Downtown co-op loft -NEED ADVICE on value and reno

Long time reader reaching out to the SE community for help: Looking to upgrade from an UWS large junior 4 to a Downtown co-op loft duplex. Incrementally, the value difference is affordable (~30-40% increase) in terms of add'tl mortgage I have to take on. Would have to sell my current place to afford new place, can't carry both. Question 1: What do you look for in a Downtown loft duplex? Here's my... [more]

Long time reader reaching out to the SE community for help: Looking to upgrade from an UWS large junior 4 to a Downtown co-op loft duplex. Incrementally, the value difference is affordable (~30-40% increase) in terms of add'tl mortgage I have to take on. Would have to sell my current place to afford new place, can't carry both. Question 1: What do you look for in a Downtown loft duplex? Here's my take on the subject property: Minuses: - North facing - Windows not as big - View is meh (my view now overlooks the Hudson) - Ground floor apt (need to go down to get to the other floor - is this awkward / unattractive to buyers 5-7 years down the road?) - need to put in at least $300k reno on top of the 30-40% increase - co-op building (some ppl may consider this a plus) Pluses: - Prime location, $ / sq ft attractive for the zip code (~40% delta), but maybe the property itself is only worth what it's asking - 60% bigger livable space vs my current place - it's a loft (high ceiling, adaptable space, etc.) - maintenance reasonable for co-op Question 2: What do I need to worry about when I'm renovating? this is my understanding thus far, please correct / add: - from my understanding, DOB typically approve if you have a sound architectural / engineering plan and you're working with reputable construction firm, etc. - roadblock is co-op board - we WILL be replacing / moving load-bearing walls with steel beams and moving gas and water pipes - how much do you pay the architect? (I already have idea for GC / construction labor) is there a specific type of architect that specializes in these residential lofts? - how long would construction take? which step takes the longest? (we gut-reno'ed our current place but did not move any load-bearing walls) - where do we stay during the renovation? (any creative solutions? on the sell maybe ask if we can pay rent and stay for 3 months?) - anything else I might be not thinking about? Although it's not "that" attractive of a property, i'd still like to keep it anonymous so we have a chance at getting it if we decide to pursue. I do not need any services as I already have professional help so please do not ping me. I'm asking other RE investors on this forum as a 2nd check. Appreciate any and all help, thanks! -WEC [less]