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Saturday, February 25, 2012
About Those 2,000 Student Apartments....
An article in the current Town & Village, titled "Student Town," clarifies and corrects certain impressions/statements that got a considerable amount of attention on various web pages, including this blog, while at the same time leaving questions open about just what is really occurring here, or about to occur, regarding student housing. First off, forget about those 2,000 student apartments waiting to be filled this summer. The number, according to Kyle Freedman, the young CEO of My Student Apartment, is near 300 (that he "expects to close"), but, as of now the article states that "he's arranged dozens of his clients to move into Stuy Town." We also hear from the grapevine that things may not be going so smoothly for Mr. Freedman and his intentions toward student housing in Stuy Town. So, at this point, it appears that the news item we all got upset about may have been just wishful thinking on the part of a start-up business.
I should also clarify and correct certain impressions/statements made by someone in the commenting section. Regarding all night "raves" at Stuy Town, if the calls are made to Public Safety/Security, the "raves" get shut down. I've repeated this several times, but tenants have to call Public Safety if they feel neighbors are too noisy in the middle of the night. By its very definition, a rave is an extended loud party, and it's hard to believe that Public Safety would do nothing if such a rave continues after the first warning.
Update 2/26: Over at the TA Facebook, there's an open letter from our councilman Dan Garodnick, addressed to both CW and Rose Associates, stating concerns over whatever arrangement ST/PCV has with colleges and student brokerage firms and demanding (or almost demanding) answers. We may be in for a couple of interesting weeks, or then again, CW and Rose could just ignore Dan's letter, as I'm assuming such information is kept close to the vest. It would be good to know just what the reality is concerning student housing in ST/PCV. Student housing here is one of the issues that will have to be addressed in any serious conversion offer, a conversion offer that seems less and less likely to sway CW or most older tenants, in my opinion.
The way I see it is that student housing is a Manhattan reality, and not just in Stuy Town. If you step outside the perimeters of ST/PCV, you should have noted the tremendous increase in students these past years and businesses that cater to students. The old businesses that catered to a more permanent NY resident have closed down and are closing down. It's all tiny Asian fusion bars and bistros, Starbucks, etc. Students are not heading to Jewish delis or Ukrainian butcher shops. The demographics are changing rapidly. CW needs students as renters, because that seems to be the largest pool of applicants (true?) for renting units here and willing to share. Any talk of condo conversion has to face this reality.