This classic prewar residence was completely renovated into a modernized luxury condominium building while retaining its charm and authenticity.
SBI Consultants was retained by the Baupost Group to provide Advisory and Technical solutions during the due diligence phase of the renovation of Philip House, a classic prewar residence in New York City’s Carnegie Hill neighborhood. The ambitious project involved transforming the entire infrastructure of the original 100-unit apartment building into 69 modernized luxury condominium residences while retaining its authenticity.
Working closely with the project team, SBI assessed the existing condition and effective useful life of Philip House and estimated the costs and risks of the proposed project. This endeavor involved an in-depth property investigation of Philip House and tours of similar sites to gain an understanding of the desired level of finishes and required upgrades; in-house cost estimates detailed by system and trade to validate the construction hard costs proposed by the sponsor; and ongoing reviews of architectural floor plans, equipment schedules, and special inspection reports relating to facade and other major property components.
SBI’s due diligence and cost engineering services enabled Baupost Group to make informed financial decisions, identify and mitigate risk, and maximize value in its investment. The successful restoration of the timeless Philip House has enhanced the lives of its residents and reinvigorated the surrounding neighborhood.