How Much Does It Cost To Renovate A Condo In NYC?

Table of Contents

• Average Cost For A Condo Renovation In NYC
• Cost Breakdown by Room Type in Condo Renovations
• Understanding the Costs of Gut Renovations in Condos
• Comparing Renovation Costs: Condos vs. Other Properties
  
• Unconsidered Costs And Complications
• Condo Renovation In NYC Case Study

Kickstarting a condo renovation in New York City is an exciting opportunity that comes with various challenges, particularly when budgeting. As a leading design-build firm in NYC, we understand the importance of transparency and clarity in budgeting for condo or co-op renovations. In this guide, we'll break down the factors that influence the cost of renovating a condo in New York City, providing valuable insights and practical tips to help you navigate the process with confidence while staying within budget.

[#Average]Average Cost For A Condo Renovation In NYC[#Average]

The total cost of any NYC condo renovation is dependent on existing site conditions, clients’ design aesthetics/preferences, and the actual scope of the project. However, a good rule of thumb for an entire condo renovation in NYC, including all components mentioned below, with mid-to-upper tier finishes is $250-450, Per Square Foot.

• Architectural Plans
• Project Management
• Finish Material
• Interior Design
• Construction
• Full Renovation (New Floors, Kitchen, Bathrooms, Plumbing, Electric, and Painting)

A condo renovation in that range has good bones. In NYC, a number of common factors can increase costs. The most prevailing cost modifiers when renovating condos and co-ops in NYC include:

1. Pre-War Condo: $350-550 psf
2. Estate-Condition Condo: $350-550 psf
3. Adding HVAC / True Central Air: $400 psf and up
4. Relocation of Plumbing/Creation of New Wet Spaces: $300-400 psf (Depending On The Extent)

Read more on the Cost Of Renovating A NYC Pre-War Apartment and Gut Renovation Costs In NYC.

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[#Type]Cost Breakdown by Room Type in Condo Renovations[#Type]

Renovating a condo in NYC involves a meticulous cost breakdown, as expenses can vary significantly depending on the type of room being renovated. Understanding these variations is crucial for budgeting and planning a successful renovation project.

Room-Specific Cost Variations

Kitchens: Kitchens are often the most expensive rooms to renovate due to the complexity of work involved and the need for specialized trades such as plumbing and electrical. Costs can vary widely depending on factors such as the size of the kitchen, the quality of materials chosen for cabinets, countertops, and appliances, and the extent of plumbing and electrical work required. For more information, read our blog Cost Of A Kitchen Renovation In NYC.

Bathrooms: Similar to kitchens, bathrooms tend to have higher renovation costs due to the presence of plumbing fixtures and the need for waterproofing. Costs can vary depending on factors such as the size of the bathroom, the quality of materials chosen for tiles, fixtures, and fittings, and the complexity of plumbing and waterproofing work required.‍

Bedrooms: Renovating bedrooms typically incurs lower costs compared to kitchens and bathrooms. Costs may vary based on factors such as the size of the room, complexity of work (e.g., installing new flooring or painting), and the quality of materials chosen for finishes like flooring, lighting, and paint.

Approximate Cost Ranges

Bedrooms: Renovating a bedroom in a NYC condo can cost anywhere from $5,000 to $20,000 or more, depending on factors such as size, complexity of work, and quality of materials. ‍

Kitchens: The cost of renovating a kitchen in a NYC condo can range from $35,000 to $150,000 or more, depending on factors such as size, quality of materials, and extent of plumbing and electrical work required.‍

Bathrooms: Renovating a bathroom in a NYC condo can cost anywhere from $40,000 to $65,000 or more, depending on factors such as size, quality of materials, and complexity of plumbing and waterproofing work required.

[#Gut]Understanding the Costs of Gut Renovations in Condos [#Gut]

Undertaking a gut renovation in a condo is a significant financial commitment that requires careful consideration and planning. Unlike typical renovations that focus on cosmetic updates, a gut renovation involves stripping the space down to the bare bones and rebuilding from scratch. Let's break down the financial implications of such an extensive undertaking.

