Has anyone here in BP done a high end/million dollar renovation? If you have what has been your experience?
I am looking at a raw space in Tribeca, NYC; a condominium with 2,975 sq/ft. My ARV is about $5 million and my research shows construction costs would be about $300/sq/ft = $838,500; add soft costs (permits, architects, designers, etc...) renovation would be about $1 million.
ARV= $5,000,000. x 65% = $3,250,000. - $1,000,000 (renovation) = $2,250,000.00 (MAO)
The seller bought it for $1.8 million about a month ago, got the plans approved and is now selling it.
I've done rehabs but never close to this price range. It would be good to hear from anyone who've done any type of spec build. What to look out for.
In TriBeCa, if done right, you can easily get$2,000 psf. So your arv of $5M is very realistic. I used to work for a boutique GC in the city, and I have done several high end renovations. If you already have an approved plan, next step is to find a good experienced GC and expeditor to streamline the process and minimize headache. You don't want to cut corners or skimp out when it comes to quality at this price point. People who buys $5m condo in TriBeCa will know quality work when they see it. Good luck. Looks like a very attractive deal.
How did you find this condo? My partner and I are looking for something like this in the city.
PM me if you have a specific question about construction.
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