Building a six-storey steel-frame building in NYC
Eli Lever: Video and photos from every day of a one-year build
Eli Lever posted a daily video on Twitter from every day of a one-year build, from January 2023 to February 2024. (Plus about a week from September 2022 with the start of excavation, before having to wait for some kind of signoffs.) It’s a six-storey, 17-unit, steel-frame building, with a single staircase and an elevator.
From the Q&A:
These are rentals, average unit size 650 square feet.
Costs: hard costs about US $324 per square foot, soft costs about $45 per square foot. Land cost: $665K.
Capital: 40% equity, 60% construction loan.
Floor plate: 30 feet x 65 feet, on a 30 x 95 lot. Floor plans.
Comment from Eli Lever:
All in, land, hard and soft costs ~$322k/unit
Would say this is below what most usually build for, a huge amount of time and effort went into achieving these results.
Interesting the hard costs are generally what we might see in Vancouver for similar, taking into account there are no costs required u/g parking. But of course in any city in BC this would not fly without adding expensive u/g parking, and then the ACC/DCC cash grab tacked on to the price of each unit.