The Cost of Living in SoHo

by | Nov 1, 2013 | Real Estate

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SoHo is one of the most sought after areas of New York for homebuyers and renters alike. Apartments in SoHo NYC tend to be a little less available owning to the demand for properties in that area. SoHo began life as an area of farmland that was donated to by the Dutch West Indies company to freed slaves as way of restitution and this paved the way for the first settlement of free black people on Manhattan. The land was originally acquired by Augustine Hermann in the 1660’s, who then gave it to his brother in law—Nicholas Bayard. However, during the Leisler’s Rebellion Bayard’s estate was confiscated, but later returned after his sentence annulment.

Because of the natural environment, certain natural barriers, like hills and streams hampered the growth of the city into Bayard’s estate on the northern side during the eighteenth century. Owing to this, the area ended up being left alone to remain rural.

By the mid nineteenth century cast iron structures began replacing the previous Greek Revival and Federal style buildings that had be built on the site. The cast iron buildings, over two hundred in total still stand on most of the plots they inhabited, hence the name ‘cast iron historic district’ bestowed upon it in the 1970’s. Initially the cast iron was a cheaper option for building sturdy structures and they were given architectural facades that looked both classical and attractive, with modern decorative features.

The Need for Property

Because of the growing popularity of the area, more properties were constructed to accommodate the newcomers moving into town. However, by the 1960’s the area had slowly fallen into disrepair and much of SoHo was abandoned—largely due to a highway project that had been abandoned. SoHo did experience a huge revival during the 1970’s when local artists began moving into the huge loft apartments. However, city codes dictated that use of the properties for both work and living was illegal, but in order to rejuvenate the area they codes were altered so that the zones accounted for both permits. After that the artists swarmed to the SoHo area, revitalizing it completely.

Nowadays SoHo is one of the most trendy parts of the city and property there averages around $1.48 million dollars to buy and monthly rental can range for $1,000 to as much as $5,000 for a one or two bedroomed home or apartment.

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