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.

Flatiron

Flatiron is one of the most sought after destinations in Manhattan for reasons including an abundance of restaurants and entertainment spots, the Union Square farmers market, Union Square, Madison Square Park and of course, Whole Foods.  Whole Foods may not technically be in Flatiron but it's one block away hence for this purpose, I am including it.  

Manhattan Condominium Report Q1 2013

Manhattan condominiums performed well in the first quarter of 2013.  According to data by Miller Samuel, average price per square foot of $1,377 represented an increase of 4.6 percent compared to a year ago.  Median price at $1.195 million was a 13.8 percent increase over last year.   Inventory level decreased by 35.4 percent.