Cost of Gut Renovation in NYC

I hope the co-op is a great price! If you have to go through this which is fine, you want at least the purchase price on your side.

a fairly nice (not wondefrul) renovation will cost you at least 150k probably more like 200 or 250k.

Be forewarned that it is usually the case that any such major renovation would require board approval. You may also have trouble having some of the things approved. For example, you may not get approval to add a bathroom, if there is not a bathroom or perhaps a kitchen located directly under it in the apartment below - in that instance it would create a "wet over dry" scenario that may violate board rules. Based on what you have outlined I would estimate the cost closer to $300/$325k. I would strongly recommend taking a contractor to look at the place, and give you a rough estimate. Also bear in mind, that given the amount of work you are considering you will have to engage an architect if you decide to go ahead.

Sounds like $200/ft if you go with medium cost materials. $300 gets you top stock. $400 and up for lots of custom work...

I have renovated 3 Manhattan apartments. I think it could be done for $100k. The secret is to update, and go crazy like breaking down walls and moving things around, i.e. a sink from one place to another. Breaking down walls and moving plumbing around will require your own architect and approval from the building architect. Another big factor is the need to update electric. It cost me $4k just to run one wire from the hallway to my apartment to add my additional voltage in my apartment.

We are renovating a place right now with an architect. Here are current actual cost estimates -

Knocking down 2 walls - if you're taking down two NON structural walls with only a bit of electrical in them, not much. But you'll have to fix the floor and redo the ceiling, plus any other walls those were attached to. I guess $10,000. If they are STRUCTURAL walls, you wil need an architect to ready drawings. If there is any plumbing in those walss, you will require an architect and plumbing work. You could be looking at $25,000 all in, easy, in that case.

Building a space for a new bathroom new bathroom fixtures for 2 bathrooms - assuming you can even get approval, you still need an architect for this. Also assuming your finishes are clean but basic, I'm thinking a minimum of $20,000, and it could be substantially higher ($35,000).

Completely new kitchen. We will probably go with medium to high quality cabinets and appliances. Think stainless steel GE rather than Sub Zs - assuming you move no plumbing or gas lines, your basic smallish kitchen gut will be about $20,000, though again, it could be considerably more.

Probably will need to replace hardwood floor for 1000 sf place - hard wood laminate can be as cheap as $5 per s.f. True hardwood will start about $14 per d.f and can go as high as $30 per s.f.

Need to strip and paint the entire place - For 1000 s.f., cheap job $1,500, expensive job $10,000

purchase and instalation of 8 new windows. - figure between $350 and %750 installed, if done cheaply.

Bottom line, I think you'll require an architect and a good GC - don't try to do it yourself unless you really know what you're doing. Figure a total of six months. Figure about $200 per s.f. (including architect's fees).

I can guarantee it will cost a helluva lot more than anything you see on HGTV, or one of those kinda shows. I'm amazed when they do a reno and show the cost, and I always think it would've cost twice as much in NY.

To the anonymous 2 posts above... great info! very much appreciated! Let us know how it all turns out

Original poster here...thanks guys. I spent yesterday looking at comps in the area for renovated 2brs and reading everyones cost estimates. I think the bottom line is that the seller has the unit overpriced. The unit is listed for around 800K, with supposedly "no flexibility" in the price, or at least that is what his broker told us immediately. The unit, by my measurements is around 950sf, not the 1200 it said on the listing sheet.

My original interest in the place was because our broker said an average place on the UWS in this area and this quality would go for $975 per sf when renovated. So 975 x 1200 = 1,170,000. I thought maybe we could buy the place, put in 200, and still have a nice profit leftover. Now that I know the unit is 950sf, the the numbers are obviously different 975 x 925 = 926,250.

First of all I don't think there is any way I could get all that work done for 125,000. Second, even if I could, why would I want to work my ass off to get what is in the end just a market rate unit. For all the time and aggrevation, i would need to have a profit in mind at the end of the rainbow. I guess that doesn't exist in NYC...or at least for those who are new to the game, like myself.

