Hello good people of Streeteasy, We're considering an 1100 sq.ft. 2BR/2BA that is currently configured as a commercial office (lots of small rooms). Both bathrooms have been pared down to 2 fixtures each (sink and toilet) and there's a spartan kitchen area (that's overstating it). However, the requisite bathroom and kitchen hook-ups remain inside the walls. Since this amounts to a shell (after... [more]
Hello good people of Streeteasy,
We're considering an 1100 sq.ft. 2BR/2BA that is currently configured as a commercial office (lots of small rooms). Both bathrooms have been pared down to 2 fixtures each (sink and toilet) and there's a spartan kitchen area (that's overstating it). However, the requisite bathroom and kitchen hook-ups remain inside the walls.
Since this amounts to a shell (after demo), we'd like to get a ballpark idea of how much this might entail to return to a 2BR/2BA, with mid-range appliances and finishes. Is this doable for $200K? $500K? A gazillion dollars and a newborn?
Also, the unit has very high ceilings so we are contemplating a work/sleep loft above the kitchen and bathroom areas (approx 300 sq.ft). However if this would dramatically increase the budget, we can change to overhead storage or forgo altogether.
Any insights on cost would be appreciated. At some point, we'll reach out to contractors for proper estimates but being green with renos, we don't want to waste people's time if this is beyond our budget.
Thanks!
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Few things you should verify before you move ahead. Is the current use commercial or residential, based on the C of O? If it is commercial, can it be legally converted to residential? If that's the case, you may need to get a new C of O. If it is residential, things are much easier for you in terms of getting a permit. Do you know what zoning district is it?
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Response by dempsey123
almost 12 years ago
Posts: 11
Member since: Dec 2007
Thanks for the input, very helpful.
Karhu, the remainder of the units are all residential and this particular unit was previously residential. Would it be safe to assume it's zoned for residential? Good point about the C of O. I'll look into that, thanks.
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Response by kylewest
almost 12 years ago
Posts: 4455
Member since: Aug 2007
You shouldn't assume anything about such a significant aspect of a potential purchase. The selling broker may be a place to start gathering the info and the managing agent should have copies of the C of O that the agent might be able to obtain to show you.
Based on the square footage you list, I'd guestimate that $250-$400,000 is the ballpark you are playing in. So much depends on specifics of the job. It would be naive to go into it committed to a maximum budget of no more than the lower end of the estimate I give. I'd say plan for more and then be happy if it comes in for less. Otherwise, you are in for unending stress and quite possibly enormous financial strain.
A loft area, if legal, is unlikely to be all that expensive to add.
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Response by sarch
almost 12 years ago
Posts: 19
Member since: Apr 2014
hey there some good advice here on the c of o- easy to find out there.
if you need any assistance let me know I'm an arch and a PM for a very good interior reno company. if you wanted i could set up something with you to get a better idea-
either get as much info as you can on the property/building regs etc - and always do it asap as it all takes time.
Starting around $250/sf.
http://www.brickunderground.com/blog/2010/12/nyc_renovation_chronicles_so_tell_me_how_much_will_it_all_cost
Few things you should verify before you move ahead. Is the current use commercial or residential, based on the C of O? If it is commercial, can it be legally converted to residential? If that's the case, you may need to get a new C of O. If it is residential, things are much easier for you in terms of getting a permit. Do you know what zoning district is it?
Thanks for the input, very helpful.
Karhu, the remainder of the units are all residential and this particular unit was previously residential. Would it be safe to assume it's zoned for residential? Good point about the C of O. I'll look into that, thanks.
You shouldn't assume anything about such a significant aspect of a potential purchase. The selling broker may be a place to start gathering the info and the managing agent should have copies of the C of O that the agent might be able to obtain to show you.
Based on the square footage you list, I'd guestimate that $250-$400,000 is the ballpark you are playing in. So much depends on specifics of the job. It would be naive to go into it committed to a maximum budget of no more than the lower end of the estimate I give. I'd say plan for more and then be happy if it comes in for less. Otherwise, you are in for unending stress and quite possibly enormous financial strain.
A loft area, if legal, is unlikely to be all that expensive to add.
hey there some good advice here on the c of o- easy to find out there.
if you need any assistance let me know I'm an arch and a PM for a very good interior reno company. if you wanted i could set up something with you to get a better idea-
either get as much info as you can on the property/building regs etc - and always do it asap as it all takes time.
best