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Student Housing Takes Post-Sept. 11 Hit, Recovery Expected

NEW YORK CITY-Before the World Trade Center bombings, city universities increasingly used their enhanced credit status to invest in student housing. A temporary decrease in rents has some schools looking for bargains in traditional multifamily buildings but experts say the market for dorm housing is on the rise.

By Glen Thompson | Updated on December 10, 2001

NEW YORK CITY-Prior to the World Trade Center bombings, the market for university housing in New York City was blossoming, according to Long Island-based Levine Builders president Jeffrey E. Levine. “Prior to the crisis of Sept. 11 there was an increase in demand for student housing,” Levine says. “New York universities were more aggressively pursuing housing on behalf of their potential students. Since Sept. 11, there are better opportunities for universities to take advantage of existing housing stock at lower rents, but it’s a temporary blip. The economy will return.”

Levine is currently overseeing the final touches on a 22-story, 75,000-sf building that will house 360 students from New York’s School of Visual Arts. When it opens in January, the $30-million dorm will be one of the nation’s most technologically sophisticated student-housing facilities. Unlike the Spartan cells of dorms past, the SVA building has a gym, lounge, laundry, T1 lines, network and cable connections, an internal phone system and 24-hour security.

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