The student housing development boom

Enrollment 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. [read more on The Real Deal] or
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