Addendum No. 1 June 18, 2010

Transcription

1 Facilities Planning, Construction, and Management Office of Financial Management Procurement Services 555 West 57 th Street 11 th Floor New York, New York Addendum No. 1 June 18, 2010 CITY UNIVERSITY CONSTRUCTION FUND SOLICITATION FOR STUDENT HOUSING SERVING THREE CUNY COLLEGES LOCATED IN MANHATTAN Project No: CITYW-CUCF This Addendum is issued for the purpose of amending the subject Solicitation and is hereby made a part of said Solicitation to the same extent as though it were originally included therein. This Addendum conveys Appendix E ( Manhattan Student Market Study ) of the Solicitation, which due to technical difficulties was unable to be attached to the original Solicitation document posted on the CUNY Procurement Opportunities website ( Contact: Michael Feeney, DDCM.ContractsDept@mail.cuny.edu By signing in the space provided below, the Responder acknowledges receipt of this Addendum. This Addendum must be signed by the Responder and submitted with the Response. Name of Responder Name of Authorized Responder Title Signature Date Representative

2 BARUCH COLLEGE HUNTER COLLEGE THE GRADUATE CENTER JOHN JAY COLLEGE OF CRIMINAL JUSTICE Manhattan Student Housing Market Study January 2008 Brailsford & Dunlavey, 2008

3 PREFACE Brailsford & Dunlavey ( B&D ) was retained by the City University of New York ( CUNY ) in August 2007 to assess the feasibility of an off-campus housing development in Manhattan or in the nearby boroughs of Brooklyn and Queens ( the Study ). The facility would serve students from Baruch College, The Graduate Center, Hunter College and John Jay College of Criminal Justice, all located in Manhattan. B&D extends its gratitude to the following individuals for their assistance during the analysis and documentation of the Study: Iris Weinshall, Vice Chancellor for Facilities, Planning, Construction, and Management, CUNY Meghan More-Wilk, Director of Space Planning and Capital Budget, CUNY Donal Farley, consultant and former Senior Vice Chancellor for Facilities, Planning, Construction, and Management, CUNY Linda Myles, Assistant General Counsel, CUNY Regina Park, former Assistant Director of Capital Project Development, CUNY Sebastian Persico, Vice President for Finance and Administration, the Graduate Center Jim Lloyd, Assistant Vice President, Campus Facilities and Operations, Baruch College Rob Pignatello, Senior Vice President for Finance and Administration, John Jay College Conan Freud, Acting Vice President for Finance and Administration, Hunter College This report sets forth B&D s findings and recommendations as part of the CUNY s Manhattan Campus Housing Market Study. The findings contained herein represent the professional opinions of B&D personnel based on assumptions and conditions detailed in this report. B&D has conducted research using both primary and secondary information sources which are deemed to be reliable, but whose accuracy B&D cannot guarantee. The City University of New York Manhattan Student Housing Market Study Page 1

4 TABLE OF CONTENTS Sections 1 Executive Summary 2 Manhattan Campus Housing Review 3 Off-Campus Housing Market Analysis 4 Survey Analysis 5 Demand Analysis 6 Financial Analysis Exhibits A. Manhattan Student Facilities Data B. Off-Campus Housing Market Data C. Survey Responses D. Financial Model The City University of New York Manhattan Student Housing Market Study Page 1

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6 EXECUTIVE SUMMARY Introduction In August 2008, The City University of New York ( CUNY ) engaged Brailsford & Dunlavey ( B&D ) to prepare a student housing market study for four of its Manhattan colleges: Baruch College, The Graduate Center, Hunter College, and John Jay College of Criminal Justice. The focus of the study was to assess demand for CUNY-sponsored residential living options in Manhattan, Brooklyn, and Queens. Work Plan B&D completed the market analysis for CUNY, accomplishing a series of tasks as outlined within B&D s scope of work: Review of student housing facilities in Manhattan offered by Manhattan-based universities and colleges; Analysis of non-university affiliated, private sector rental housing in relevant areas in Manhattan, Brooklyn, and Queens; Survey of students at the subject colleges to assess their current living conditions and preferences regarding potential CUNY-sponsored housing; Demand analysis to determine a specific number of beds to be provided for each of the participating colleges; and Financial analysis to establish rental price points within the context of both capital and operating costs of a residential life facility in the New York City market. Summary of Findings There is a large offering of student housing options in Manhattan. B&D identified 15 colleges and universities with residential life offerings. The quantities of the housing stock offered by these institutions range from one facility at New York Law School to a large number of residence halls at Columbia University. With respect to unit types, B&D discovered a relatively rich mix with an emphasis on student apartments (units with kitchens and living spaces). Average housing costs at the surveyed institutions vary significantly. Apartment units are the most expensive with an average rate of $1,351 per month during the academic year. Traditional and mixed-unit residential facilities are more affordable averaging $940 and $927 per month respectively. The private rental housing market in New York City, the subject of this off-campus analysis, is large and robust. According to the New York City Department of Planning, there are over 700,000 lots dedicated for single-family, multi-family or mixed-use residential and commercial development across the 322 square miles that make up New York City. Like most major cities, the population in New York City has The City University of New York Manhattan Student Housing Market Study Page 1

