• SoHo

    A Co-op Board Can Derail Your Low Offer

    By Hannah Warne December 9, 2016
    [rt_reading_time postfix="MIN READ"]

    Overflowing with hip shops and award-winning restaurants, SoHo is one of New York’s trendiest neighborhoods. Though known in the 70s and 80s as an artist haven, the neighborhood has gentrified over the past few decades and is now a diversified commercial and residential area. A popular destination for tourists and residents alike, this iconic area, has polished grunge that attracts trendsetters, artists and celebrities alike to dine, shop and to call home.

    The neighborhood:

    Located in lower Manhattan, SoHo is situated south of Houston Street, which is how the neighborhood got its name. Chinatown sits along SoHo’s southern boundary of Canal Street with Crosby Street and Sixth Avenue as the eastern and western borders, respectively.



    Image by John Weiss / Flickr


    In the mid-19th century, this area began to thrive thanks to the development of luxury commercial real estate on nearby Broadway like Tiffany & Co. and Chanel. These elite stores drew in other industries, and soon elite retail storefronts faded, and the whole area was overtaken by industrial development, mainly textile production.



    Image by Iker Alonso / Flickr


    By the late 1940s, SoHo was mostly comprised of rundown warehouses and dilapidated sweatshops, but this began to change in the 1960s when the abandoned structures were turned into lofts. Soon, artists and writer started calling this neighborhood home. Since then, SoHo has been very gentrified and today is a mecca for art galleries, high-end boutiques, and large chain stores.

    Things to do:

    The main attraction of SoHo is its abundant shopping and dining. From high-end designer stores like Prada and Celine to affordable chain retailers like Topshop and H&M, SoHo is brimming with world-class retail storefronts. Also filling SoHo’s commercial spaces are many of the city’s most famous restaurants including Balthazar, Dominique Ansel Bakery, and The Butcher’s Daughter.



    Image by Ralph Daily / Flickr


    SoHo is also home to several world-renowned museums. The New York City Tenement Museum preserves the history of lower Manhattan’s storied history, while the nearby New Museum features rotating modern art exhibits and installations.



    Image by John Weiss / Flickr



    Nearly all of the city’s subway lines converge on SoHo, making transportation to all other boroughs and areas within Manhattan quick and efficient. The A/C/E line stops at both Spring and Canal Streets, giving easy access to upper Manhattan, Brooklyn and Queens alike. The N/Q/R stops at Prince and Canal Streets while the 6 train stops at both Spring and Canal. A short walk away at Broadway and Lafayette is also access to the D and F trains.

    Though not as accessible or widespread as bus routes in uptown Manhattan, SoHo also has limited bus service. The M21 bus runs east and west across Houston Street while the M5 and M20 buses give access up and downtown.

    What it costs: 



    Image by Erik Jaeger /Flickr


    In SoHo, there is a mix of different housing, with a blend of renovated tenement buildings, updated lofts and luxury condos.  Despite the diversity, SoHo is one of New York’s more expensive neighborhoods because of all of the convenient amenities it has to offer. The median listing price for homes is $3.75 million, with the median price per square foot falling at $2,247. The median rental price in SoHo is about $4,700.

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