$1350 per sq ft and needs gut reno

Here is a comp.
https://streeteasy.com/building/200-e-62/7b?context%5Bcontroller%5D=%23%3CBuildingController%3A0x000055ef42c6eb20%3E&context%5Bcurrent_user%5D=1004028&hide_if_empty=true&section=sales

Other brand new renovated apartments in this line sold for 1600 per sq ft or so.

In case the seller missed it.
https://streeteasy.com/talk/discussion/44349-gut-reno-estimates

I think we are going to see construction budgets go down for non-special apartments because as prices go down, on vanilla units you won't be able to financially justify spending $500 to $600 psf on a renovation.

I am including carry and trouble in 500-600 per sq ft. Actual construction and architect’s fee appx $350-400 per sq ft to a an individual. Unfortunately, the construction costs have increased 10-15 percent in the last 3 years in NYC if not more. For this $ price point, unrenovated prices will have to adjust to get the min $500 spread. And I am comparing finished price to other apartments in the building which are renovated to a very nice level.

I think you can call 7B a comp when it sells.

Correct. I am assuming a 5-7 percent discount to ask which puts this in low 1600 per sq ft range give or take. That is why I am wondering what the sponsor is thinking with $1350 per sq ft pricing for estate condition. They are probably better off renovating and selling if they really think it will cost them that $250 per sq ft to renovate with their cost of capital, Carry and management time.

Primer, what could you do with this apartment for 300K?

Let me guess.
$30K for cheap architect.
$8k for expeditor, permits and fee.
$25k Demo and garbage removal.
$10k Contractor's insurance, permits, site protection etc.
$12k new ACs at $2000-$2500 per AC.

We are at 85k with $215k remaining to work with for Primer.

New kitchen, baths and floors, paint. No architect needed.
From a bang-for-the-buck perspective, what could 300K buy?

You need a filing and architect unfortunately for plumbing redo which is likely very old. If one did not redo the plumbing to the riser for 50 y old bathrooms when renovating, it will be pretty stupid. Condo will not approve without filing and architect.

If I'm opening up the walls in a kitchen or bathroom renovation I'm pretty much always going to go back to the riser. I'm also going to add full room shut-offs.

And 50y old electric wiring will have to be redone if you do not want a fire hazard.

Both need filing.

So $25k min for new electric wiring means $110k down. And if you do electric, you have to redo walls and partitioning. Another $40k min gone. $150k. If you redo walls, you will need new doors, hardware, closets and hanging. Another $25k gone at least. $170k. Realistically one would pay $225k for these items before you even talk about paying for lighting and dimmers. And these are rock bottom prices. You are starting to get the picture that you can not just put make up on a 50y apartment in estate condition.

Would love to hear from Primer.