception room).

Oh, I'm not planning on bidding on it. It just came up in my search and I was curious.

$300,000-350,000 +/-.

Place hasn't been touched in eons probably. That means it likely has to be completely re-wired, major refinishing of all plaster walls, replacement of most mouldings or very labor intensive restoration of existing mouldings with 1000 coats of paint on them, gut kitchen and bath with possible replumbing, window replacement may be needed. Some reconfiguring of kitchen, bedroom, entryway to make space more efficient and adjust closets. If floors can't be saved, that's time and work added to project. Once you account for architect, high end materials, expediter, building engineer review and actual reno, I'd estimate 1 to 1-1/2 years from closing to move in. My estimate does not include cost of living elsewhere during reno.

This is a total gut. Per kylewest's assessment, EVERYTHING needs to be done. And even after you dump money into it, you are still on the ground floor, with 86th Street sidewalk traffic looking directly into your living room. That said, it might be worthwhile if you can get it for $400,000ish.

I agree with kas242 to extent that this is clearly a total gut with nothing except MAYBE some floor our mouldings salvagable. What whould someone pay for this size on first floor in the area in top shape? $1.1MM? Sounds like a lot to me for this area and a 1st floor. People want a discount for first floor, not a premium because mouldings are pretty and kitchen is new.

I'd say a first floor unit should not be done to the gills. You'll never make the money back. I'd do a mid-level job in terms of containing costs by selecting very reasonable materials and limiting finish carpentry needs. No polished nickel fittings and solid oak doors and hardwood custom closets. Market for this is couple who'd convert to 2-bedrooms to fit their family; that buyer won't pay more because the bathroom is calcatta marble or the kitchen has a Wolf stove. They need space--not amenities. A bachelor or couple isn't going to pay for a gleaming 1st floor palace that costs more than upper story units they can reno themselves or that have already been fixed up. Comps in this building are not readily available, but at the offer price I suspect a buyer is still a long ways off.

I find the mouldings & woodwork has charm but it does need a lot of work. I think that KW is right; you need to watch the numbers VERY carefully so that you don't push your price too high. As far as first floor windows, cafe curtains or those new opaque shades can work nicely.