OBJECTIVE 2: Cost Audit of 600 5th Avenue, 2nd Floor

600 5th Avenue - Original Plan Takeoffs-1.jpg

Cost Audit Files

Summary
The following material reflects an independent cost audit of the completed Studio location at 600 5th Avenue, 2nd Floor. These figures represent a market-rate budget for the furnishing and installation of the Studio location.

Findings
At 23,691 Usable Square Feet (USF), Integrated Projects estimates the Hard & Soft Costs of the Studio 600 5th Avenue project at $5,848,637:

  • Hard Costs: $202.35 / USF

  • Soft Costs / Data / AV / FF&E: $44.52 / USF

  • Total Project Costs: $246.87 / USF

Integrated Projects has identified key trades in which there is potential for:

  • Up to 50% savings for specific trades for future projects, as highlighted within the Cost Audit Summary.

  • Establish Master Service Agreements (MSAs) to lock-in furnish & install costs — specifically storefront wall systems and lighting fixtures.

  • Room for more competitive pricing, especially from the following trades: flooring, mechanical, and electrical.

  • Reduce overall Soft Costs by 25 - 35% (design, MEP, Architect-of-Record)