Defining Gut Renovations

A gut renovation is not your average, run-of-the-mill renovation. It involves completely gutting the interior space of a condo, removing all existing finishes, fixtures, and sometimes even structural elements. This comprehensive approach allows for a blank canvas, enabling homeowners to reimagine the layout and design of their space according to their preferences and needs. For full detail on the topic, read Gut Renovations In NYC 101. 

Factors Influencing Costs

Several factors influence the cost of a gut renovation in a condo. The extent of structural changes, upgrades to systems such as electrical and plumbing, and the selection of high-end finishes all contribute to the overall cost. Structural changes, such as removing walls or reconfiguring the layout, require skilled labor and may incur additional expenses. Upgrading electrical and plumbing systems to meet modern codes and standards adds to the complexity and cost of the renovation. Similarly, opting for high-end finishes, fixtures, and appliances can significantly elevate the overall cost of the project.

Estimated Cost Range

Gut renovations in condos can vary widely in cost depending on the size and scope of the project, as well as the quality of materials and finishes chosen. On average, gut renovations in NYC condos can cost anywhere from $350 to $550 per square foot or more. This cost range encompasses the demolition, construction, and finishing stages of the renovation, including labor, materials, permits, and project management fees.

To put this into perspective, a less extensive remodel in a condo might cost around $250 to $450 per square foot, focusing primarily on cosmetic updates such as painting, flooring, and fixture replacements. However, for those seeking a complete transformation and customization of their space, a gut renovation offers the opportunity to create a truly bespoke living environment, albeit at a higher cost.

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[#Comparing]Comparing Renovation Costs: Condos vs. Other Properties[#Comparing]

When it comes to renovating properties in NYC, whether it's a condo, townhome, or apartment, each type presents its own unique set of challenges and considerations. Let's explore how renovation costs for condos compare to those of other types of properties, delving into specific factors that influence pricing and project scope.

Factors Affecting Condo Renovation Costs

Condo renovation costs are influenced by various factors specific to this type of property. Homeowners must navigate board rules and regulations, which may impose restrictions on renovation activities such as noise levels, work hours, and material disposal. Additionally, limited space and shared walls with neighboring units can pose logistical challenges and impact the scope of the renovation. These factors often necessitate specialized permits and coordination with building management, adding to the overall cost and complexity of the project.

Comparing Condos to Townhomes and Apartments

• Condos: Renovating a condo typically involves working within the confines of a multi-unit building governed by a condo board. While this offers amenities and shared infrastructure, it also comes with restrictions and oversight that can affect renovation options and costs. Condo renovations may require adherence to strict guidelines and approval processes, adding time and expense to the project.‍
• Townhomes: Townhomes offer more autonomy and space compared to condos, as they are standalone units with no shared walls. Renovations in townhomes may involve structural changes or expansions, depending on local zoning regulations. While townhome renovations may require fewer approvals compared to condos, they can still be subject to neighborhood association rules and historical preservation guidelines, which may affect project scope and costs.‍
• Apartments: Renovating an apartment in a multi-unit building presents similar challenges to condo renovations, including shared infrastructure and building regulations. However, apartments may offer less flexibility in terms of layout changes and structural modifications due to lease agreements and building codes. Additionally, apartment renovations often require coordination with building management and neighbors to minimize disruptions and ensure compliance with rules and regulations.

At Gallery, we've observed firsthand how renovation costs and considerations differ between condos, townhomes, and apartments in NYC. Condo renovations, in particular, often require meticulous planning and coordination with building management to navigate board rules and ensure compliance with building codes. Shared infrastructure and limited space in condos can impact renovation options and add to costs. Conversely, townhomes offer more flexibility in terms of design and layout changes but may be subject to neighborhood association regulations and historic preservation guidelines. Apartments present their own set of challenges, with lease agreements and building regulations dictating the scope of renovations.

