The journey: Renovation of our NYC investment
We previously announced the completion of our first purchase in New York City. At the time of purchase, the property was in rentable, but not great conditions.
In order to take advantage of a new influx of professionals in the area, and the expected increase in rental values post-Covid, we embarked on a two months renovation of the entire building. Below we show the before and after.
The original kitchens presented a clean but dated look. Wooden cabinets were 20 years old, and appliances were not modern looking. Tiles were linoleum.
Kitchen apartment 1 Kitchen apartment 2 - before
We have taken particular care in the kitchens. We have completely refurbished two kitchens and repainted one of them. We retiled the floors and walls, and installed quartz countertops with new undermounted sinks and modern-looking faucets. We also upgraded all appliances with stainless steel branded models, and installed new lighting. This is the result. Kitchen apartment 1
Kitchen apartment 3
The four bathrooms were also in a similar condition. They were functioning but dated.
We also completely renovated all bathrooms with new tiles, vanities, lights, toilets, hardware and mirrors. This is the result.
Bathroom apartment 3
Bathroom 1 apartment 1 Bathroom 2 apartment 1
Flooring and HVAC
The wooden flooring showed signs of age and damage. The picture below also shows that the property was heated through baseboard radiators. This system was standard at the time, but it is inefficient and not aesthetically pleasing.
We have sanded and repainted all floors, and installed new floors in one of the apartments. We also updated most of the baseboard, and replaced the garden doors. As the picture below shows, we have also updated the HVAC system (more below).
Living room apartment 1
Bedroom 1 apartment 1 (above) Living room (virtually staged) apartment 3 (below)
These pictures also show the new lighting and sockets that we installed throughout the property. We also repainted the entire building.
Further, we completely updated the HVAC system with high efficiency cooling/heating air split systems, and a new heat pump hot water boiler. These upgrades are environmentally friendly and provide a cleaner look, by removing the heating baseboards, to the property. In order to install these, we also upgraded numerous parts of the electric system.
The property benefited from a large, but uninspiring garden. We decided to install new turf, new fences and tile part of the space. In addition, we repainted all metal gates and stairs, and updated the outside lighting system.
In order to enhance the security and comfort of the residents, we also updated the security system with a virtual doorman system, and fingerprint, mobile activated entrance lock and new front door.
Finally, we have repainted the railings to the front of the property, and changed the front door and lights for better looks and added security.
We are very excited to see the final result. Our apartments are now fully rented with great tenants. From acquisition to full rental three months have passed. Hopefully we will find another acquisition target soon. Feel free to reach out to us on firstname.lastname@example.org.