7 EXECUTIVE SUMMARY continued to grow over the past few decades. Between 1990 and 2000 the city experienced a 9% increase in its overall population. B&D surveyed 30 neighborhoods in Manhattan, Brooklyn, and Queens based primarily on the highest concentration of student residents attending the four colleges participating in this study. The chart below shows average rental rates on a per-unit basis sorted by unit type and location. Chart 1.1: Comparison of Off-Campus Rental Rates 3 Bedroom $3,092 $3,840 $3,825 $6,863 2 Bedroom $3,472 $2,787 $2,978 $4,248 1 Bedroom $2,069 $1,852 $1,682 $3,348 Studio $1,850 $1,519 $1,649 $2,663 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Lower Manhattan Upper Manhattan West Queens West Brooklyn As evident in the above chart, the rental rates in Lower Manhattan are the highest regardless of unit type. Generally, for the remaining three areas, West Brooklyn is the most expensive followed by Upper Manhattan, and West Queens. Following the off-campus research, B&D conducted student surveys at all of the subject colleges to assess student preferences in a statistically reliable manner. The survey response rates varied from 5.5% at Baruch College to 28% at The Graduate Center. All surveys achieved a margin of error lower than the 5% maximum allowable for this type of market research. In the survey, respondents indicated that the most important factors impacting their housing selection were: affordability, in-room internet access, private bathroom, safety, and proximity to public transportation. Seventy percent (70%) of the surveyed students use public transportation as their primary means of commuting. With respect to their travel time, 75% of respondents take 45 minutes or more to get from home to where they take classes. Housing location preferences vary from college to college. Manhattan locations were very popular but Brooklyn Heights, DUMBO, and Greenpoint/Williamsburg in Brooklyn and Long Island City/Astoria in Queens were also ranked highly by students. Brailsford & Dunlavey January 2008 Page 2

8 EXECUTIVE SUMMARY The student survey results were used in a demand model developed by B&D in order to quantify the demand and express the number of student beds that each participating college could feasibly provide. Although B&D surveyed the entire student population at each of the colleges, only certain demographic groups were included in the target market. The target market was narrowed down to those who are (an individual had to meet all three criteria below to be included in the calculations): Full time students, Renters paying more than $700/month in rent or are living in parent-owned/rented properties, and Are willing to commute at least 45 minutes to their college. B&D tested six unit types associated with specific rental rate ranges in both double and single occupancy. Below are examples of two of the tested units. Chart 1.2: Unit Types (Two of Six Tested in Student Survey) Two-Bedroom Unit (Double-Occupancy Bedrooms) Four-Bedroom Unit (Single-Occupancy Bedrooms) Within this target market, B&D estimated the following capture rates and quantities of demanded student beds for each of the participating colleges (sorted by borough as demand was tested separately for Manhattan, Queens, and Brooklyn): Baruch College Manhattan: capture rate 7%, beds demanded: 1,060 Queens: capture rate 10%, beds demanded: 1,515 Brooklyn: capture rate 8%, beds demanded: 1,226 The Graduate Center Manhattan: capture rate 14%, beds demanded: 591 Queens: capture rate 10%, beds demanded: 427 Brooklyn: capture rate 16%, beds demanded: 652 The City University of New York Manhattan Student Housing Market Study Page 3

