By
the
Numbers
Fordham University’s new combined Law School and residence hall at Lincoln Center
300 $2.2 billion Number of student beds proValue of construction starts in NYC by higher education institutions in the past five years. That is expected to reach nearly $10 billion over the next five years, after dipping in 2013.
19% The portion of all 2013 construction
Behind the student housing development boom As academic enrollment rises, construction opportunities take off for NYC real estate players
E
nrollment in New York City’s academic institutions has been on the rise for some time. But a bunch of major student housing projects are now coming to a head and getting off the ground at once, translating into big real estate opportunities for developers. Schools throughout the city are planning and building new dormitory projects — which typically means contracting with private developers — to accommodate expanding student bodies. Pace University, for example, in 2012 entered into joint venture with the Naftali Group, SL Green Realty and Harel Insurance and Finance to construct a new 34-floor, 378-room dorm in Lower Manhattan. The $130 million project topped out last month. That’s just one of the many residence hall projects in the pipeline. This month, TRD looked at how NYC universities are expanding and where developers are getting in on the action. By Sasha von Oldershausen Pace University’s new dorm at 33 Beekman St.
New To market
starts in NYC that were initiated by NYC’s public and private colleges. Those school starts were valued at $454 million, more than half of which came from one project — construction of a new $252 million academic building for CUNY’s New York City College of Technology in Brooklyn.
17 Number of buildings in Columbia University’s massive 17-acre Manhattanville campus project in Harlem, only three of which may comprise university housing. In a sign that the housing component is not key to the plan, those residential buildings will be built toward the end of the multi-decade project.
$250 million Cost of Fordham University’s new
22-story, 470,000-square-foot combined Law School and residence hall. The Lincoln Center building, built by Gotham Construction, will house 430 undergraduates.
$8,120 Amount Fordham charges each stu-
dent per year for a triple room. Students pay $12,125 for a single. By comparison, the median price for a West Side apartment in July was $3,267 per month, or $29,403 for a nine-month academic year.
2006 The year that CUNY opened its first
dorm in NYC, more than 150 years after its founding. The school, which dates back to 1847, most recently built a $66 million residence hall at the College of Staten Island.
By the Numbers
jected for the five floors of dorm space in Extell’s 52-story, under-construction tower at 555 10th Avenue. Extell has not yet signed a college as a tenant. Students will have a separate entrance, and no access to $500 million tower’s amenities, like the bowling Extell’s 555 10th Avenue alley and gaming lounge.
$26,242 Yearly cost of a private studio
apartment at NYU’s Washington Square Village dorm — one of its 31 residence halls. The average cost of a Manhattan doorman studio apartment in the East Village in June was $3,005 a month, or $27,045 for a school year.
10,000 Number of students Educational Housing Services has in six Manhattan and Brooklyn buildings, including a 1,100bed dorm on the Upper East Side and a 1,400-bed dorm in Brooklyn Heights’ former St. George Hotel. The nonprofit is the city’s largest independent student housing operator.
16 Number of years developer Gregg Sing-
er fought to redevelop the East Village’s former P.S. 64, in one of the city’s longest-running battles over student housing. The city last month OK’d a $16 million plan to transform the landmark into housing for 535 Cooper Union and Joffrey Ballet School students.
2,800 Number of students and faculty mem-
bers to be housed at Cornell University’$2 billion Roosevelt Island tech campus by 2043, when the school reaches full capacity. Hudson Companies and Related Companies are building a $100 million dorm, one of three buildings slated to be ready for the inaugural 2017–18 school year. Sources: Wall Street Journal, New York Times, New York Daily News, EV Grieve and TRD reporting.
142 East 71st Street, Apt. 5C | Price Upon Request
NIKKI FIELD Senior Global Real Estate Advisor, Associate Broker | 212.606.7669 | nikki.field@sothebyshomes.com | www.nikkifield.com East Side Manhattan Brokerage | 38 East 61st Street, New York, NY 10065 Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. 09-14-field.indd 1
28 September 2014 www.TheRealDeal.com
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