Fifty years ago, SoHo began its evolution from factories to fabulous lofts, which were first inhabited by enterprising artists who embraced the open floor plans, large windows, and cheap prices. In doing so, they brought renewed glamour to a "blighted" area that had gone slowly downhill when the textile companies and dry-goods wholesalers departed a half-century ago.
Today, a walk down the streets of Soho shows that the area is almost all glamour: the architecturally significant cast-iron buildings have been refreshed and often converted, there are many restaurants by world-renowned chefs and dozens of high-end designer shops. This all comes at a cost, of course, as the artists who played an important part in resurrecting the neighborhood can no longer afford to live there: The median price of a Soho condo is $4.675 million, and their co-op counterparts come to a median price of $2.997 million.
Today, a walk down the streets of Soho shows that the area is almost all glamour: the architecturally significant cast-iron buildings have been refreshed and often converted, there are many restaurants by world-renowned chefs and dozens of high-end designer shops. This all comes at a cost, of course, as the artists who played an important part in resurrecting the neighborhood can no longer afford to live there: The median price of a Soho condo is $4.675 million, and their co-op counterparts come to a median price of $2.997 million.
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Such daunting prices and almost no new supply have resulted in a neighborhood only the wealthy can live in. After years of planning, in late 2021, the New York City Council passed a rezoning plan to create a more inclusive neighborhood and foster new residential construction. Elected officials and local activists grappled with how to add more housing while preserving the iconic architectural and artistic character of the area. Approved changes include changing strictly manufacturing-zoned areas into mixed-use manufacturing and residential zoning and incorporating Mandatory Inclusionary Housing which requires new residential buildings to set aside a percentage of units for affordable housing.
View of SoHo from One Kenmare Square PH2A (Compass)
The fruits of the SoHo rezoning have yet to be reaped and will predominantly benefit the rental market as new mixed-income buildings are introduced. As for the sales market, prices remain eye-wateringly high with just 126 apartments for sale. Low inventory and high prices have dampened sales velocity over the last several years, especially since the near-full sellouts of the Hudson Square-West SoHo condos of 77 Charlton, Greenwich West, and 70 Charlton.
One of the few ground-up condo projects in the pipeline for SoHo is taking shape at 83 Thompson Street / 186 Spring Street, directly across from the beloved Vesuvio Playground, named after the popular Vesuvio Bakery nearby. Known as Spring + Thompson, this seven-story building has been designed to blend seamlessly with its historic surroundings, a design approved by the Landmarks Preservation Commission.
Spring + Thompson aims to cater to the most discerning modern residential tastes, offering seven ultra-luxury homes designed by Selldorf Architects, the acclaimed firm behind 42 Crosby Street nearby and Park House in West Chelsea.
Last week, the first two residences became available. Residence #5, priced at $14.85 million, is a full-floor, four-bedroom unit flooded with light from oversized picture windows overlooking the park across Spring Street. This residence features mahogany cabinetry, lavastone countertops, and a five-fixture primary bath with a freestanding tub. For buyers seeking a smaller home, Residence #3W, asking $4.975M, also hit the market last week. This home enjoys views of the leafy playground across the street and includes a 246-square-foot terrace off a gracious primary bedroom suite.
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Outside of the residential market, in 2021, the Soho Broadway Initiative BID proposed making SoHo's streets more pedestrian-friendly. Their Public Realm Framework + Vision Plan proposes reducing traffic, increasing sidewalk space and public amenities, and establishing public plazas along Prince and Howard Streets. The plan cites the public plazas along Broadway near and above 23rd Street as examples.
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As Spring + Thompson readies for delivery, we explore the most dramatic, newest, affordable, and most eye-catching listings currently on the market in the beloved downtown district.
SoHo's Largest and Most Expensive Listing Right Now
100 Vandam Street, #20A (Nest Seekers LLC)
SoHo's Least Expensive Sale Listing Right Now
145 Sullivan Street, #4D (Eastpointe Residential Inc)
SoHo's Median Condo Listing Price: $4.675M
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425 Broome Street, #4 (Brown Harris Stevens Residential Sales LLC)
SoHo's Median Co-op Listing Price: $2.99M
160 Avenue of the Americas, #5thFloor
$2,995,000
SoHo | Cooperative | 2 Bedrooms, 2 Baths | 2,400 ft2
160 Avenue of the Americas, #5thFloor (Sothebys International Realty)
SoHo's Median 1-Bed Condo Listing Price: $1.71M
300 Spring Street, #4B (Sothebys International Realty)
SoHo's Median 2-Bed Condo Listing Price: $4.35M
45 Crosby Street, #6N (Compass)
SoHo's Median 3-Bed Condo Listing Price: $5.995M
16 Crosby Street, #LOFT5F (Douglas Elliman Real Estate)
Best Deals
149 Sullivan Street, #3C (Serhant LLC)
18 Mercer Street, #1A (Compass)
SoHo's Best New Construction Listings
565 Broome SoHo, #S10C (Douglas Elliman Real Estate)
10 Sullivan Street, #10A (Brown Harris Stevens Residential Sales LLC)
Greenwich West, #PH29C (Corcoran Sunshine Marketing Group)
New and Noteworthy Listings
255 Hudson Street, #6B (Corcoran Group)
Charlton House, #6E (Corcoran Group)
108 Wooster Street, #3D (Compass)
136 Sullivan Street, #2 (Compass)
554 Broome Street, #R4 (OFFICIAL)
77 Mercer Street, #4N (Corcoran Group)
393 West Broadway, #3WO (Douglas Elliman Real Estate)
118 Wooster Street, #4/5C (Sothebys International Realty)
476 Broadway, #8 (Brown Harris Stevens Residential Sales LLC)
145 Sixth Avenue, #3DE (Brown Harris Stevens Residential Sales LLC)
115 Spring Street, #2 (Compass)
15 Mercer Street, #4 (Nest Seekers LLC)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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