I-BANKERS IN ARTISTS' LOFTS. The history of Soho -- the Manhattan neighborhood that went from a gritty, artistic crucible to a luxury Mall of America in less than two decades -- has since been replicated in urban "renaissance" neighborhoods all over the United States. This week's New York magazine (in an article not available online) takes a look at how Soho's bohemian past clashes with its bobo present: In 1977, New York City, in a move meant to provide affordable housing for artists, zoned Soho lofts as for "artists-in-residence" only. But as the neighborhood became more and more upscale, realtors told investment bankers, corporate lawyers, and advertising executives not to worry about the restrictions, since they'd never be enforced. Now, with the city reiterating that the law is still in effect, some sellers are knocking hundreds of thousands of dollars off apartment prices (you know, stooping to a rock-bottom $3 million) just in case well-heeled buyers should someday have to take on a choreographer or painter roommate. Interestingly, some Soho old-timers join the realtors in opposing the restrictions. Since they bought in early, they'll make the biggest profit when they sell. "Many mediocre artists owned these lofts, and they didn't sell a lot of art," broker Leonard Steinberg told New York. "But they have great real estate." --Dana Goldstein
