Saturday, April 27, 2013

Loft living in New York

Loft living is a unique Manhattan experience.  Found primarily in Soho and Tribeca, lofts are a type of apartment that has been converted to residential use from a formerly manufacturing or warehouse space.

As such, lofts have unique characteristics which include large open spaces, high ceilings, large windows and structural beams and pillars.

Given the immense demand for lofts, developers have also built brand new loft buildings.  The key difference being these are brand new and were not former manufacturing facilities.  Many apartments also boast being loft-like which means they have high ceilings, openness, large windows and touches of beams and pillars.

Most traditional loft buildings are 5-6 stories high, have fewer apartment units and do not have a doorman.  Residents like it this way because of the privacy factor.  Further, lofts are usually measured by size (as opposed to number of bedrooms).  Reason is that a loft may be 3000 sqft and have only one bedroom.

Wei Min Tan is a Manhattan condominium broker focused on foreign buyers.  He is Managing Director of Castle Avenue Partners.

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