New York Lofts - a Great Way to Escape the Hustle and Bustle of the Big Apple

Imagine being able to look out the window of your spacious loft to see the hustle and bustle of the Big Apple. If you've always dreamed of living in the heart of the city, a loft might suit you perfectly. You can often find a good-size live/work loft for the same price as apartments in many cities.

Lofts have long had a stylish reputation in the New York real estate world. For some, they offer large, light-filled, huge spaces with soaring Italianate windows, cast-iron Corinthian columns and artists for neighbors. And to others, they have all the warmth and ‘at home' feeling of a warehouse - loading docks, freight elevators, graffiti - stained front doors, desolate streets.

In recent times, though, loft living has become less Bohemian and more bourgeois as more and more people, particularly families, seek out large flexible spaces, one-floor room configurations and more casual neighborhoods. Surprisingly, may be, lofts, which are most often found in downtown Manhattan below 14th Street, seem to have a better resale value than co-ops and condominiums in other parts of the city.

The demand has definitely been steady for lofts, and it is to note that when the market came down, prices did come down - but not as significantly as with condos and co-ops.

Remember to note down these tips before you buy Lofts in New York:

1) Investigate lofts that suit your budget. They are generally open spaces, with high ceilings. Some require a fair amount of work to be livable, including perhaps the addition of walls or partitions and interior finish.


2) Investigate cooperatives, (Which is what most apartments and lofts are in New York). You won't actually own the loft, but will be a shareholder in a cooperation that owns the entire building, which entitles you to a long-term proprietary lease. It carries monthly maintenance fee in addition to the lease cost that covers the mortgage expense of the building, as well as heat, hot water, taxes and other costs. Ask about how much debt the building has, and therefor how much each unit must pay. Typical pro rated debt ranges between $25,000 and $40,000.