Skip to main content
Fulltext search
FILTER RESULTS BY:
RECOMMENDED IN RENT
Moving to NYC after college? Here's how to find a rental apartment
RECOMMENDED IN BUY
How buying real estate in NYC is unlike anywhere else
RECOMMENDED IN SELL
A guide to using a no-fee renovation loan from a NYC real estate firm
RECOMMENDED IN IMPROVE
How to make your NYC renovation more pet-friendly
BEST REAL ESTATE WEBSITE!
National Association of Real Estate Editors
BEST REAL ESTATE WEBSITE! National Association of Real Estate Editors
Brick Underground
Social Links
follow:
  • Facebook
  • Twitter
  • Instagram
  • Flipboard
  • search
Brick Underground
☰ Brick Underground
Brick Underground
Brick Underground
☰
Brick Underground
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
    Haley and JP move to Prospect Lefferts Gardens
    New Construction + Condos
    From Prospect Heights to Prospect Lefferts Garden: We wanted three bedrooms so we could each have a home office
    An image of the top of a brick New York City apartment building, including its parapet.
    Design + Architecture
    Parapet inspections: What NYC boards and building owners need to know about Local Law 126
    one-bedroom condo at 702 Hancock Street
    The Search
    7 reasons why ground-floor apartments are desirable—instead of dealbreakers
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
    Midtown Manhattan seen from Roosevelt Island tramway
    The Market
    Manhattan median rent spiked 6 percent to $4,500 in April
    Tenant protest outside Rent Guidelines Board preliminary vote
    Affordable Housing
    Rent Guidelines Board intends to raise stabilized rents for a fourth time
    A beautiful pink flowering cherry tree next to an old brick residential building with a fire escape in Astoria Queens New York during spring
    The Search
    A wet, hot, broker fee-free summer? A major change to rental broker fees is supposed to start in June
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
    Madison avenue and East 67th Street, Manhattan, New York City
    Sell
    Median sales price for Manhattan co-ops and condos jumps to $1,165,000
    new condo building and older co-op buildings in Prospect Heights, Brooklyn
    Sell
    Brooklyn median price nears $1 million but the spring market is a question mark
    View of NYC condo buildings from New Jersey
    Sell
    Private listings: What NYC sellers and buyers need to know about the off-market controversy
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    big apple moving NYC
    Troubleshooting
    How can I save money when hiring a moving company in NYC?
    Sponsored By Big Apple Moving
    Houses and apartment buildings in Queens, NYC
    Troubleshooting
    Mayor Adams is bringing the tax lien sale back. Here’s how to get your property off the list
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
    An image of the top of a brick New York City apartment building, including its parapet.
    Design + Architecture
    Parapet inspections: What NYC boards and building owners need to know about Local Law 126
    solar panels on a small house roof
    Design + Architecture
    Simple Yet Powerful Steps To Turn Your Apartment Eco-Friendly
    Sponsored By Ecoflow
    This is a photograph of a street in the Upper West Side in NYC viewed from the Summit in Central Park through bare tree branches.
    Renovation
    Fewer buyers, steeper rents, and costlier renovations: How tariffs could impact NYC real estate
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
    Burned and Boarded Up Windows
    When should your board hire a public adjuster?
    Manhattan GM
    What should we consider when renewing insurance for our building?
    Facade of NYC buildings
    How much is insurance on a NYC co-op or condo building?
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    Apartment buildings at Grand and Crosby streets in Soho, Manhattan
    Affordable Housing
    Ask Altagracia: My mom is moving out of our rent-stabilized apartment. How do I take over the lease?
    Sponsored By Outerbridge Law P.C.
    big apple moving NYC
    Troubleshooting
    How can I save money when hiring a moving company in NYC?
    Sponsored By Big Apple Moving
  • Brick Report
  • About Us
  • About Us
Email Address
Fulltext search
FILTER RESULTS BY:
New Main menu
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
  • Brick Report
  • About Us
    • About Us
    • Advertise
  • About Us
SUBSCRIBE TO OUR NEWSLETTER →
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
NYC Renovation Q's [ SPONSORED ]

What to consider when buying an estate-condition apartment in need of a gut renovation

By Bolster  | May 31, 2018 - 10:00AM
image

iStock

SHARE:
Share to Facebook
Share to Twitter
Print
More...

Thanks to New York City’s vast landscape of historically significant, pre-war co-ops, condos, and brownstones, buyers are likely to encounter a bevy of properties in “estate condition” during their search for the perfect home. Simply put, estate condition homes are properties in which the original owner has passed away, and the owner’s heirs are charged with selling the unoccupied space as-is. However, like many real estate definitions, there’s some wiggle room here. Often brokers and sellers will use the term “estate condition” somewhat loosely, occasionally referring to properties that are simply older and have not been renovated in the last several decades.

Many estate condition homes are true diamonds in the rough in NYC and a gut renovation can help restore the properties to their former glory while considering the needs of families today. 

