SoHo (South of Houston Street) used to be a warehouse district but it has become a highly desirable residential area because of the abundance of huge loft spaces. Lofts are essentially living spaces that are open and bright due to lack of walls separating the rooms. The only enclosed spaces in lofts are usually the bathrooms and closets.
So would you like to live in a loft? Would you sacrifice privacy for lots of light and open space?