I think the landlord would have to price this unit at around 650 to get any real interest, but supposedly it has been on the market for over a year and he reject any offers below is list price immediately.

I was poster #7 above, and I have to agree there is no margin in it for you at that price. Stay away!

Wow - interesting questions and resulting comments.
I'm a real estate broker AND remodeler. Actually I specialize in Harlem and mostly in apartments - not many townhouses nor very complicated jobs. I'm done remodeling for many years in Minneapolis before moving east to finish college (Brown) and settling in NYC 17 years ago.
This apartment does NOT sound very complicated, although I agree you may very well need an architect and the building may have definate rules on what you may & may not do and under what conditions.
HOWEVER, I did a "Quick & Dirty" estimate of remodeling costs (NOT including architectural fees) and they shouldn't cost over $50,000. unless there are some other surprises that I don't know about.
I was just scanning this site and I am not on here for business (nor do I know what the rules are...), so I hesitate to give my name &/or phone number. But, if you want, send a message to MicPollock@aol.com and I'll probably respond.

To the above poster with the $50K estimate for the job outlined in the original poster. That is a totally unrealistic price for a gut rennovation. That quote you gave is for more a patch up job.

I would agree with above posters to stay away from gut rennovation when dealing with co-ops.
Not worth the hassle.

My wife and I spent a year looking at fixer-uppers. We worked w/ an incredible architect friend who gave us the truth. When you factor the time, money and risk the math rarely works - we are about to close on a gut/rehab loft conversion. Good luck

MicPollack - $50k is impossible. I recommend not contacting him.

$300 per square foot would provide you with a top of the line renovation with sub zero +

when you get a quote. does that include labor, materials and appliances?

how long do you think it will take and cost to do the following:
knock down a few nonstructual walls to closets and put up a wall to make a 2nd br. put down brazilian cherry wood floors. cherry wood kitchen cabinets. mid price stainless steel apppliances incl >30" frig, 24" d/w under the sink. 24" stove. new bathroom. create doorway for master to enter living room. cut out bar from l/r to kitchen. knock down wall from kitchen to dining room. using natural stone for bathroom floor and walls. granite for kitchen countertop and natural stone for kitchen floor. knee high cabinets between kitchen and dining room. putting ceiling fans in lr, kitchen, dining room and bedrooms. surround sound wiring.

my wife and I gutted an 1100 sft apt in Tribeca and did the following:

- Replaced 2 walls
- added a bath / renovated another (starck and grohe fixtures)
- new hardwood floors
- rewired the whole place
- custom cabinetry
- bedroom built-ins
- new track lighting
- new kitchen (sub-z, wolf, wine fridge, granite counters)

COST - $185K

One recommendation -- don't go supre high end on appliances and fixtures. In a flip MOR wil generally be OK, and you may not get value for what you spent. Don't go with what you love (like we did) go with what will resell!

Can anyone here list any 'honest' or reasonable contractors? or perhaps name a few companies that have a good reputation?

Question for the original poster: Do you know if the apartment sold? Just curious.

I'm curious about a wet over dry situation. When I look at floor plans I sometimes think, 'You need a powder room RIGHT THERE

oops...and I don't know what's downstairs. Assuming the building would allow you to do so, how feasible is it to do that? Do you have to have a bathroom or sink on the other side of the wall or can you just open up the floor & run the plumbing & sewage lines to your new PR?

Condo or coop? prewar or new cons.

Prewar co-op.

To #19: Can you provide the name of the person/place that did your built ins? Thanks.

Any ideas on cost of replacing wood floors for about 1,000 square feet of space? Nice, but not top of line.

$10,000+ and the cost of vacating all contents from your apartment for 2 - 4 weeks.

how about a unit about 900 sqft(does location matter with regards to cost?).How much would renovations cost (range). Opening one wall of a galley kitchen + full kitchen renovation, removing carpet from 1br and putting in hardwood floors, paint job, total 1bathroom renovation? thanks for any input.