5 Story Renovation

$1.5MM

Posted by: Anonymous at July 30, 2007 4:49 PM

11 units to 1! dude, get a architect & engineer. you may already be in over your head. Whop converts 11 to 1 5 storey without consulting an architect/engineer?!

Posted by: Anonymous at July 30, 2007 4:53 PM

nayci contractors are your best bet to get advise
718-472-0099 are their number.
www.NayciContracting.com

Posted by: Anonymous at July 30, 2007 5:10 PM

I'd estimate at least $150-200k per floor.

Posted by: Anonymous at July 30, 2007 5:32 PM

obviously op is just dreaming/fishing and has not actually bought anything

Posted by: Anonymous at July 30, 2007 6:00 PM

I am doing a conversion of a four family. I underpinned the foundation to increase ceiling height in cellar to +8' finished ceiling height. I excavated the rear yard for a large patio that will be accessed from the cellar and to open up large glass areas to give natural light to the cellar living space. I am adding 520sq.ft. at the new 5th story which was allowed because there was available FAR. The finishes will be higher end.

I am managing the project myself as this is my business. The hard costs are in at $195/sq.ft. This includes upgrades of all services including new water service and a fully sprinklered building. It also includes in floor radiant heating, central air and new windows.

The hard costs are not all you need to consider. The soft costs will probably come in at around 20% of the total project costs. This will include all your professional fees, closing costs and carrying costs for your mortgage/construction loan.

Since you are building it out as a single family, your costs should be appreciably less for the obvious reasons. If it were a multi-family project, your costs would be in the neighborhood of $1.5million. For a single family conversion I would guess about 25% - 30% less utilizing similar finishes and systems.

Good luck.
Bill G.

Posted by: Anonymous at July 30, 2007 8:56 PM