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Thursday, April 21, 2011

More College Kids Student Housing Coming To Roosevelt Island - Manhattan Park to Lease 26 More Dormitory Apartments To Marymount Manhattan College in Addition to Renewing 35 Existing Dorm Apartments

With all the excitement generated over the proposed Roosevelt Island Stanford University Campus at the Goldwater Hospital site, it's easy to forget that Roosevelt Island is already the home for a great deal of housing for college students. Previous posts have reported on Roosevelt Island student housing at the Riverwalk development as well as Manhattan Park.

In an article regarding the Stanford plan for Roosevelt Island, Globe Street reported yesterday:

... The addition of Stanford to Roosevelt Island would up the student population on Roosevelt Island, where New York University, Cornell University, Memorial Sloan-Kettering and Marymount Manhattan College already have student housing, according to Fernando Martinez, VP for operations at the Roosevelt Island Operating Corp. Hennessy, the Stanford president, mentioned in his address that the site could potentially expand to as many as 2,000 students and 100 faculty members....
There will be even more student housing on Roosevelt Island coming soon since the Roosevelt Island Operating Corp (RIOC) during their April Board meeting (webcast is here, though it does not seem to be working) approved the request of Manhattan Park to change their property's bedroom mix so that Marymount Manhattan College can add 26 more dormitory apartments for their students at Manhattan Park's 10 River Road. The RIOC resolution states:
1.    The Corporation is hereby authorized to consent to Manhattan Park’s Major Sublease to Marymount Manhattan College and to approve the plans and the change to the project’s bedroom mix, along such terms and conditions substantially similar to those outlined in the memorandum from Leslie Torres to the Board of Directors, dated March 23, 2011, attached hereto;
 Image of Manhattan Park's 10 River Road

 How do current Manhattan Park residents feel about living so close to the undergraduate Marymount Manhattan students? One reader of this post remarked:
Oh, great. More students. 3 or 4 kids squeezed into 2BR apartments. Lovely. Can't wait for the warmer weather when the students come out to the roof decks and party in front of our windows.
another:
Those pesky kids are always breaking the washing machines and dryers. (But what do I know - I haven't done laundry in 2 years).
 In a memorandum from RIOC President Leslie Torres dated March 23, 2011 to the RIOC Board of Directors in support of the resolution Ms. Torres states (full memorandum is below in post and linked here):

and Ms. Torres continues:
Manhattan Park's Roosevelt Island Associates states (full text of the letter is below in post and linked here) (Click on text to enlarge)
and Manhattan Park's Starrett Corporation provides some additional details of the deal including financial terms (full text of the letter is below in post and linked here) (Click on text to enlarge):


RIOC Chief Financial Officer Steve Chironis sent the following memorandum to RIOC President Leslie Torres recommending the resolution approving the change in Manhattan Park's Bedroom mix so that the units could be leased to Marymount Manhattan College (full text of the memorandum is below in post and linked here) (Click on text to enlarge).

I inquired of Mr. Chironis:
In your March 10, 2011 memo to Leslie you indicated in your financial analysis an assumption of a 20% vacancy rate over the 10 year term of the lease. Can you explain how you came up with that 20% vacancy rate.

The average NYC vacancy rate is probably 2-3%, certainly less than 5% so how did you get to 20%. Is the 20% just 2% annually multiplied by the 10 year term or something else?
Mr. Chironis replied:
The block of apartments aprrox. 60 are on the lower floors and are the hardest to rent out. The 20% is not the overall vacancy but 20% on the group of 60 apartments (12). It is 12 apartments out of 1100.
Get ready for more college kids at Manhattan Park.

Here's a tour of a Manhattan Park apartment.



Don't know whether it's a Marymount Manhattan dorm apartment or not but this short film on Different Tastes was made by a Marymount Manhattan College student and shot on Roosevelt Island. It's pretty good.

Below are the full memorandums and letters referenced above.

Link in Google Docs here.
Manhattan Park Marymount College Dorm Resolution

37 comments :

Anonymous said...

Interesting read. I have to read it more in detail. Management at Manhattan Park sucks so badly and I keep looking around for leverage to make them listen to their tenants. I even went so far to contact Starrett to complain about the incompetency of the installed management company at Manhattan Park but hey don't seem to be interested in listening to it, unfortunately.

I read with interest that the MM students are supposed to be in 10 River Road only. How come some moved into 40 River Road fall last year and the year before? I could be mistaken but I do remember that the people that helped checking in the students were MM folks.

Does anybody have an idea what OHR (as in 2OHR apartment) means?

Anyway, I think it is ironic that every time you want to complain about a rent increase you have to listen to the spiel that this is all just business but on the other hand they want the government to change legislation to support them to make more money. What happened to just offering a better service and let the market decide?

Anonymous said...

I wonder if this article explains why Starrett/Grenadier Realty Corp (arms of the same corporation, I believe) isn't interested in hearing about the quality of the management at Manhattan Park:

Anonymous said...

The deal is a good deal for Manhattan Park and what is good for Manhattan Park is also considered good for RIOC
(as a partner).

Time will tell how this transaction will effect our eternal problems with tenant parking and other transportation.

The rents are pretty high. They make one wonder if a 20% rent reduction would not have been more beneficial to Manhattan Park than
full occupancy.

Anonymous said...

It's great having more college kids on RI, as long as I don't have to live next door :-)

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student accommodation said...

 The student accommodation property is the niche and booming sector which can promise the profits for sure. It has high demand and will continue in coming future and it's the situation of every country. The demand is high for student accommodation so the prices increase every time and it's the sector in which we can expect recession free sector. We always need to be educated and students always need accommodation facilities.

student accommodation said...

Location: Students need to determine how important living close to campus is for them. Living closer to campus tends to be more expensive, let alone more competitive in terms of finding suitable housing.

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