Renovation cost estimate and time

Hudson,

Sorry to say you are not being realistic. a general rule of thumb is $100.00 a sq ft for low end. Even if you do all the leg work and GC the project your self I think it would be more. Mid range appliances will run you 5k. Living in Riverdale will hep, I would find someone local and get some prices.

hudson,
This works out to app. $45./sq.ft. ; not realistic,as Primer mentioned, even for The Bronx, since I would expect that the Co-op management is going to want licensed/insured contractors.Even using the cheapest tile,appliances,fixtures and finishes,it would be a challenge. Good Luck.

I generally have lower estimates for renovation than many of the people on this board, but I think your number is low. Labor in NYC is expensive; and demo is expensive in the city because you can't just put the old tile in trashbags on the sidewalk -- you have to get it carted out, or cross someone's palm so they deal with it.

You could maybe get all this done for $40K if you're willing to be watch every line item, and use people local to your building, but chances are it would involve being your own GC -- and I'm talking taking your truck to Home Depot and coming back with the bathroom vanity and the tile, and the kitchen fixtures.

If you want a GC, a better plan might be to focus on the kitchen OR the bath, and reno it just like you want it (you will save some money by not replacing the tub). You will still need to pony up for certain master tradesmen -- notably a master electrician if the bath isn't currently up to code -- but you could spend $25-30K and get one room just like you want it, and get your paint, and then deal with the other major room down the road.

ali r.
DG Neary Realty

Thank you all for explanation. My broker mentioned this budget and I thought that it's too low. I'm in no position to manage the project myself as I know little about renovation. Apartment is about 200K. Do you think it's reasonable to spend 80-100K for nice renovation?. So many nice apartments in this area but they all need extensive renovation. I'm trying to decide...

Only you can decide if spending 50% of the cost of an apartment makes sense to you. If you intend to live there for a long time (10 years +) and you have the money to do this without blowing your budget and long term savings plans, then maybe it is okay for you. But if apartments are selling for $200,000 in the area, I would be very careful about ending up with the only $300,000 apartment--no one will be willing to pay you back for all your renovation costs when you sell.

Personally, I spent a fair amount for a gut renovation and ended up with an apartment I could not possibly recover all the costs on were I to have sold it the day the reno was finished. But we have expect a very long time horizon (15 years or more we estimate) and the costs were well within our means.

Hudson,

What are the apartments that dont need a renovation going for

I didn't see many renovated apartments in the area but few of them were 220-275k and renovations are mostly low-end. I love the area and views of Hudson River and NYC skyline are incredible.

Hudson,

If you can double your budget I do not think you will have a problem. You could at least think about doing some of the work before you move in and when you can complete each task in time

Can anyone give me a rule of thumb sf number for a gut renovation in an east side Manhattan condo? Or where I can look? Developer is offering a discount if we buy the space raw - but $245 sf seems very low for high end work!

Well, I guess if the space is really raw you save on demo costs versus a gut reno of an existing interior. But its an interesting question I've never dealt with--cost of building out completely raw space. Like you have to put in all the electrical wiring and ceilings and build the rooms and door frames and... everything? I think $250 sq/ft sounds like too little. Primer?

Demo is usually the cheapest and quickest part of any design project. I've seen 1,500 sf units gutted and ready for build out in one work week.

Kylewest and Mefeldstein

Working in raw space is a contractors dream, Much easier to work with. It can be done for $245 sq ft but it does depend on what you mean by hi end

Matsonjones,

You also have to consider all the carting of debris.

I am building out raw space for much less than that, insured, licensed. It depends on the size of the space. The bigger the space, the lower the cost/sq ft.

NYC10023

Bigger the space the lower the cost per sq ft? Sometimes but prices depend more on what finishes you are using. A bathroom alone can differ in price from in theory 15k-200k. even more for that matter. How much is your renovation? Just because a contractor is licensed and insured does not make them hi end. Are you doing any custom millwork, HVAC? Are you water popping the floors?

The facts are pretty simple. You can do a renovation for $100.00 sq ft or you can do a renovation for $700.00 a sq ft. it all depend son your expectations and your preferences. You can go buy a Kohler tub for $400.00 or you can buy a Victoria and Albert Volcanic Limestone tub for 5k. The starting cost for what I would call a mid-end project is $250.00 per sq ft.

For privacy reasons, can't give out more details of what I'm doing. Our definitions of high and low end differ. I read a lot of interior design mags, go to tons of open houses, and my definition of high-end is something like what Victoria Hagan did at Devonshire House or what Make did in Julianne Moore's house or even how Jenna Lyon's old house was done. Those designers excel at interiors that are pleasing to many $$$ buyers without necessarily going for the 5k tub. Shudders - Hagan even used Kohler tubs!

What I'm aiming for, for myself as much as a future buyer is neutral with decorative objects that I can take with me (chandeliers, furnishings). I'm not a fan of copious millwork because I like to try to decorate the walls or just to have them painted.

nyc1023 - looks like you have taken on a HUGE project. You certainly do have guts.

I toyed with building out this raw space some 3/4 years ago.
http://streeteasy.com/nyc/sale/490905-condo-52-east-4th-street-east-village-new-york

Anyone know if it's built out or just still raw space?

NYC10023,

I was using the $5,000.00 tub as an example. I don't think our definitions differ at all. Are you doing a hi end project for less then $250.00 sq ft.? I do not care for copious millwork either but radiator covers, custom kitchens, perhaps a desk and maybe a library isn't too much.

If you did anything like Victoria Hagan at the Devonshire I would find it hard to believe yours was under $245 a sq ft.

The tile floor in the bathroom is around 30.00 sq ft, the custom double sinks are probably 5K the Lafroy Brooks fixtures?
Subzero, wolf range?

Not possible

It's difficult to compare the pricing structure a developer receives versus a homeowner purchasing for a single family home. There is something to be said for buying in volume. Furthermore, while the sink might be from Lefroy Brooks, often the marble on the counter has been sourced from India or China to offset the added fixture cost. I always advise clients to consider alternate material resources to balance a tight budget. For example, you might appreciate the look and the feel of a Baldwin door knob, however, the rest of the door hardware can easily be sourced from a more economical company. Several small savings add up to more high-end items such as the Wolf range in budget.

Hudson - I agree that $30-40K is low, but it is possible. I have an 800 sq ft apartment in Manhattan & did a reno similar to what you're looking to do. I went "mid-range" & even splashed out (relatively speaking) on a few things and ended up spending about $25-26K excluding a couple things you mentioned (labor on flooring, paint job), which would have cost me an additional $10K had I used my GC for these.

There were alot of factors contributing to the low cost, some of which may/not apply to your situation - kitchen & bathroom are both small, we used original footprint, no expensive surprises, the GC is connected to our building (but he is licensed & insured), and I sourced most items. As to my sourcing, I didn't do this so much to save money, but because I wanted to stay far & away from my GC's sh*tty taste. Sourcing is time-intensive, but you do not need to rent a car or truck. For locally bought items, the contractors would pick them up on their way to my place or the store delivered at a reasonable fee. I bought almost everything else online, probably at a discount to what my GC would have charged me, and with free shipping. I don't know how convenient online shopping is, though, if you don't have a doorman. Bottom line is I do agree with front_porch that if you want to save money without cheaping out on materials (or labor, for that matter), you will have to invest considerable time in some way or another, but it can be saved for evenings and weekends.

As to a GC rec - while I'm overall happy with the end product and price, my GC was a big PITA and I refuse to give him a referral.