The Q:"My fiancee and I are on a pretty tight budget. We would like to have a sit down dinner for about 120 guests, but find catering halls to be too over the top for us in style and not unique enough. We would really like to have a loft wedding here in NY as a way to save money but have something less cookie cutter." - Carlos in Brooklyn
The A:This is a hard question, because what different people consider "tight budgets" varies differently. However, because you mention a few key (read: $$) elements, I'm going to give you some rough estimates of costs and debunk a myth for you: Loft weddings are not cheaper than catering halls and they are generally not cheaper than restaurants if you are having a small enough wedding. They are cool, interesting, edgy and open to your signature mark, but they are not necessarily cheaper. They can be comparable, but rarely cheaper.
So, to answer your question, my suggestion to you if you are really on a tight budget (let's say around 20-30K, which is the national average, but here in NYC is, sadly, considered a tight budget) I would search for a restaurant with a private room that you and your fiance like, or find to be special to you. Many restaurants in and around the city have amazing private rooms and can host an elegant dinner party with enough room for dancing. They are designed to provide bountiful, fresh food and generally have an atmospheric tone to them- in furniture, light fixtures, etc. that tends to be more understated than what we find at catering halls and often times the food may be more to your liking if that's a big deal to you both as a couple. The trick is to find a restaurant whose vibe and decor you might actually like. Generally you might then look at anywhere from as low as $55 pp for a 3 hour party (plus .28375%, the magic tax and gratuity number in most NYC wedding establishments) to around $120pp for a 4 or 5 hour party. Obviously, with all things NY, there are always places that are much more expensive, but this is do-able for a 3 course meal, some passed apps. and open bar or beer and wine. A nice, classy (the sincere use of the word classy) soiree for your celebration.
So, how does a loft get more expensive? Well, first, there is the space rental fee. Here in NY, that can range from $2,000 for some smaller galleries to $10,000 for some of the larger lofts and photo studios around the city. On top of that you have your off premise catering. There are some caterers in the city who might be able to work with you for a sit down meal for $55 ++ per person (not many, but some) but on top of that you have to add in rentals (chairs, tables, not to mention the often needed catering kitchen equipment) at between $40-65 pp (this leans higher if you love ballroom chairs or must have guests have charger plates) and staffing (we need to serve the food!) at around $35-50 pp depending on funny things: buffet or seated, wine pouring at the table, # of bartenders. So, in essence you are looking at a price of anywhere from $146 (plus, plus) to around $250 per guest! And I forgot to add the cake!
Added to this is that you sometimes don't have dinner friendly lighting or you need lighting more in raw spaces and there is the issue of a sound system. More and more "loft style" spaces are building in sound systems, which is a huge plus! But if there isn't one, this is an additional cost to think about.
My real word of wisdom on the topic is that if you are on a budget, and you as a person have a tendency to like to upgrade (I'm one of these people- "Do you want the extended warranty?" "Sure, what's an extra $10!" "Do you want to get the large diet coke for only a quarter more?" "OF course!"), then this might not be the way for you to go. There are so many options for upgrading and upselling and so much room to go crazy, it might be best to look into a venue, like a restaurant, that can minimize your exposure to budget blowout!
That said, we did an amazing wedding for 150 guests in an art gallery in DUMBO last year. I think it was around $30K. The bride wore a white cocktail dress off the rack. We served a buffet of full roasted pig, mini burgers, cuban pulled pork sandwhiches and poached salmon. The waiters passed trays of fries. We had a beer station, which was self serve. They used a DJ and we did really really basic lighting. We had cocktail style seating on folding chairs and stools and used the most basic white cloths. The main thing for them was getting everyone together and showing them a good time the way the client would see it- fun, greasy food, great music and tons of liquor! They new their priorities, were minimally concerned with traditions and cared more about comfort than elegance. It was one of the greatest weddings I've ever wished I was a guest at!