“Our mission is to help homeowners transform their home by empowering them with the information they need at the right time, and by taking the risk away from the renovation process,” says Anna Karp, co-founder of Bolster, a New York City design and build company that helps homeowners to control their major renovation by delivering industry-leading expertise and a radically transparent process. “New York City has historically important and beautiful homes and buildings, and our team understands their origin, history and how to adapt them to any specific needs.”

If you have your sights set on buying and renovating an estate condition home, read on for a few things to keep in mind–pre-sale and during renovation planning. 

Pro Tip:

Whether you're renovating a two-bedroom prewar co-op or a 4,000-square-foot brownstone, Bolster guarantees a beautifully designed home renovation risk-free and on-budget. "Expect flawless communication, white-glove service, and absolutely no surprise costs," says Bolster's CEO and co-founder Anna Karp. Ready to start your renovation? Learn more >>

Interesting old details

As the old saying goes, they just don’t make them like they used to. Such is the case for certain details and fixtures of bygone eras. Many homeowners choose to maintain these elements in order to preserve the historic integrity–and value–of the home­.

“Some estate sale homes have lovely old plumbing fixtures: faucets and tubs, beautiful plaster crowns, finely detailed steel windows or doors which would be hard to replicate now,” says Bolster architect Michael Fasulo. “I once encountered a toe tester in a shower, which was a little faucet that poured water into the shower so you could check the temperature before stepping in. We had it cleaned up, re-plated with nickel and installed in a new shower as an homage to the apartment’s history.”

Parting with the past

As mentioned, “estate sale” can be broker code for any older apartment, regardless of the true genealogy of the home. But when you’re dealing with sellers in a time of grief, emotions can run high. 

“Sometimes you’ll find a true estate where the heirs have an emotional attachment to the place,” says Michael. “This can make aspects of the transaction difficult as the heirs come to terms with the sale.”

Infrastructure upgrades

An unaltered estate-condition home will have original plumbing, telephone and electric components in place and no central AC. If you’re buying with the intention to renovate, these systems will most likely need to be replaced to comply with building management and building department rules. 

“If your intention is to buy and renovate, estate sales are a great place to start because the cost of someone else’s renovation won’t be included in your price tag,” says Michael.

Reduced purchase price

As traditional renovation processes are murky and pricing can be all over the map, homebuyers often don’t understand what the total cost of a proper gut renovation could­­–or should–total to, based on the condition of the home. However, when homebuyers perceive a higher price point for a gut renovation, this can work to reduce the purchase price of the home–it’s a bargaining point.

“This doesn’t always hold true in highly desirable zip codes,” cautions Michael. “In some areas, the location value is just too high to come down on asking price.”

Board approvals

When an apartment is in original condition, or hasn’t been renovated in many years, boards are frequently more lenient when considering renovation applications, as it will add value to the entire building. “A board may take the renovation as an opportunity to have old plumbing risers replaced, in order to strengthen the integrity of the infrastructure,” says Michael. “It’s in the board’s best interest to ensure homes in the building are up-to-code and renovated beautifully.”

“An integral part of the Bolster process is to work in tandem with co-op and condo boards in order to, in as much as possible, sail through building regulations, file the correct permits, and ensure total project compliance, which is seminal to the Bolster model,” adds Anna.


Every year, New Yorkers waste over $700M following the usual renovation process.

Bolster has uncovered the drivers behind these inefficiencies and has developed a proprietary solution that applies to every home renovation project. Bolster is the first company to bring radical transparency, analytics, and accountability to the entire process. They promise that every project is thoughtfully designed and beautifully delivered for a fair price, on time, and on budget. To start your major home renovation project, visit bolster.us

You Might Also Like

image
Improve I want to upgrade the HVAC in my apartment. What do I need to know?
A renovated NYC kitchen
Improve What you need to know about upgrading your electrical system when renovating
image
Improve What is an alteration agreement, and what should I do if my building doesn't have one?

 

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

topics:

architects contractors estates NYC Renovation Q's plumbing Renovation
SHARE
TWEET
BRICK’S PICKS
Historic brick facades of NYC apartment buildings
Getting overcharged by a landlord? Here’s how the Tenant Protection Unit helps rent-stabilized tenants
Apartment buildings in Soho
New Rent Guidelines Board report justifies a rent freeze, tenant advocates claim
Brooklyn apartment buildings
Understanding net effective rent: Here's how to calculate your real monthly rent
image
How much should you renovate your NYC apartment or house before selling?
Council Member Shahana Hanif hold press conference before the City Council vote on Arrow Linen spot rezoning.
City Council signs off on 10-story towers for Arrow Linen site
couple standing close, only jeans-clad legs showing
Can my boyfriend claim ownership of my condo if we break up?
Follow Brick on Instagram
@brickunderground | #brickunderground
Brick UndergroundBRICK UNDERGROUNDREAL LIFE. REAL ESTATE. REAL NEW YORK.
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
Main menu footer
  • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide

Get more news you can actually use...

The subscription service is currently unavailable. Please check again later.

Delivered to your inbox weekly - for free.

*By signing up you agree to receive occasional emails on behalf of our sponsors

Footer Menu
  • About Us
  • Advertise

Copyright 2009-2024 by BND Ventures Inc | Privacy Policy | Terms of Service | Ad Choices | Login