Eliot Ferguson, who is originally from Florida, arrived in New York as a drummer at the age of 22. He and his older brother bought a building in TriBeCa, gutted and rebuilt it, and opened a recording studio there. He lived on the top floor. Later, Mr. Ferguson bought a two-bedroom condominium in SoHo, where he lived with his wife, and sold the TriBeCa building.

Back then , SoHo felt out of the way. “Most of our friends lived in the East Village, and no one wanted to come see us,” said Mr. Ferguson, now 44.

Still, he thought the family would stay put for the long haul. But then “life happened.” His son was diagnosed with autism. Mr. Ferguson and his wife divorced, sharing custody of their two young children. He ended up in a smaller two-bedroom in the same building.

For three years, the children shared a bedroom when they were with him. And the smaller footprint made a big difference.