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Loftpocalyse Averted?

The artist-in-residence law is a source of some agitation for Soho brokers who worry that its enforcement could destroy the luxury loft market. One building, 111 Mercer, won't have to worry about that. The building's gotten a permit so that it doesn't have to follow the law, which allowed for the conversion of about 200 commercial lofts back in 1971 on the condition that each one contain a certified artist. These days, artists can't afford 111 Mercer prices. [Real Deal; previously]

111 Mercer Street

111 Mercer Street, New York, NY 10012