In today’s Upper West Side and Upper East Side prewar market, the definition of a “turnkey” renovation has quietly shifted. Post-2022, buyer tolerance for renovation disruption has collapsed while board approval timelines have elongated, creating a stark divergence between assets that are ready to live in and assets that are merely ready to work on.

New York can launch a global brand overnight, but it still takes years to approve a new apartment building. Experts say we need 50,000 new homes per year to stabilize rents. Most years, we build half that.

Even in New York’s most prestigious buildings, construction flaws can undermine value. A recent lawsuit alleges nearly 1,900 facade...