The Hidden Costs Of A New York City Renovation
An excerpt from a post that originally appeared on www.brickunderground.com July 30, 2010
In real estate as in groceries, pretty much everything is more expensive in New York City.
So it’s no surprise that New York City renovations tend to cost a lot more than their suburban counterparts; everything from labor to insurance is more expensive.
What is surprising is how idiosyncratic prices can be: Bids are commonly adjusted according to a contractor’s assessment of everything from the parking situation on your block, to your property manager’s reputation for meddling, to whether your next-door neighbor is a stay-at-home board president.
“There is a basic list of less easily defined costs that contractors usually include in their bids under ‘General Conditions’ or ‘Profit and Overhead,’” says Manhattan architect David Katz. “These are simply costs associated with doing business in New York.”
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About the Editor:
RJ Diaz is a renovation and remodeling construction management executive in New York City. RJ is passionate about high quality, well-crafted construction and started RenovatingNYC in 2010 to share news and information specific to the industry as well as profile the best resources essential for a project’s success. For advice about your own renovation or remodeling plans, preliminary cost estimates and project opportunities, please contact RJ using the form below.