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Holding Its Turf
SoHo’s Charm and Style Makes it One of the Most Expensive
Story by Debra Kronowitz
The young, hip, fabulous and wealthy long ago claimed trendy
SoHo as their own. As a result, just about every exclusive boutique on
Madison Avenue – brands like Bloomingdale’s, Prada, Marc Jacobs, Dolce &
Gabana and Armani – has opened in this eclectic neighborhood.
SoHo’s history dates back to the early 1600s, when the area was made up
of grassy meadows. Its first settlers were Indian tribes. In the early
1800s the area became a prime location for New York’s wealthy to settle.
In 1822, it became a middle class residential area when one of the first
houses north of Canal Street was built by Benjamin Lord. Soon after
rapid development attracted many businesses, including hotels, theatres,
high-end stores, mansions, gambling casinos and more.
Over the years the neighborhood has gone through many drastic changes.
During the 1970s, it was the premier address for artists, their admirers
and gallery owners. Back then the neighborhood was bustling with
galleries, performance spaces and studios. But like all neighborhoods,
it didn’t escape gentrification – it became an attraction for those
outside the art world.
According to The Cooperator,
by the early 1990s, more “mainstream” apartment hunters were discovering
SoHo living. The vast loft spaces, with their tall, arched windows, cast
iron columns and exposed brickwork became desirable to those looking for
an alternative to uptown living. The tide of new,
not-necessarily-artists moving into the area began to change the face of
the neighborhood yet again.”
According to author Glenn O’Brien, in an
article he wrote for New York magazine in 2003, “This
transformation seemed to have occurred literally overnight. At first, it
came in the form of the alfresco exhibitors of paintings who thought
they would peddle their oils, aimed at tourists, a little closer to the
real art world. The takeover of the storefronts was more insidious. The
galleries brought the rich, and the rich brought the stores, from Agnès
B. to J. Crew. Soon this neighborhood would be too expensive even for
the galleries.”
Today SoHo is very different from the artist community of the 1970s. The
area boasts one of the most unique shopping areas of the world. From art
stands to high-end boutiques, the area is considered an architectural
gem and one of the most prestigious real estate areas of the world – not
to mention one of the more expensive neighborhoods in Manhattan. “SoHo
is an island of Manhattan, one of the gateway cities of the world,” said
John Pasquale, principal and CEO of PEP Realty and cofounder of New York
Commercial Real Estate. “When I think of SoHo, the word that comes to
mind is creativity. It caters to the artistic community, the
fashion community, the furniture design community. The neighborhood
denotes something different.”
According to www.trulia.com, the median sales price for homes in SoHo
through September 2009 was $2.3 million, based on 16 sales. Compared to
the same period one year ago, the median sales price increased 2.2%, or
$50,000, and the number of sales decreased 42.9%. The average price per
square foot was $1,096, a decrease of 24.8% compared to the same period
last year. Most of SoHo’s coveted loft apartments are conversions; there
is also some new development. Apartments rent for thousands and sell for
millions; and rents for commercial space are tens of thousands of
dollars.
What makes the area sought after in both commercial and residential
space is its charm and style of living. From its narrow cobblestoned
streets to its vast collection of cast-iron buildings, the area offers
an abundance of restaurants, furniture stores, high-end designer
clothing stores and art galleries – and everything in between.
“It is an excellent investment and will always hold its value,” said
Pasquale. |
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Photos by Simon Hare |
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“SoHo is different than Manhattan and
offers a melting pot of culture and lifestyle. It’s a city that never
sleeps,” Pasquale added.
With an eclectic mix of spacious lofts, cozy cafes, high-end fashion,
exclusive boutiques, restaurants and galleries, the sidewalks are filled
with locals, tourists and vendors selling anything from jewelry to
T-shirts to other craft. “It is its own little microcosm,” added
Pasquale. |
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