CityRealty Insider > New Developments in the News

New Developments in the News

NOVEMBER 22, 2010

SoHo artist-in-residence regulation resurfaces for area mortgages; Asking rents for retail spaces on the rise in top shopping districts.

Laws that favor artists as residents in the city’s lofts are being referenced again. While the laws were created to allow artists to live and work in former industrial buildings in areas like SoHo as their use for manufacturing declined, the real estate boom favored anyone who could pay top dollar when square footage became involved, and most artists were eventually priced out of the neighborhood. Banks have repeortedly been requiring certification that applicants citing the laws are actually artists, though this may be due to the fact that lenders have recently become far more strict with mortgage applicants overall.

The Retail Advisory Group of the Real Estate Board of New York has reported that asking rents for available retail space in Manhattan has increased by 4% since spring of 2010, and that asking rents in major retail areas like Midtown and sections of the East Side (Fifth Avenue in particular) have increased by as much as 10%.

ALSO IN NEW YORK CITY INSIDER

RLS IDX Data display by CityRealty.com, LLC. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2024 The Real Estate Board of New York, Inc., All rights reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no listing shall the number of bedrooms listed be considered a legal conclusion.

All closed sales data has been provided by the New York City Department of Finance via the Automated City Register Information System (ACRIS). No warranty or representation is made as to the accuracy of any data provided by ACRIS or any other sources.

CityRealty is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please contact us at accessibility@cityrealty.com.

An equal housing opportunity

{"1":[40.775,-73.94,"East Side","_es"],"2":[40.79,-73.99,"West Side","_ws"],"11":[40.76,-73.98,"Midtown","_m"],"3":[40.736,-73.99,"Downtown","_d"],"13":[40.711309,-74.01,"Financial
District\/BPC","_fd"],"4":[40.682676,-73.973007,"Brooklyn","_b"],"12":[40.8444,-73.9376,"Upper Manhattan","_um"],"5":[40.7477089,-73.930411,"LIC \/ Queens","_qns"],"18":[40.8889782,-73.9025,"The Bronx","_bx"]}