From City Realty:

Similar to Tribeca, SoHo and NoHo, Nolita got its name from its location. Just by looking at the name one can see it stands for North of Little Italy. This area was once a part of Little Italy but as many Italians started to leave the neighborhood began to change and slowly took on a form of its own with a name of its own.

In recent years, Nolita is has been hailed as the next Soho as many of the retailers who can no longer afford to rent in Soho have moved here. There are also other mom and pop businesses here that have seen the worst of times but who have patiently stayed in the area and now strive with some of the best bakeries and restaurants from the old continent. Many of the residents who have recently been attracted to this area are actors, models, artists and children of wealthy families (a very SoHo-ish crowd).

The area's prices are relatively reasonable with a studio running around $1,300, however, the apartments are rather small. What you gain in location you give up in space in this neighborhood. If you've ever heard that there are apartments in New York that don't have the bathroom in the apartment itself, this is the neighborhood where you'll find that very thing. Some of the apartments that are highly sought after don't have bathrooms. If you're single and want to stay away from the family scene this is one of those neighborhoods to check out. If you're new to town almost every block has at least four or five different places to eat, drink and meet people. You will never be lonely in this small neighborhood that's so full of life, but not over the top. This is one of those areas that many New Yorkers hit themselves on the head for overlooking.

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