Thursday, August 16, 2007

Kensington Dorm - Full for Fall

Looks like the students will return in the Fall!

One developer, White Acre Equities LLC, solved that problem by opening a dormitory in Brooklyn in a former assisted living home that had been deserted for several years before the developers proposed a dorm.

"Certainly neighborhoods don't like vacant buildings," said Jesse Hertzberg, vice president of development and acquisitions for White Acre. "I've read the Community Board heard rumors there was going to be a methadone clinic in the building. With rumors like that, a dormitory sounds fantastic."

The fully furnished four-story building at 385 McDonald Avenue in Kensington will house about 120 students in single and double units. Within three months, all of the units were leased to students from Brooklyn College, Brooklyn Law School, the Pratt Institute, Brooklyn Polytech and others. About 60 percent of students are studying in Brooklyn, the other 40 percent in Manhattan.

Monthly rents range from approximately $900 to $1,000 -- and include utilities, high-speed Internet and cable. The building is now fully leased for the fall and almost fully leased for the spring, Hertzberg said."I think it's fair to say that given occupancy that rental increases are forthcoming for the subsequent school year," he said. "We also have a long waiting list."

From Real Deal - Dorm demand delights developers
In case you want a room, NY Student Housing