Real NYC renovation costs 

Research reliable cost data from other Bolster projects that are similar to yours.


Mind on your money

At Bolster, we always want our customers to feel in control of their project's budget. Below are five different ways to better understand the possible cost of your renovation project with Bolster in New York City.

Quality counts

If you are renovating an entire apartment, it makes sense to understand the approximate price of your project based on its square footage and the standard of quality you expect. For example, if you are doing a gut renovation (changing layouts) of a 1,000 square foot apartment in Manhattan and are looking for 'good quality but nothing too fancy', you can expect your project to cost around 1,000 sf * $175 = $175,000.

$150 psf NYC renovation example.png

Low-high

$150 - $200 PSF

The quality of the finish is good (grade A) with good attention to detail but reliant on big-box store sourced cabinetry, MDF etc. 

$250 psf NYC renovation example.png

★★

Mid-high

$200 - $500 PSF

The quality of finish is high (grade AA) and customized with fine finishes and materials being used that can last years, if not, a lifetime. 

$500 psf NYC renovation example.png

★★★

High-high

$500 - $2,000 PSF

The quality of finish is the highest possible (grade AAA) and labor-intensive, with every surface bespoke, new and beautifully finished.


 

Average costs

Here are the average costs of the most popular renovation projects Bolster carries out in New York City. 

Quality

New Bathoom

New Kitchen

Full renovation

Gut renovation, combination or conversion

$ 25,173 $ 37,760 $ 100,692 $ 151,038
★★ $ 50,346 $ 75,519 $ 201,385 $ 302,077
★★★ $ 179,808 $ 269,712 $ 719,231 $ 1,078,846

A great way to approach your project at this early stage is to have either a fixed budget with a flexible scope of work OR a fixed scope of work with a flexible budget - but not both :)
— David Yum, AIA Architect

Typical starting costs

Here is a guide to what your starting costs are likely to be when you renovate with Bolster. These starting prices all assume the project has followed Bolster's Pricing Process and that the only corners cut are those of your materials.

 

New Bathrooms

Begin at $20,000

Assumes basic bathroom renovation with no moving of waste or supply lines, light switches or outlets. Includes replacing some electrical and plumbing, some basic carpentry & finishes and basic appliances.

New Kitchens

Begin at $30,000

Assumes basic kitchen renovation with no moving of waste or supply lines, light switches or outlets. Includes replacing some electrical and plumbing, some basic carpentry & finishes and basic appliances.

Full Renovations

Begin at $80,000

Assumes basic kitchen and bathroom renovation with no moving of any waste or supply lines, light switches or outlets. Also includes replacing some electrical and plumbing, some basic carpentry & finishes.

Gut Renovations 

Begin at $100,000

Also includes combinations and conversions. Assumes full kitchen and bathroom renovation with new electrical and plumbing, moving a wall, a new HVAC installation, window replacement, carpentry & finishes and new flooring throughout.

 

Every project is unique

With over 2,000,000 unique homes in New York City, no two projects are ever the same. Here are a few variables that may affect your budget.

Hiring an Architect

If your project requires an architect expect to pay a minimum of $5,000 and up to 20% of your projects total cost. 

Walkup vs. Elevator

If you live in a walkup without an elevator, your contractor will have to budget for having material and waste carried up and down flights of stairs.

Staying or going

If you are planning on living in your home during your renovation, your contractor will have to budget for working around you. 

 

Building rules

If your co-op or condo building restricts working hours, access or requires additional protections, your contractor will have to budget for these.

Concrete vs. Sheetrock

If your walls are solid concrete rather than sheetrock, gut renovations and electrical work may be more expensive. 

Moving systems

Expect to pay extra if you have to replace your plumbing, move your waste or supply lines or reposition your electric panel. 

 

Home smart home

If you want to base your renovation project's budget on some solid economics, look no further than your home. The following table uses historical Manhattan real estate values to help you set a budget that is proportional to the value of your home and able to be recovered within 5 years.

Your property type

Current value

Forecasted increase in value in 5 years

Maximum renovation budget*

Manhattan co-op $ 1,206,784 $ 202,594 $ 189,932
Manhattan condo $ 2,136,501 $ 588,426 $ 551,649
Manhattan Luxury co-op or condo $ 6,006,274 $ 1,340,134 $ 1,256,376
Upper East Side co-op $ 1,649,092 $ 240,501 $ 225,470
Upper East Side condo $ 2,808,462 $ 1,223,042 $ 1,146,602
Upper West Side co-op $ 1,203,690 $ 144,461 $ 135,432
Upper West Side condo $ 2,286,626 $ 543,886 $ 509,893
Chelsea co-op $ 1,108,786 $ 353,258 $ 331,179
Chelsea condo $ 2,933,140 $ 1,349,626 $ 1,265,274
Greenwich Village co-op $ 1,370,159 $ 486,839 $ 456,412
Greenwich Village condo $ 3,760,509 $ 1,544,425 $ 1,447,898
East Village / Lower East Side co-op $ 948,366 $ 230,725 $ 216,305
Soho / Tribeca co-op $ 2,407,325 $ 505,594 $ 473,994
Soho / Tribeca condo $ 3,696,606 $ 1,250,293 $ 1,172,150
Financial District co-op $ 1,601,135 $ 749,330 $ 702,497
Financial District condo $ 1,086,424 $ 153,392 $ 143,805
* equivalent to forecasted increase in property value in 5 years minus cost of finance at 4% APR.