9 EXECUTIVE SUMMARY Hunter College Manhattan: capture rate 10%, beds demanded: 1,959 Queens: capture rate 8%, beds demanded: 1,648 Brooklyn: capture rate 9%, beds demanded: 1,831 John Jay College of Criminal Justice Manhattan: capture rate 13%, beds demanded: 1,960 Queens: capture rate 13%, beds demanded: 1,952 Brooklyn: capture rate 15%, beds demanded: 2,227 The rental rates tested in the survey were developed in a financial model. The model produced a 10-year operating pro forma that reflects the capital costs, operating expenses, and financing fees associated with the project. The following rental rates would be required for the project (2007 $s): $810 for a double-occupancy bedroom in a two-bedroom apartment $961 for a single-occupancy bedroom in a four-bedroom apartment $1,030 for a single-occupancy bedroom in a three-bedroom apartment $1,258 for a single-occupancy bedroom in a two-bedroom apartment $1,418 for a single-occupancy studio apartment With the above rental rates the project will stand alone financially and, in addition, will support $6M in capital costs that could be contributed towards a site acquisition. Recommendations Based on the market study summarized above B&D recommends that the four subject colleges pursue residential life programs in locations identified in this report. The data suggests that the development of a new residential facility at CUNY could be implemented in two ways: 1) As a joint effort by two or more of the surveyed colleges. This more conservative approach would create a larger target market for the facility. 2) As an individual effort by one of the participating colleges. This approach is more aggressive due to a smaller size of the target population but still valid due to the potential capture rates. In addition, the acceptable rental rates generate a site acquisition budget of $6M. This budget is unlikely to be sufficient in the student-desired neighborhoods in New York City which will necessitate an alternative financing strategy including, but not limited to, a master lease agreement or private equity participation. Brailsford & Dunlavey January 2008 Page 4

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11 MANHATTAN CAMPUS HOUSING REVIEW Objectives The objective of the Manhattan student housing analysis was to identify the current supply and quality of campus housing facilities offered by colleges and universities in Manhattan. In the analysis, B&D compared typical unit types, amenities, locations, pricing structures, and availability and observed how various institutions approach offering student housing in the unique New York City market. The comparison of the existing campus housing market provides general data on the demand generated by students attending college in New York City and the degree to which universities have attempted to meet these needs. In this narrative, B&D uses various terms to describe university-provided housing. These terms include: campus housing, university housing, and university-sponsored housing and describe facilities that are provided and often operated by universities and colleges, but not necessarily physically located on campus. Methodology B&D collected data on fifteen (15) colleges and universities that offer housing in Manhattan. Institutions ranged from large universities to small specialized colleges and graduate schools. Each school offered at least one campus or university-sponsored housing facility to students. The analysis consisted of telephone interviews with university residence life staff and internet-based research. General trends and patterns were identified for the entire group and across two clusters of schools: 1.) Upper Manhattan (defined as north of 59 th Street); 2.) Lower Manhattan (defined as south of 59 th Street). While several schools main campuses are located outside of Manhattan, the study included data on their housing portfolio located only in Manhattan. The institutions included in the study are listed below (Chart 2.1). Chart 2.1: Colleges and Universities with Campus Housing in Manhattan Lower Manhattan Cooper Union College Fashion Institute of Technology Marymount Manhattan College New York Law School Pace University School of Visual Arts The New School Upper Manhattan Barnard College City College of New York Columbia University Fordham University Julliard School Manhattan School of Music Teachers College Weill Medical College Summary of Findings The colleges and university represented in the study vary significantly in their institutional missions, student body demographics, and current student housing capacity. While most of schools have a large The City University of New York Manhattan Student Housing Market Study Page 1

