Murphy beds are very expensive and the only reason you would consider buying one is because space is at such a premium in your NYC apartment. It often cost about $1,500 for a murphy bed, plus tax, plus delivery, plus setup. You’re easily talking about $1,800 to $2,000.
But there is an alternative. The Moddi Murphy Bed. Here’s the deal. They sell you the plans on building their murphy bed online for $7.95. All of the major components of the bed are made to standard Ikea beds. With their modifications, the Ikea bed becomes a murphy bed. It will look clean, well-made, and like a finished piece of furniture, not your Uncle Jack’s do-it-yourself attempt at furniture.
There are some photos of the main steps in the process on the Apartment528 blog.