Are there rules of thumb for renovations?

Renovations in NYC can run from $150-400 sq/ft depending upon finishes, type of work, building type and rules, special job challenges. Labor is the killer in NYC so putting in ceramic tiles versus marble tiles won't dramatically cut the cost. Whatever you estimate, realize it will cost more. Chat up your search with coworkers and friends and see if anyone is knowledgeable and able to accompany you to properties you are interested in.

The biggest difference between a house and an apartment (I've owned both) is that in an apartment building, the co-op/condo board is going to keep you from moving rooms around. Specifically, you can't go "wet over dry" -- you can't move a bathroom or a kitchen to be over somebody else's bedroom.

Bearing this one rule in mind will save you a lot of pain in the future.

As far as allowable renovations, there's a really large spectrum of what you can spend. I'd say roughly $50K for a brand new kitchen and $15K-$20K for a brand-new bathroom, but I know people are going to start howling now, so maybe I'll stop and let them start. In general, though, don't cheap out: a $2MM apartment should have a fancier kitchen than a $1MM one, and yes, consumers can tell the difference.

BTW, I just personally moved to 98th, and can give you a reference of a couple I'm relo'ing from Palo Alto to the UWS, if you're looking for an agent to run around with.

ali r.
ali [at] dgneary [dot] com

It also depends on how strict your co-op is. When we renovated a (combination) apartment in a postwar co-op, the co-op allowed us to expand the footprint of the kitchen into the entry foyer of one of the pre-existing apartments.

However, the location of the sink, stove and refrigerator (with new water line for icecube maker) remained within the footprint of the old kitchen although the locations were moved.

We also expanded the footprint of the master bedroom into the entryway of another pre-existing apartment, and also moved the sink over previously "dry" area as well as adding a shower over a previously "dry" area.

Other (combo) apartments within this building had kitchens converted to bathrooms which is still wet over wet, but not all buildings allow this.

Best rule of thumb I've heard is:

It will take 3 times as long and cost twice as much as the contractor's estimate. But if you are in a hurry, he can get it done in only twice the time if you pay 3 times the cost estimate.

I hate that rule of thumb. It doesn't have to be that way at all.

If you have a clear vision of what you want, spend the time and money up front on great drawings specifying everything and learning all rules and playing by them, and have a carefully selected contractor incorporate those drawings into the contract and have an architect oversee construction, the project can take about the time you think for the budget you set. I know, because I did.