Cost of developing a multi family home in the Bronx

[Elson Pllumbi]

Hey guys,

I'm a tile contractor and I'm interested in developing a multi family property ground up. I'm just curious as to how much would this roughly cost? I'm looking to build around 3-6 units all depending on how much it costs. Also how much of a down payment is usually needed for a construction loan? Thanks, I appreciate the help! 

Best, Elson

[Benjamin Robbins]

Hey Elson - if you want to share a little more information I can give you my opinion on costs. My one piece of advice with developing in New York is to stretch out your timeline. Especially on a ground up project. If you have a 2 year horizon, expect it to be closer to 36 months.