Square Foot Construction Costs
I live in and help run a five story walk up brownstone coop with around 7,200 square feet of total space. Our insurance policy expires soon and I want to increase the coverage. We currently have $1 million, which seems low given construction costs should there be a catastrophic loss. The question is, what exactly…
I live in and help run a five story walk up brownstone coop with around 7,200 square feet of total space. Our insurance policy expires soon and I want to increase the coverage. We currently have $1 million, which seems low given construction costs should there be a catastrophic loss. The question is, what exactly would it cost per square foot to replace a five story, 7200 square foot building in brownstone brooklyn. We wouldn’t need to cover interior finishes, that’s responsibility of the individual owners. I’ve heard anywhere between $150 and $300 a square foot. Any ideas?
Thanks cm and johnife for the advice. I’ll put in for the non-alien laser cannon coverage amount. hilarious. seriously. thanks.
Figure around $250 to $275 excluding foundation and sitework costs (these elements usually remaining intact after all disasters but those involving bombs or alien laser cannons). That number would include finishes. I can’t imagine why individual owners would be responsible for things like partition drywall, suspended drywall ceilings, wood flooring (all considered “finishes”) but, if they really are, then you could reduce that number by $40 or so.
We just renewed our coverage on a 12 unit, 4-story walk up at about $225/sf. Interestingly, the insurance company’s “Marshall & Swift” guide recommended $166/sf for our Park Slope zip code. We had to push them some for the higher limit.