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Q: Construction Hard Costs ( Answered 3 out of 5 stars,   0 Comments )
Question  
Subject: Construction Hard Costs
Category: Business and Money
Asked by: foyle-ga
List Price: $10.00
Posted: 05 Sep 2002 06:41 PDT
Expires: 05 Oct 2002 06:41 PDT
Question ID: 61895
What is the average per square foot cost of new residential high rise
construction in New York City?

Not including land aquisition or Architectural/Engineering Design costs.
Answer  
Subject: Re: Construction Hard Costs
Answered By: lot-ga on 05 Sep 2002 13:15 PDT
Rated:3 out of 5 stars
 
Hello foyle-ga

I found a document in PDF format from the nyu.edu website
“Reducing the Cost of New Housing Construction in New York City”
A Report to The New York City Partnership and Chamber of Commerce The
New York City Housing Partnership and The New York City Department of
Housing Preservation and Development
Prepared by:
Jerry J. Salama, Co-Principal Investigator
Michael H. Schill, Co-Principal Investigator
Martha E. Stark, Project Director
The New York University School of Law Center for Real Estate and Urban
Policy
NOTE: right click the below link and save to disk as it will take a
long time opening in your browser - the file size is 1.6Mb with 276
pages!
http://www.law.nyu.edu/realestatecenter/CREUP_Papers/Cost_Study/NYCHousingCost.pdf

(if you don't have Adobe Acrobat Reader application to view it,
it's available here as a free download from Adobe.com:
http://www.adobe.com/products/acrobat/readstep2.html )

- An excerpt from Chapter 2: 
“The Cost of Residential Construction in New York City” page 16
“According to Merritt and Harris, the average hard cost per square
foot for a high-rise building is $113 this year. It would cost 36
percent more to construct the building in New York City or $154 per
square foot.”
- The Table 3 on page 17 “Median Cost Per Square Foot For New York
City and 21 Cities” constructed from information from R.S. Means
Construction Cost Data, puts the Median cost / Sq. Ft High Rise at
$101.00 for New York City
On page 27 Table 10 “Design Development Estimate - High Rise Apartment
Building - labor” New York is $179.11 cost per square foot and cost
per apartment $342,261.08 source: Zaxon Inc.

- This link from the Building Congress website details the
construction outlook for 2001-2004
http://www.buildingcongress.com/code/outlook/2004-charts.htm

Search Strategy:
high construction costs "new york city" "per sq foot"
://www.google.com/search?hl=en&lr=&ie=ISO-8859-1&newwindow=1&q=high+construction+costs+%22new+york+city%22+%22per+sq+foot%22
residential "building cost" "new york"
://www.google.com/search?q=residential+%22building+cost%22+%22new+york%22&hl=en&lr=&ie=UTF-8&newwindow=1&start=30&sa=N

I hope that has answered your question, 
kind regards
lot-ga
foyle-ga rated this answer:3 out of 5 stars
First document was from 1999. Link to building congress website lacks graph legends.

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