The Real.Est List
Dormitories take Manhattan
Billions of dollars have been earmarked for dormitory construction in New York City over the next few years. No fewer than 11 local universities have recently opened, are currently constructing and/or have active plans to build, according to The Real Deal. So what does that mean for NYC dwellers who've already matriculated?
- Containment! With colleges and universities providing a place for their students to rest their heads, they won't have to proliferate as much to other neighborhoods. They'll be much easier to locate and avoid, if desired.
- Lower rents! Billions of dollars builds a LOT of housing. Less demand for off-campus housing--the low-to-moderately priced rentals typically favored by students--could in theory make those apartments more affordable to people already paying off their student loans.
- Neighborhood domination! New York University and Columbia will finally realize their dreams of total control of the Central Village and Upper Manhattan.
- More bars in new neighborhoods! It's not just NYU and Columbia building all of those dorm rooms. Dorms are being built all across the city, from Staten Island to Flushing. We see plenty of opportunity for aspiring barkeeps.
- Age-lowering trend in StuyTown reversed! When NYU completes its 4,000 dorm-room expansion, the average age of a StuyTown renter may increase by 5 or more years.