In a thriving city like Manhattan, your apartment should be the safe haven that allows you to close the door and forget the noise and bustle of the street. Imagine walking into your home everyday to a feeling of contentment, knowing everything is your home is designed to your exact hopes and needs. However, with the layers of history and humanity in NYC, it’s more likely you are living in a space designed according to someone else’s personal touch. With so many other stressors in the city, your home shouldn’t be one of them–which is perhaps why you are considering the costs of an NYC apartment renovation. Planning is the first step to any renovation project, and understanding the budget is a vital first step, more so if you are planning a luxury renovation.
Factors Influencing Apartment Renovation Costs
Your Manhattan renovation budget will be determined by the details and scope of the project, and the right Manhattan remodeling contractor can help you plan according to your budget and needs. The factors influencing NYC apartment renovation costs are size, complexity, materials, labor, and permits.
Size and Complexity
The two factors with the most impact on your renovation budget are the size and complexity of a project. Smaller areas, such as bathrooms or bedrooms will use fewer materials and labor than larger projects, like a kitchen renovation or a gut remodeling project. Similarly, simple upgrades, like painting or cabinetry, will need a smaller budget than projects that involve structural changes, plumbing, or electrical work. When envisioning the dream for your new space, ask yourself: “how many components of this home will need to change?” More changes across different rooms will require a higher budget to execute the vision..
Materials
The next priority for budgeting, particularly luxury apartment renovation costs, is to consider the materials. Carrara marble, which makes for a stunning kitchen island with its grey and gold veining on a crisp white background, has been known to cost more than $400 per square meter. Even something as seemingly simple as ceramic tile has vast differences in price per square foot, considering the quality of the glaze, the complexity of the design, and whether the tile is made by hand or machine. Also important to keep in mind: materials imported from overseas are often subject to tariffs, which can increase costs over buying materials made within the U.S.
Labor
The people power used to complete your remodel will greatly influence your budget. Finding the right NYC luxury remodeler will make an enormous difference here, because an experienced, trustworthy design-build team will work more efficiently than individual contractors, which will cause you less time, money, and stress in the long run.
Permits
Like most cities, Manhattan charges fees for building and construction permits. Renovations require an “alteration” permit, and the fees are charged as a portion of the cost of the project. For example, for 1, 2, or 3- family homes, the fee is $2.60 per $1,000 for projects that cost over $5,000. Fees in apartment buildings depend on the number of floors and square footage of the overall building, but range from $290 minimum to $17.75 per $1,000 of overall project cost. For luxury apartment renovation costs, the high-quality materials will increase the permitting costs, but the payoff will be worth it in the end.
Cost Breakdown by Project Type
Different renovation projects will have different associated costs:
Kitchen Renovation Costs
For kitchen renovations, a large part of the budget may be devoted to upgrading the appliances: stove, oven(s), microwave, refrigerator, dishwasher, and the sink. Depending on your current floor plan, you might need to reconfigure plumbing (dreaming of a pot-filler on the stove?). It’s also important not to underestimate the impact the right lighting can make in a kitchen: if the current fixtures aren’t located exactly as you want them, an electrician can adjust the wiring. From there, flooring cabinetry, and countertops will make up a sizable component of the budget–and don’t forget the cabinet handles and drawer pulls–elevated hardware is the perfect finishing touch to highlight the luxury in the rest of the renovation. Considering all the details that go into the perfect high-end kitchen renovation in NYC, it’s not uncommon for the project costs to range upwards of $100,000.
Bathroom Renovation Costs
Although generally the smallest space in the house, bathrooms can pack a punch in terms of renovation costs, anywhere from $10,000 – $15,000. The sky’s the limit with toilet technology, and if plumbing needs to be moved for a more ideal configuration, that will also influence the budget’s bottom line. Undoubtedly the most fun part of the bathroom remodel, however, is deciding on the visual design. Because of the small footprint of the space, great attention needs to be paid in the choice of material for the shower, bath, sink, countertops, floors, and walls. Materials in bathrooms need to be durable and resilient to moisture, such as tile, marble, stone, glass, or poured concrete, but they need to be aesthetically pleasing (as beautiful as your reflection in the mirror!) Cabinetry should also be considered carefully for storage, particularly as space is always a premium in NYC apartments.
Full Apartment or Condo Renovations
Interested in including the rest of the apartment alongside the kitchens and bathrooms renovation? Aim for $200 to $1,000 per square foot to re-design your entire home from floor plan to light fixtures into the luxury sanctuary in the city.
Basement Renovations
Basement renovations will typically involve more foundational work, such as framing, insulation, drywall, flooring, painting, plumbing, and electrical work. If the basement is completely unfinished, it’s possible the renovation will cost between $100 to $200 per square foot; however if some of the structural components (walls, drywall) are pre-existing, then costs might be lower.