12 MANHATTAN CAMPUS HOUSING REVIEW number of students who are from outside New York City, they offer very few affordable housing options in Manhattan. Besides, New York University, Columbia University and Barnard College, which hold the largest number of housing facilities, most students must look for housing in the private rental market. Campus housing facilities at colleges in Manhattan are mostly located in older mid-rise and high-rise buildings within a few blocks of the central campus core. New York Law School, City College of New York, and the New School have all recently built new campus housing facilities. Most of the older, often pre-war facilities, however, include student-friendly amenities as well. Given that most schools own and operate few residence halls, most do not require students to live oncampus during their tenure. Additionally, most residence halls are designated for undergraduate students, with facilities specifically for certain classes (years in school) or specialized learning communities. Current Campus Housing Inventory Campus housing inventory in Manhattan ranges from one (1) residence hall to 23 residence halls per institution. Campus housing includes traditional-style (bedrooms along double-loaded corridor with community bathroom also referred to here as corridor), suite-style (bedrooms with semi-private bathroom and/or living space, apartment units (units that include kitchen), and facilities that are a combination of all three types. In Lower Manhattan, over half of the inventory is designed as student apartments while in Upper Manhattan apartments make up just over a third of all campus inventories (Exhibit 2.2). Institution Name Chart 2.2: Comparison of Campus Residential Facilities Total FT Enrollment Total Residence Halls Traditional Suite Apartment Mixed Avg. Bldg. Capacity Cooper Union College % 0% 100% 0% 299 Fashion Institute of Technology 6, % 0% 50% 50% 584 Marymount Manhattan 1, % 33% 0% 0% 263 New York Law School 1, % 0% 100% 0% 99 New York University 31, % 9% 78% 0% 530 Pace University 4, % 25% 0% 25% 835 School of Visual Arts 3, % 25% 50% 0% 360 The New School 7, % 57% 29% 0% 192 Avg. Lower Manhattan 6 17% 19% 51% 9% 395 Barnard College 2, % 36% 9% 27% 202 City College of New York 7, % 0% 0% 100% 600 Columbia University 19, % 39% 17% 11% 299 Fordham University-Lincoln Center 8, % 0% 100% 0% 880 Julliard School % 100% 0% 0% 350 Manhattan School of Music % 0% 0% 0% 380 Teachers College n/a 5 0% 0% 60% 40% 434 Weill Cornell Medical College n/a 7 0% 14% 86% 0% n/a Avg. Upper Manhattan 6 17% 24% 34% 22% 449 Brailsford & Dunlavey January 2008 Page 2

13 MANHATTAN CAMPUS HOUSING REVIEW Most apartment facilities include a mix of two, three, and four-bedroom units. Based on single, double, or triple occupancy, the residential facilities can accommodate between 1 and 12 students per unit (Chart 2.3). Chart 2.3: Examples of Campus Housing Facility Layout The New School Columbia University In addition to university-owned and operated residential facilities, Educational Housing Services (EHS) supplies housing year-round for students in New York City. EHS leases spaces directly to universities to include as part of their housing inventory, as well as directly to students. Marymount Manhattan, Columbia, Barnard and City College of New York (property owned by EHS and operated by Capstone Management) all utilize EHS to offer students campus housing. The two additional properties in Manhattan are open to students from all colleges and universities. These residential properties are all fully furnished apartments or suites with private or shared kitchens. EHS also operates three student housing properties in nearby Brooklyn Heights. Rates and Fees While the average building capacity is comparable across all campus housing facilities, rental rates in Lower Manhattan are slightly higher than rates in Upper Manhattan. The average monthly rates across all unit types are $1,211 in Lower Manhattan and $1,030 in Upper Manhattan (Exhibit 2.4). The City University of New York Manhattan Student Housing Market Study Page 3

14 MANHATTAN CAMPUS HOUSING REVIEW Most institutions offer housing during the academic year and rates are incorporated into the students annual tuition, room and board fees. Most rates are based on a per bed basis over the 9-month academic calendar. However, New York Law School s East Residence and Weill Medical School offer housing and rates based on a 12-month calendar as well. Chart 2.4: Comparison of Annual and Monthly Rates for Campus Housing Institution Name Avg. Rate/Year Avg. rate/ Month Cooper Union College $10,050 $1,117 Fashion Institute of Technology $9,753 $1,084 Marymount Manhattan $10,090 $1,121 New York Law School $17,010 $1,418 New York University $12,055 $1,339 Pace University $10,828 $1,203 School of Visual Arts $11,723 $1,303 The New School $12,559 $1,395 Avg. Lower Manhattan $11,759 $1,247 Barnard College $7,656 $851 City College of New York $11,679 $973 Columbia University $6,433 $715 Fordham University-Lincoln Center $13,176 $1,464 Julliard School $12,075 $1,342 Manhattan School of Music $9,350 $1,039 Teachers College $12,127 $1,347 Weill Cornell Medical College $12,282 $1,365 Avg. Upper Manhattan $10,597 $1,137 Variations in rental rates are also evident across the different unit layouts offered at the student housing properties. Nearly 40% of the campus included in the study offer students only one style of residential housing, while the remaining 60% offer a mix of corridor (traditional), suite, and apartment unit types. Apartment units are the most expensive housing option for students at an average rate of $1,351 per month during the academic year. Traditional or mixed-unit residential facilities are more affordable averaging $940 and $927 per month respectively (Chart 2.5). In facilities with multiple unit options, apartments are typically more expensive than suite-style units. While the majority of researched properties include basic utilities, such as gas, electric, water, and heat in the rental rates, several institutions also include internet access and telephone service. Brailsford & Dunlavey January 2008 Page 4

