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renovated vs non-renovated prices

Started by scargo
over 16 years ago
Posts: 36
Member since: Dec 2008
Discussion about
W 70"s, OK building, great location. A renovated 2bdrm,2 baths (1K sq ft, only 3 closets) is currently priced (overpriced?)at 1.3M. Q: The same apt UNrenovated (only 1 bath but more closets, needs new floors, new appliances) should be priced at what?? This is a question being asked at many rental-to-condo developments where current tenants (unrenovated) are being asked to buy their apartments so that the condo conversion can become effective.
Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

The tradeoffs in cramming an extra bath and a laundry closet into those A-line apts were covered at http://www.streeteasy.com/nyc/talk/discussion/7477-building-at-240-west-end-avenue.

The unrenovated price to insiders should bear no resemblance to what's out there in the regular market. As your lawyer will have told the Tenant's Association, you can get a good deal from the sponsor if you stick together.

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