Combining apartments

Elizarmet,

There are way too many variables for someone to throw a number out there. Can you send me any info like a floor and scope of work:

primerenovations@mac.com

It's 20 W. 72nd Street...all info on this site and cororan. http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=2206854

It seems that it is already combined, no? I will still need a scope of work? Is the whole apartment going to be gut renovated or is it something else?

I think we'd have to do the combining from what the description says "Rare opportunity to combine a mint condition two bedroom home with an adjacent studio and one bedroom home to create a sprawling, four-to-five bedroom, four bathroom residence" I know you probably can't tell from what's on the site, but any general estimates about how much breaking thru walls/getting rid of kitchens costs?

I'm thinking the selling price plus Reno is a non starter. Are you looking for advice on how you should price it to sell?

In a deleveraging market I'd say they are better off selling in pieces rather than chasing some phantom bubble buyer at $2k sq ft. You wanna win the lotto. Then play lotto.

Hi Daniella!

It is a co-op, so the board will likely dictate how long a renovation can last - normal terms are 90 to 120 days before penalties.

If you combine the apartments you will not only need co-op board approval, but also will need to modify the building's C of O with the DOB, which can be complicated or time consuming. That is why often times combinations are not legally combined.

One upside to this building - if the maintenance includes electricity you will not have the three separate bills you would be getting if the apartments remained separate. Sometimes a building requires apartments to remain separate (even with doors or openings between them) and owners do not realize until they move in that separate gas, electric and cable bils can add up quickly

Assume $500 a square foot for a gut renovation that will keep to a co-op timetable

Great street and wonderful neighborhood steps from Central Park. Lots of recent and current renovations in that building. Cost of renovation from a top vendor should be much less than 500/ sq. ft. If you are serious, speak with building management about their bylaws/rules re: renovations and then tour with a contractor(s) and get estimate(s) before proceeding.