Capstone Development Corp.

Birmingham, AL

Student Housing Comparative Analysis

In 2008 Capstone proposed converting a newly constructed condominium building in New York City into a student and faculty housing facility.  The building contained approximately 150,000 SF of finished residential and amenity space, incorporating 120 apartment-style units for 430 residents.  Capstone retained B&D’s services to perform an analysis of housing options in the area to help decide the feasibility of the project.  We evaluated the housing programs at New York University, Polytechnic Institute of New York University, Pace University, School of Visual Arts, The New School, and Touro College. We also studied the housing offerings of Educational Housing Services, a New York City-based company that provides accommodations to students in the area.  Finally, the relevant off-campus, private sector properties in the proposed project area were reviewed and analyzed for price and quality. At the end of the project, we shared with Capstone our assessment of the costs, quality, and age of area student housing, as well as a detailed description of each university housing program