Brownstone Renovations
A classic of NYC apartment construction: the brownstone. With the long history behind these homes, generally built between 1783-1929, it’s natural you would want to put your own unique touch on them. Although some exteriors of brownstone homes are protected by historical preservation codes, others are not. Either way, the preservation or restoration of the facade should be considered in the overall cost of your Manhattan renovation budget. For true luxury on the inside, consider updating the floor plan to a more modern layout, which might include removing some walls to open spaces, or combining rooms. With so many changes to consider, it is wise to budget $200 to $400 per square foot on a complete brownstone renovation.
Luxury vs. Standard Renovation Costs
A luxury Manhattan renovation budget will need to aim higher than that of a standard renovation. For a standard homeowner, or buyers who buy, flip, and sell homes, it is common to choose fixtures from mass market brands like Ikea, which are cheap and readily available. The issue with these fixtures, unlike custom fabrication, is precisely in their plug-and-play nature. No mass market countertop can fit every kitchen, which is when you end up with that awkward 8 inch gap between the end of the counter and the wall: a wasted space too narrow for anything but collecting crumbs. As any good New Yorker knows, you don’t waste space in the city!
When you choose an experienced NYC luxury remodeler, like MTK Contracting, they can help you understand where your budget should flex to lean into the luxury touches that matter most to you; and where you can opt for a standard finish without compromising your design.. Obsessed with the texture of a clean, hardwood floor beneath your bare feet when you get home, kick off your shoes, and leave behind the pavement of the city at the end of the day? Let your local Manhattan remodeling contractor guide you towards the solid wood oak floors ($82 per square meter), rather than the simpler engineered wood option ($26 per square meter).
Anticipated Cost Trends for 2025
In 2025, the largest projected changes in renovation costs will be due to inflation and materials pricing, largely due to tariffs imposed by the federal government, which most companies have no choice but to pass to consumers. The National Association of Home Builders estimates that $14 billion worth of construction goods were imported from outside the U.S. in 2024, representing 7% of all goods used in residential construction.
For example, for gut renovations requiring lumber for structural changes, 85% of lumber is imported from Canada, which will be subject to a 34.5% tariff by the end of the year. That means for a $200 lumber order, an extra $69 fee will be assessed. It is important to budget realistically based on the potential 30-40% increase in materials costs alone.
Top Tips to Control Your Apartment Renovation Budget
- Hire an experienced, local contractor – The most important part in managing your NYC apartment renovation costs is to start with an experienced, local contractor. Design-build companies like MTK Contracting have been operating in the five boroughs and New Jersey for over ten years. The advantage of that is having a team who has built relationships across the city–relationships which can streamline processes or which come with discounts on material and labor.
- Make a plan, and check it twice – A contractor with expertise in luxury apartment renovations can also help control unexpected expenses costs by developing a thorough plan, with room for contingencies. When every component of the project is laid out at the beginning, there will be few surprises in the budget during the building process. Most negotiations should have happened and as many decisions made as possible before the first nail is nailed or paintbrush dipped. Beyond minimizing unexpected costs, finalizing decisions as early as possible also decreases the chance of having to pay rush fees for materials, or losing time while waiting for materials to arrive.
- Calculate long-term costs, not just sticker value – Beyond a good contractor and a good plan, you’ll want to consider the cost of your choices over time, beyond the end of the renovation. Your Manhattan renovation budget is a fixed cost, yes, but it can have lasting impacts on your overall household expenses. For example, consider energy efficient appliances. Although the upfront cost may be higher, the savings over time in utilities fees can more than make up the expense. Even within the renovation itself, some materials seem more expensive, but offer greater payout in the time and labor costs they save, such as pre-primed boards or trim. Back to tip number 1, your contractor will be able to help you look past the immediate, literal cost of an item into its longer-term, cost-savings benefits.
ROI and Long-Term Value of Apartment Renovations
Ultimately, regardless of your luxury apartment renovation costs, you are making an investment in your future, because a true quality renovation can enhance apartment value. For an upscale kitchen remodel, Zillow estimates a 38% ROI, which is well worth the luxury fixtures you have been dreaming about, even beyond the joy you will get from using them every day.
For real-life examples of the possibility of increased property values created through renovation, scroll through the projects completed by MTK Contracting. Imagine the difference they could make in your home, like the way they transformed a drab and cramped bathroom to a majestic and marble-filled retreat.
Get Your Luxury NYC Renovation Started
The factors that influence your NYC apartment renovation costs can be frightening — but don’t fret. Choose a trusted partner with decades of hands-on expertise navigating the entire design-build process in Manhattan to make your project smooth and easy.Have a vision but still don’t know where to go from there? Schedule a free consultation with MTK Contracting for precise renovation estimates and luxury apartment remodeling services.
