{"id":7023,"date":"2021-09-28T12:49:51","date_gmt":"2021-09-28T17:49:51","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=7023"},"modified":"2022-03-01T21:44:44","modified_gmt":"2022-03-02T02:44:44","slug":"nolita-paving-its-own-way-through-manhattan-real-estate","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/nolita-paving-its-own-way-through-manhattan-real-estate\/","title":{"rendered":"NoLIta: Paving Its Own Way Through Manhattan Real Estate"},"content":{"rendered":"
Recently hitting the news again due to a wealthy billionaire’s purchase,<\/a> NoLIta is a neighborhood rich with culture and history that has become a place popular to look for a luxury apartment in Manhattan.<\/p>\n Long story short, yes, NoLIta is a very real neighborhood that has been around for decades. Once a neighborhood for prominent New York City farming families in the 18th century, NoLIta<\/a> continues to churn out spaces for the wealthy and privileged. Located in the heart of Lower Manhattan, this neighborhood is so densely populated that it is almost three times<\/strong> more densely populated than the city as a whole.<\/span><\/p>\n Historically a part of Little Italy, the 1990s saw a flood of a younger well-off generation entering the neighborhood which made real estate leaders hope to pitch it as being part of SoHo. Unfortunately, they were snubbed and forced to create a name of its own like TriBeCa, SoHo and DUMBO<\/a> and like those three areas, the name directly derives from its location in Manhattan.<\/span><\/p>\n NoLIta stands for North of Little Italy yet some people will reference NoLIta as being part of SoHo, but its unique charm sets it apart from its neighbor and gives it almost as much name recognition. In fact, a hotly debated topic on the internet is whether it is spelled “NoLita” or “NoLIta” and even Wikipedia can’t decide.<\/span><\/p>\n Contributing to the increasing name recognition are Josh Kushner and Karlie Kloss, residents of NoLita’s historic Puck Building<\/a> since 2019, who recently upgraded to a larger and more posh penthouse in the building. This new residence at PHI<\/a> was purchased for a cool $42.5 million and has 5 Bedrooms, 7.5 Baths, Library, Gym, Home Theater, Wine Cellar and stunning landscaped private terraces with a Yoga Lawn, Putting Green, Spa Tub and Wet Bar. Plenty of space to not get bored in should the DELTA variant start to rage higher. The Kushner\/Kloss’s new acquisition now leaves their old home at\u00a0PHV<\/a> for sale at a bargain of $23.5 million. Sure, it may only<\/em> have 4 bedrooms and about 2,000 less in square footage than PHI, but you’ll still be living in this historic 1885 residence.<\/p>\n These days, NoLIta is trending towards becoming even more pricier with the listings being between $3 million and $10 million and rent rates hovering around mid $3000s for a 1 bedroom. Although the area is filled with swanky condos and built out apartments, of the <\/span>24,536 residents in 12,240 households, at least 83.78% of those living in this zipcode rent their living spaces.<\/p>\n The lack of affordability is even evident in listings such as the $12.8 million one on <\/span>233 Mott street,<\/a> just a 2 minute walk from the Kloss\/Kushner residence, which is vacant land but has received <\/span>LPC & DOB approved plans for an 11,200 square foot, single-family mansion.<\/em><\/strong> This luxurious mock-up combined with the approval for a single family home appeals to some of New York\u2019s wealthiest homeowners wishing to rub elbows with famous residents such as David Bowie and Iman, John Mayer and the Kushner\/Kloss family, truly prominent modern day farmers of culture. Maybe the neighborhood hasn’t diverged too greatly from its original history.<\/span><\/p>\nIs NoLIta a real neighborhood?<\/strong><\/h2>\n
But what does NoLIta actually stand for?<\/strong><\/h2>\n
How Did NoLIta Gain Its Status?<\/strong><\/h2>\n
Did Covid Cause NoLIta To Become More Affordable?<\/strong><\/h2>\n