Gut Renovation

Difficult to answer w/o knowing what kind of building you are renovating.

How strict is the building?
What kind of work - is there detail to be preserved, are the floors to be ripped out or just sanded and repaired?
Electrical upgrade, A/C, plumb, heat required?
Moving fixtures or plumbing lines, etc.?
How much demo? Are we talking all walls down everywhere to the stud?
Ceiling work?
# of builtins, other millwork, doors, window sills?

$300 per square foot

REjunkie: Disagree, depends on the situation. $300/sqft would certainly get it done in many scenarios but would be underpaying in some and tight in others.

Tons of variables, but for a high-end gut renovation I would estimate $500/sq ft

On most gut renos, I highly recommend going with an architect first to draw up concise plans.
THis way the GCs or if your going to general contract, the individual job solicitors are all bidding on the exact same job, apples to apples from the get. Otherwise you may fall prey to one of those underbidders that start hammering you with supplemental bills no longer being the best bidder and too late to go back.
Especially if your project will be over 100K, think of the 3 to 5K on the architect as an insurance policy.

{And no Im not an architect or pushing one}

thank you for the info. the apartment is a 2600 coop in estate condition. It is not a particularly fancy building at all.

YJBO: unless you're in a Park Avenue-type of co-op and you want a Lacanche (?) range, crazy high-end soft furnishings, hand-plastering everywhere, $500/sqft is truly outrageous. That means for a 3bed3bath 2600sqft, that's 1.3 million dollars! You are wrong on that number. BTW, just to give you an idea, building from ground up in Brooklyn, including digging a cellar, architect-managed, quality construction (not fly-by-night Chinatown crews) can be done for under $350/sqft.

Agree with trustskr. Also, ask for the quote to be broken down, impeccable references, and a highly detailed payment schedule.

Or recast the question. On a 2600 sqft (3br3b?) apt, what is the MAXIMUM you should spend on a renovation, that keeps the apt in line with the best comps. So, if your closest, mint-condition comp is selling for 3m, and you buy at 2.5m, don't spend more than 500k. Otherwise, you're eating it.