Thompson St in Soho?

No one has a crystal ball, but the most likely prediction is that that corner of the world will become busier. Hudson Square -- the non-Soho area west of Sixth -- is already a booming commercial real estate market, and the idea is that as more office workers come in, services follow.

In terms of investment, volume and prices in the larger SoHo submarket seem to rise and fall on enforcement of the AIR (artist-in-residence) regulations, which are currently being somewhat tightly enforced. Your target unit is so little, though, that I would think it would track the general NYC studio submarket better than the general SoHo submarket.

Just my two cents.

ali r.
{downtown broker}

Newbuyer, you realize this is a co-op and not a condo?

Since you're new to New York I'll explain: co-ops overwhelmingly do not approve of "investors". Either you buy there and live there permanently, or you don't buy there at all. Most co-ops have restrictive subletting policies because by their very nature, they are looking to build a community of owner-tenants, rather than a revolving door of renters.

@front_porch - why do you say that AIR is currently being tightly enforced? I've heard just the opposite from other brokers. Would be great to get your 2 cents.

@NYCMatt - Yes, I realize it's a co-op. I obviously plan to live there for several years but the nature of my work may require me to relocate for work. The co-op's current subletting policy is relatively relaxed...should I not trust it to stay so over time?

@front_porch - does busier mean higher home values or lower? I would hate for it to become the new Herald Square/Madison Ave, even though it seems well on its way. Any chance quieter residential side streets such as Thompson will stay that away from all that tourist foot traffic?

brokered -- I have sold in SoHo (Wooster), but not in the past year or so: My recent deals have been split between Chelsea and the UWS.

So what I'm working off of is anecdote -- friends of friends reporting troubles getting renovation permits approved, for example.

This swirl coalesced in an NY Times piece in late 2010, here.

http://www.nytimes.com/2010/11/12/nyregion/12soho.html?_r=2&hp

I'm under the impression that things haven't changed since, but honestly, Sandy Mattingly of Corcoran in the broker I would say is the expert on this.

ali r.
DG Neary Realty

Did a lot of research on an AIR property over summer 2011 and spoke to number of attorneys who believed enforcement (particularly by DOB with respect to rennovations) was stepping up