Here are key cost drivers developers must budget for during planning:
1. Zoning & Feasibility Studies – Confirm allowable uses, FAR, height, and density to avoid costly redesigns.
2. Architectural & Engineering Fees – From concept studies to DOB filings, fees typically range 5%–15% of construction costs.
3. Permitting & Filing – Includes DOB, DOT, DEP, and Parks permits (like street tree plans, often $2K–$10K+ depending on scope).
4. Environmental & Site Studies – Soil tests, Phase I/II ESAs, and floodplain or environmental impact assessments.
5. Consultants & Specialists – Traffic studies, energy compliance (Local Laws 97 & 154), sustainability consultants, and landmark preservation experts where applicable.
6.Soft Costs & Contingencies – Insurance, legal fees, and unplanned coordination costs that typically add 10–20% to the planning budget.
In NYC, early due diligence = cost savings. Engaging your architect, engineer, and zoning specialists early ensures smoother approvals and fewer surprises.
Reach out for a consultation today!