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[#Unconsidered]Unconsidered Costs And Complications[#Unconsidered]

Beyond base costs, there are often unexpected expenses during condo renovations in NYC. At Gallery, we include supplemental costs of these items should they come to fruition. If they don’t, perfect - we’re under budget. This experience and foresight eliminates any surprises while keeping everyone honest.

Boards, Permits & Approvals 

Costs are often associated with the following permits and tests, which must be handled prior to any condo renovation in New York City: 

Building, Electrical, and Plumbing Permits from Department Of Buildings 

Navigating co-op boards, management companies, and city agencies can be a cumbersome process. As a full service design & build firm, we take on every aspect of the planning AND approval process on our clients behalf. This includes the production and filing of all architectural plans along with obtaining all building, plumbing, and electrical permits. At times this also includes handling all landmarked-related approvals with the LPC.

Plumbing Inspection

Required if areas being renovated in the condo touch plumbing, such as the kitchen or bathroom.  

Asbestos Test

Testing for asbestos in the early renovation stages is not only smart planning but often required in order to file architectural plans. As part of this process we plan for any added effort required for removal or see if there are workaround cost saving measures that can leave the asbestos undisturbed. By law, if work disturbs the asbestos, mitigation is required and bringing in an asbestos remediation company for asbestos removal and air quality monitoring is likely needed. However if preliminary tests confirm asbestos won’t be disturbed during the work, we’ll plan to avoid the area and issue altogether.

Electrical Test 

There are two reasons for an electrical test before a condo renovation. The first is to confirm there is no cloth wiring, a standard in the 40’s/50’s that will no longer pass inspection. The second is to ensure the electrical capacity of the apartment can handle the proposed electrical load of the renovation - which isn’t always the case in older buildings. If the condo is a relatively new build, or has been renovated in the last 15-20 years, the electrical test results shouldn’t be too shocking. 

Internal Updates 

If inspections uncover concerns, they’ll have to be addressed before the condo renovation can proceed. Problems like asbestos, cloth-wrapped wiring, galvanized and corroded plumbing, and improper framing can’t be allowed to remain. An experienced design-build contractor should have the ability to anticipate many of these surprises, prior to any work starting.

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[#Case]Condo Renovation In NYC Case Study[#Case]

As experts in condo and co-ops renovations throughout Manhattan and Brooklyn, our Before + After portfolio includes various completed condo and co-op projects. One of our favorites is this Manhattan Condo Renovation. 

At the beginning of this full interior renovation, we identified a hidden column in the kitchen, which happens often in condo renovations in NYC. Instead of forcing an alteration and facing consequences from the building board, we incorporated the surprise into our interior design, integrating the column into the space by building it out with an in-set bookshelf. Not only is the column virtually hidden, this cost-effective solution provided functional purpose as a great place for cookbooks or added kitchen shelving. 

In another instance, we helped a couple renovate their Manhattan co-op after an unexpected fire, and their testimonial speaks volumes about the benefits of using a design-build for a condo or co-op renovation: 

‍“From the very beginning, it was so easy to work with this company. The apartment needed a gut renovation after a devastating fire. GKBNY provided wonderful design ideas, were extremely patient with our abundance of questions and occasional change of plans, and were very professional in dealing with the building's (a co-op) high threshold requirements and demands. Hands down I would recommend them (and already have) to others seeking to do an apartment renovation in NYC. I will be using their services again for my next apartment renovation when that time comes.”

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Condo Costs In NYC Conclusion

To get more granular when budgeting for a NYC renovation, read our guide to NYC Apartment Remodel Costs Per Square Foot. Find timely inspiration for your upcoming condo renovation via our latest blog, Condo Renovation Ideas 2024. 

Considering a condo, co-op, or apartment renovation in New York City? View our portfolio of NYC renovation before and afters, learn more about Gallery, or contact us today.

We are an award-winning design-build firm in New York City with a full-service approach to renovations in Manhattan and Brooklyn that includes everything from interior design and architecture services to filing permits and construction management. We’re experts in pre-war apartment renovations, apartment combinations, room creations, full gut renovations and all that falls in between. Let us bring your dream home to life.