SoHo: Restaurants and shops mix with high rental costs in the thriving NYC neighborhood

SoHo: Restaurants and shops mix with high rental costs in the thriving NYC neighborhood

SoHo is a neighborhood with two faces: It’s touristy, but also has a sense of community.

From shopping to art to the area’s history, there is something here for everybody, locals say — that is, those who can afford it.

In terms of housing prices in the downtown Manhattan nabe, “the sky is the limit,” said John Brandon, a licensed real estate agent from Citi Habitats who works in the area.

SoHo’s median sales price has been above $2 million since 2012, according to the real estate listings site StreetEasy, when the median price rose 16.5% year-over-year, from $1.995 million in 2011 to $2.325 million.

The median sales price in SoHo in 2015 was $2,672,500, which was down 10.8% from the 2014 median of $2.995 million, according to StreetEasy.

On the rental side, the median asking rent in SoHo in 2015 was $4,000, up 6.7% from $3,750 in 2014, according to StreetEasy.

By comparison, the median sales price in Manhattan as a whole in 2015 was $967,750, and the median asking rent was $3,195.

But longtime residents are staying put despite the rising prices.

“Although the astronomical housing prices have put living in SoHo out of reach for most New Yorkers, there is a remaining community of longtime residents that keep the neighborhood’s vibrancy alive,” noted Councilman Corey Johnson, whose district includes SoHo.

For example, he said SoHo residents make sure that zoning requirements are respected by retailers and developers, especially in the buildings in the area’s Cast Iron Historic District, which was designated by the city Landmarks Preservation Commission in 1973.

Forty-year resident Sean Sweeney, director of the SoHo Alliance, a volunteer advocacy group, said most retailers follow their guidelines and harmonize well with SoHo.

“We don’t want SoHo to become Herald Square,” he said.

This dynamic appeals to Maud Maron, a member of the local Community Board 2 who moved to SoHo four years ago with her husband and three kids.

“I was worried it would feel like a mall when we moved here, but I was surprised and pleased by the sense of community,” Maron, 44, said.

Still, for many New Yorkers, SoHo is an easily-accessible shopping hub, with everything from big brands like Uniqlo and Topshop to chic designers like GUESS, Sam Edelman and Rag & Bone to the department store Bloomingdale’s.

The area is also home to many art galleries, like Melet Mercantile, which has an appointment-only showroom of film and theater set designer ephemera, and Team Gallery, a commercial space, both on Wooster Street.

Food options range from upscale eateries like Balthazar at 80 Spring St. and The Mercer Kitchen at 99 Prince St. to halal trucks on street corners.

In terms of downsides to the neighborhood, two-year resident Ella West said its popularity attracts crowds of people and tourists, which can overwhelm locals.

“Broadway is not an option on the weekends,” said West, 26, who lives on the cobblestoned Crosby Street.

But SoHo residents love their easy access to public transit, with 12 train lines going to the area, she said. Its proximity to the West Side Highway is great for joggers and people with cars, and it is within walking distance of NoLita, Chinatown, the Lower East Side and TriBeCa.

“Because the rent is so high [in SoHo], some shops in the neighborhood have no problem charging $7 for a few walnuts,” West said. “It’s great to be able to pick up groceries in Chinatown, where you can find great produce and fish for a fraction of the price.”

Find it:

SoHo is bordered by West Houston Street to the north and Canal Street to the south, and stretches across from the West Side Highway to the west to Lafayette Street to the east, according to StreetEasy.

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