In New York City a high end apartment gut renovation can cost $500 to $600 per square foot (or more) with a high quality contractor and good quality designer products. Highly custom luxury gut renovations will be in the range of $700 to $800 per square foot.
I am Jorge Fontan an architect in NYC and owner of Manhattan based architecture firm Fontan Architecture. At our firm we work on a variety of project types including high end and luxury apartment renovation in NYC. In this post I am going to be discussing budgets for high end and luxury apartment gut renovations.
What Factors Affect Your Renovation Budget?
There are three basic categories that determine your budget for an apartment renovation. These are: the scope of work, who you hire, and what you purchase.
Scope of Work
The scope of work is the most important factor in the budget. It is more expensive to renovate five bathrooms than to renovate two. There are many items in the scope that will have a great impact on the price, such as installing new floors vs refinishing floors, or whether or not to add suspended ceilings with recessed lights.
Who You Hire
The prices that different general contractors provide can vary a great deal, especially when we are talking about different levels of quality and size of the company. The best GC I have ever worked with is expensive, and the cheapest GCs I have worked with were not as good. There are many issues to take into consideration when selecting a GC, but hiring a good quality GC is very important in my opinion.
What You Purchase
The products, finishes, fixtures, and appliances that go into your apartment are the easiest to budget. These prices are what they are. A refrigerator from one brand can be twelve thousand dollars and from another could be five thousand. You can get custom kitchen cabinets or semi custom cabinets. Marble, for example, can be three times the price of porcelain.
What I Mean By High End Renovation
When I am talking about a high end gut renovation, I mean everything is new. You are using a high quality contractor, you are getting a full service architecture firm, and purchasing high quality products. If we step it up to what I call a luxury renovation we would be doing custom work and more expensive finishes.
$500 Per Square Foot Renovation
As I am writing this it is early 2023 and we just completed an apartment renovation with a total final budget of about $500 per square foot for the renovation on the Upper East Side in Manhattan. This project had good quality porcelain tiles, high end appliances, and European designer kitchen cabinets. We replaced HVAC units, installed new high end floors, and did extensive new lighting. This was a good quality gut renovation.
The contractor was a top of the line high end and luxury GC in NYC, which one should expect from a budget of $500 per square foot. We provided full services including lighting design, interior design, product sourcing, and construction administration. By my standards, $500 per square foot is the starting point for a high end renovation in NYC.
$700 Per Square Foot Renovation
We have another project we are working on right now with a final budget that will be around $700 per square foot. This project has all custom made kitchen cabinets, bathroom vanities, and marble slabs in the bathrooms. The finishes and fixtures are more expensive luxury products. There is also a great deal of custom work made just for this client.
$800 Per Square Foot Renovation Budget
Lastly, let’s discuss an $800 per square foot budget project we are working on. This is very similar to the $700 per square foot budget project but with a few differences. This project has some technical issues with existing conditions regarding plumbing, electrical, and HVAC that the $700 per square foot project did not have. Additionally, the lighting design is much more extensive and all the walls have specialty finishes such as Roman Clay or wood paneling.
High End Apartment Renovation Budgets in NYC
Material prices fluctuate as do labor costs and Contractor rates. This post is based on what we are seeing in NYC at the beginning of 2023. These numbers are subject to change.
Thank You for Reading Our Blog Post High End Gut Renovations in NYC Apartments.
I hope this was helpful. If you would like to speak with an architect about a potential project, you can contact us at Fontan Architecture directly.
This post was written by Jorge Fontan AIA a Registered Architect and owner of New York City architecture firm Fontan Architecture. Jorge Fontan has earned 3 degrees in the study of architecture including two degrees from the City University of New York and a Masters Degree in Advanced Architectural Design from Columbia University. Jorge has a background in construction and has been practicing architecture for 15 years where he has designed renovations and new developments of various building types.