Brian Darling, Home Buyer in New York, NY

What is $ per sq. ft. of a newly gut renovated/contemporary unit, in an mid-rise elevator building in UES. with gym and laundry facility?

Asked by Brian Darling, New York, NY Tue Dec 4, 2012

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Joseph Hastings’ answer
Hi Brian. The response is not so cut and dry. If you're the owner of the unit in question, you should say so. To get the best answer, you should appraise the unit. If someone were to look only at comps in the building, the valuation may not be what you had in mind because renovation will alter value. On top of that there are other aspects to value which can add or detract. Among those would be specific location, views and bldg amenities as everything has it's part to play in the value of any property. Get it appraised. Good luck.
0 votes Thank Flag Link Tue Dec 4, 2012
Keep in mind that square footage costs do vary, and don't account for location and other considerations; therefore, it's really in your best interest to also review recently sold similar properties in the immediate area, and their final sales price...
1 vote Thank Flag Link Tue Dec 4, 2012
I think price may vary depending of whether the unit is a coop or condo (coops are cheaper), condition and amenities of the building, location within UES (streets above 90th are priced lower),...
1 vote Thank Flag Link Tue Dec 4, 2012
As other have already responded. You would need to get comparable in the area that include all of the amenities in the property you are considering. Any sales agent can help you with preliminaries, but before you purchase you will need to have an appraisal.

Jamie Bravo
Bond New York
Office: 646-666-2224
0 votes Thank Flag Link Sun Feb 17, 2013
The best way to come up with $/sf would be to look at comparable properties in the building and similar properties in the neighborhood. At minimum, one would need to know the address, doorman or not, floor, number of BR to look for similar recent sales in the building. Knowing all this info and the type of ownership, one can also find comps in a .5-mile radius and compare similar buildings (year built, renovated, number of units, service level) and similar apartments (floor, renovation level, maintenance, number of rooms and BRs, etc.). I would be glad to assist.
Elena Ravich,
Rakita Realty
646 593 7207
0 votes Thank Flag Link Wed Dec 19, 2012
Your question does not have a simple asnwer. If the unit were a co-op or a condo would make a big difference in price. Which avenue on the Upper East Side it is closest to would be a major factor (the further east you go, the less expensive). The number of bedrooms makes a difference in the price per square foot. The floor the unit is on and what it faces (views/no views) are two more factors. So, while this is a good question, there is no one-size-fits-all for a PPSF of a renovated UES apt.

What is clear, however, is that you are trying to learn about the market, and that is great. The best way to learn about the market is to work with a skilled, experienced agent who can take you rhrough all the steps of buying, right through to the closing table. There are nuances at every phase where there is no substitute for a great agent working on your behalf. You will save time, money and aggravation and end up reaching your goal.

Jenet Levy
Halstead Property, LLC
212 381-4268
0 votes Thank Flag Link Tue Dec 4, 2012
Hi Brian,

It depends on many factors and where in UES you are looking. Please give me a call or send me an email when you have time and I'll be able to send you a few listings to give you a better sense of how much it can cost.

Nicolas Puygrenier ǀ Licensed Real Estate Broker
419 Lafayette Street, New York, NY 10003
Telephone: 917 499 1917
0 votes Thank Flag Link Tue Dec 4, 2012
There are so many variables, as everyone has told you, that this question can't really be answered. Sometimes people try to educate themselves based on things that they read on-line. NYC is a different kind of market than many places, and it is so hard to cover all variables on an apartment, that there could be a very broad range when it comes to $$'s per square foot. What floor is the apartment on, what is the view like, how close is it to the subway, is there a doorman, what is the lay-out like, how much is the maintenance, is it a co-op that requires a certain amount down, are there large closets and a big bathroom, galley kitchen or other? I think you get the idea.
The best thing for you to do is come up with a price range based on your down payment, get an idea of what the maintenance is for a co-op, or the taxes and carrying charges for a condo, and then try to look for an apartment that fits your budget. If you would like me to help you out with that end of things, let me know.

Robin Silverberg
Senior Mortgage Loan Originator
Luxury Mortgage Corp
990 Stewart Avenue, Suite 130
Garden City, NY 11530
Office: 516-393-4464| eFax: 516-977-5983
Mobile: 516-972-1687
NMLS# 18065 |
Licensed in NY, NJ & CT
0 votes Thank Flag Link Tue Dec 4, 2012

This will vary depending on the particular building. Give me a call, text or email at any time and I can get you specific information.

Rafael Barbosa | Licensed Real Estate Salesperson
1456 First Avenue | New York, NY 10021
P 212.774.3800 | Cell 917.435.6611
0 votes Thank Flag Link Tue Dec 4, 2012
From an appraisal standpoint, there are other things to consider such as service level of the building. It is a luxury full service building or typical elevator building with no other amenties such as a gym and laundry.

But more importantly, what type of ownership is it? A co-op or fee simple?

It would suffice to say that about $1000-$1200 psf would be a good ballpark to begin with.

Feel free to reach out to me if I can help in your search for a new home.

Jennifer A. Chiongbian
SVP/ Licensed Associate Broker
Member, Real Estate Board of NY
Associate Member, Appraisal Institute
0 votes Thank Flag Link Tue Dec 4, 2012
Please call me. I have some apartments like this. My name is Tanuja and I can be reached at 347-882-0353. Thank you and good luck.
0 votes Thank Flag Link Tue Dec 4, 2012
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