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You may well be right (none / 0) (#3)
by AlfredMoisiu on Thu May 08, 2008 at 07:30:17 AM EST
It could be a big ripoff, but the scale of the ripoff depends on what's going on. I took a look at the outside, but have no idea what was going on inside. Did they have to "go green"? Restore the wood paneling? Restore plaster or detailed trimwork?

Each one of these things adds alot of cash... although I agree with you that $700k per building seems way out of line. My brother in law did a full gutting of a rowhouse in Brooklyn for like $400k, and that was with NYC labor prices! But he didn't do a "resortation qulality" rehab.

Here's an example of how costs can escalate. The library decided that getting LEED Silver or Gold certification was important to them for the new libraries, so they are installing geothermal heating systems, which require deep wells. Those systems will cost $200-300k for each of the new buildings.

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