New York City, NY · Member since 2016 · 470 posts · 348 votes
Apologies if this is redundant; I browsed through a bunch of posts and couldn't find this.
What's the cost per sq ft of a TOTAL gut rehab of an nyc co-op unit that was destroyed by fire? (rebuilding interior walls, closets, shelving, kitchen counters, cabinets, lighting, fixtures, flooring, bathroom, etc).
Note: plumbing, electrical, etc into the unit is all being covered by the building, so I only need the "walls-in" rebuild cost per sq ft.
As far as quality, let's say "middle of the road"... so we're talking nicer than your typical "cheap rental property", but certainly not looking to do a high-end rebuild (no high-end finishes, etc). Just a "nice" middle-of-the-road rehab that will look attractive to potential buyers.
It's going to be difficult to find a straightforward answer to this since there are so many variables that will impact a PPSF number. As I'm sure you're aware, construction costs are incredibly specific, with costs attributed to a multitude of line-items. What's more, the bids you receive from the contractors/vendors for specific components of the reno will differ, as well as the co-op's policies towards renovating, further compounding this variance.
It will be important to go into this project with a very accurate forecast of what it's going to cost you and how the renovation budget relates to your end-goal for the unit. The best way to do this is to identify individuals and other sources you feel you can trust, who have the capability and resources to predict these numbers down to the last penny. Do you intend to manage the entirety of the project yourself?
The organization I work for has completed about 600 gut renovations of townhouses/brownstones in NYC, and with a sample pool of that size, we typically run costs of $300/sf at a minimum. Obviously, those are very different kinds of jobs from what it sounds like you're planning on doing so I'm not sure how helpful the number will be.
Apologies if this is redundant; I browsed through a bunch of posts and couldn't find this.
What's the cost per sq ft of a TOTAL gut rehab of an nyc co-op unit that was destroyed by fire? (rebuilding interior walls, closets, shelving, kitchen counters, cabinets, lighting, fixtures, flooring, bathroom, etc).
Note: plumbing, electrical, etc into the unit is all being covered by the building, so I only need the "walls-in" rebuild cost per sq ft.
As far as quality, let's say "middle of the road"... so we're talking nicer than your typical "cheap rental property", but certainly not looking to do a high-end rebuild (no high-end finishes, etc). Just a "nice" middle-of-the-road rehab that will look attractive to potential buyers.
Eric, in co-ops, we don't count # of sq ft, so whoever gave you this number is calculating it in some way. It really depends on extent of work, how high end you want to go, etc. I've seen condos and co-op renos for $500 a foot even! But, you know when you buy co-op you don't ever get square footage numbers -- just shares -- you don't own the walls, floor, ceiling, you own the proprietary right to live there. You also have to pass an alteration agreement with your co-op board which may cost money -- money to contractors, EXPEDITERS, sub-contractors.... what's the extent of the work you're doing. Also, how do you know your co-op will allow it?? I've seen $25,000 renos to $4 million renos.... need more details.
Apologies if this is redundant; I browsed through a bunch of posts and couldn't find this.
What's the cost per sq ft of a TOTAL gut rehab of an nyc co-op unit that was destroyed by fire? (rebuilding interior walls, closets, shelving, kitchen counters, cabinets, lighting, fixtures, flooring, bathroom, etc).
Note: plumbing, electrical, etc into the unit is all being covered by the building, so I only need the "walls-in" rebuild cost per sq ft.
As far as quality, let's say "middle of the road"... so we're talking nicer than your typical "cheap rental property", but certainly not looking to do a high-end rebuild (no high-end finishes, etc). Just a "nice" middle-of-the-road rehab that will look attractive to potential buyers.
Where is property, what's price point -- no granite nowadays, go with Caesarstone (or Corinthian) -- less than marble but a little more than granite -- don't get granite -- not so hot anymore; change cabinets; open kitchen; LESS rooms is desired -- if you have formal living and dining and separate kitchen, see if the architect will let you tear down all these walls. .All you want is a GREAT ROOM with kitchen, living, dining, separate bedrooms -- AND MAYBE -- if you have room, a home office/den/office (no windows needed).... appliances -- Viking/Wolf will do -- no need to go to Miele or Gaggenau for middle of the road.
Fresh coat of paint of course. Just go with plain white -- STAGE property if you can afford but try to use some of your own stuff too so it's not too expensive.... MOST IMPORTANT: DECLUTTER, DEPERSONALIZE -- the buyer wants to envision themselves in your household --- this article may help too: https://www.nytimes.com/2015/04/26/realestate/small-projects-big-payoff.html