The State of Student Housing in NYC

It seems near impossible to say that finding quality housing for an affordable price is easy in New York City. For college students, this is no different. Many colleges and universities in New York do have residence halls, but the number of students entering colleges and requiring university housing continues to increase every year. New York City’s 110 colleges and universities must house nearly 600,000 students each year. Many of the students come from states and cities outside of the city, which causes much pressure for a greater number of affordable and accessible college housing. Realizing the students’ demand for more accessible and affordable housing, investor Gregg Singer has created a unique solution to accommodate nearly 600 students in state-of-the-art housing in downtown Manhattan.

Gregg Singer is a real estate investor and President of Singer Financial Corporation, founded in 1986. He has since then worked on many problem-ridden and even abandoned properties to render them able to be sold again. Currently, his investment group 9^th & 10^th Street LLC owns an old school building in the East Village. They plan to renovate the property and convert it into a college dormitory. The property is zoned for community facility use, which college dorms fall under. There were several ideas initially proposed, such as building a space for non-profits, a rehabilitation center, medical facility or a school. Ultimately, the best plan was to build a dormitory to meet the ever-growing demand for housing.

While the housing market in New York was severely impacted by the economy, students have continued to flock to NYC for their post-secondary education in greater numbers than ever before. Multiple universities will be able to lease space in the East Village dormitory, which will provide a diverse, eclectic atmosphere for students. There is an urgent need and a great demand for dormitory housing, and several colleges have already expressed their interest in this dorm.

Gregg’s vision of a college dormitory open to several universities is a unique aid to the betterment of education. By bringing students of different universities closer together, the dorm encourages inter-school communication and community development. It allows the next generation to grow while maintaining the historic value of the old school building, and bringing about a new, youthful energy to the already booming East Village.