How to Navigate New York’s Loft Law
If “live-work” sounds more appealing than “co-work,” there are plenty of properties on the market zoned for both business and residential use. (Many fall under New York’s Loft Law, which allows businesses to operate within commercial spaces that have been converted into residences.) At the Morgan Lofts in Murray Hill, a 7,000-square-foot four-bedroom marketed by Ivona Zeler of Corcoran Group Real Estate has a private elevator and a room with a separate entrance, which makes the $12 million property ideal for seeing clients or patients. At 252 West 30th Street, a former apparel factory that is now home to several architects and designers, an 1,800-square-foot three-bedroom with an open floor plan can accommodate multiple employees; it’s asking $2.295 million with Corcoran’s Susan Sears. At 8 Thomas Street in Tribeca (pictured at left), a 2,900-square-foot triplex loft featuring a finished lower level with its own bath and ample space to run a home business is listed for $2.945 million with Stan Ponte, Michael Hanna, and Max Collins of Sotheby’s International Realty. And at Tribeca’s 1 White Street, the sky’s the limit: A gut-renovated 1808 townhouse with a rooftop terrace and five floors can be divvied up any which way, with the added option of retail on the ground and basement levels. Lauren Muss of Douglas Elliman Real Estate has the $8.995 million listing.