By Adam Frisch, Managing Principal, Lee & Associates Residential NYC
As a longtime specialist in multifamily property owner representation, I have been involved in numerous apartment renovations. While I’m not an architect or contractor by any means, I am an active part of the renovation process nonetheless. My primary goal as a leasing agent is to assist owners in determining which cosmetic renovations will effectively increase the rents they’re able to charge. It’s important to keep in mind that cosmetic renovations are only one part of the renovation budget as fixing crumbling walls or a chipped paint job are essential repairs, meaning that owners may not charge additional rent for undertaking them.