These days, buying a fully updated New York City apartment is more appealing to many buyers because of the challenges of doing a renovation now. But be prepared for some sticker shock: You may be paying more for an updated place that you would have prior to the pandemic.
That’s because sellers are feeling emboldened to ask for more. Right now, most co-op and condo boards are limiting the number of projects happening in a building. The cost of materials is higher and shipping times are longer—making even smaller projects tougher to do. The median price for a renovated apartment in Manhattan increased from $1,225,000 to almost $1,375,000 in the first quarter, according to a recent UrbanDigs report.
But some sellers have cut prices on renovated apartments. Brick found these five with recent price cuts in Tribeca, Yorkville, West Village, Williamsburg, and Lincoln Square.
295 Greenwich St., #3O, Tribeca
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This studio is listed for $998,000 after an 18 percent price cut in August. The gut-renovated apartment has hardwood floors, custom millwork, built-in bookshelves, high-end appliances including a Liebherr fridge, a walk-in closet, an in-unit Miele washer/dryer, and blackout shades. Amenities include a doorman, live-in super, bike room, concierge, and a package room. Monthly common charges are $654.
200 East End Ave., #6C, Yorkville
This two bedroom, two bath is listed for $1,249,000 after a 9 percent price cut this month. Apartment #6C has crown molding, hardwood floors, oversized windows, modern light fixtures, stainless steel appliances, a walk-in closet, and a balcony. Amenities include a doorman, live-in super, concierge, gym, and bike room. Monthly maintenance is $2,327.
130 Barrow St., #418, West Village
This one bedroom, one bath is listed for $1,595,000 after a 3 percent price cut in February. The renovated loft has herringbone hardwood floors, high ceilings, a picture window, Miele stainless steel appliances, and a marble waterfall counter. The building has a roof deck. Monthly common charges are $925.
26 Broadway, #506, Williamsburg
This two bedroom, two bath is listed for $1,695,000 after a 6 percent price cut this month. The apartment has hardwood floors, floor-to-ceiling windows, high ceilings, stainless steel appliances, recessed lighting, and two private outdoor spaces. Amenities include a virtual doorman, bike room, gym, garage parking, and storage space. Monthly common charges are $1,328.
20 West 64th St., #38B, Lincoln Square
This one bedroom, one and a half bath is listed for $1,995,000 after a 5 percent price cut in March. Apartment #38B has oversized windows, built-in storage, hardwood floors, recessed lighting, stainless steel appliances, central air conditioning, and electronic shades. The building has a doorman, live-in super, bike room, gym, pool, and a roof deck. Monthly common charges are $1,466.
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