15 MANHATTAN CAMPUS HOUSING REVIEW Chart 2.5: Comparison of Monthly Rates for Campus Housing Across Property Type $1,600 $1,400 $1,351 $1,200 $1,000 $940 $1,039 $927 $800 $600 $400 $200 $0 corridor suite apartment mixed Facility Amenities Student-oriented housing focuses on providing residents with property amenities that meet the demands of their busy academic, work and personal schedules. These include study or work rooms, on-site convenience stores, fitness centers, shared kitchens, lounges, and laundry rooms among others (Chart 2.6). Chart 2.6: Sample Property Amenities in Manhattan Campus Housing Fitness Center at the New School Residence Hall Convenience Store at NYU Residence Hall Student Lounge at City College of New York At institutions where the majority of the facilities are designed primarily as apartments, there are less common areas located throughout the building, but more private bathrooms and kitchens. The City University of New York Manhattan Student Housing Market Study Page 5

16 MANHATTAN CAMPUS HOUSING REVIEW Premium amenities found at several institutions included items such as balconies, maid and linen service, and dining facilities in the building. The following chart represents the types of amenities that can be found in at least one facility within the institutions housing portfolios (Chart 2.7). While very few of the facilities included all the amenities listed, the chart provides insight to the types of residential living amenities students can find in the marketplace. Chart 2.7: Property Amenities in Manhattan Campus Housing Institution Name Lounge Private Bath Shared in-unit Bath In-unit Kitchen On-Site Kitchen Computer Lab Study Room Cooper Union College x x x x x x x Fashion Institute of Technology x x x x x x x x x x Marymount Manhattan x x x x x x x x x x x x x New York Law School x x x x x x x x x New York University x x x x x x x x x x x x x x Pace University x x x x x x x x x x x School of Visual Arts x x x x x x x x x The New School x x x x x x x x x x x x x Barnard College x x x x x x x x x x x City College of New York x x x x x x x x x x Columbia University x x x x x x x x x x x x x x x Fordham University-Lincoln Center x x x x x x x x x x Julliard School x x x x x x x x x Manhattan School of Music x x x x x x x x Teachers College x x x x x x x x x x x Weill Cornell Medical College x x x x x x x x x Fitness Center Convenience Store A/C W/D on Site W/D in Unit 24 hour Secured Access Phone Service On-site Res. Life Staff Maid and Linen Service Balcony Dining Hall onsite Brailsford & Dunlavey January 2008 Page 6

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18 OFF-CAMPUS HOUSING ANALYSIS Objectives The objective of the off-campus housing analysis was to identify the nature of the private rental housing market in Manhattan and nearby areas in West Brooklyn and West Queens. The understanding of the market allows for a comparison of the private-sector housing costs and amenities with the potential rates and configurations considered for future CUNY student housing. Methodology B&D conducted an analysis of the off-campus rental housing market in four areas relevant to the colleges included in this study. General boundary areas and representative communities were identified by CUNY staff and further substantiated through review of the zip codes in which students of the subject institutions currently reside. Once boroughs, neighborhoods, and communities were selected, B&D used internet research, phone calls, and interviews to collect data from a representative sample of apartment complexes, private apartment rentals in houses, and private condominium rentals in Manhattan, West Brooklyn, and West Queens. Given the diversity of properties and neighborhoods in the four surveyed areas (Chart 3.1 below) and the range of price points, B&D further narrowed the search to include properties that were: within walking distance to subway line and bus stops; located in redeveloped or transitional areas; and required few to no additional fees (i.e. brokers, application). Properties in thirty different neighborhoods were reviewed as part of the study. A full listing of properties by area can be found in Exhibit B. Chart 3.1: Target Off-Campus Market Areas Area 1: Lower Manhattan Area 2: Upper Manhattan Area 3: West Queens Area 4: West Brooklyn The City University of New York Manhattan Student Housing Market Study Page 1

19 OFF-CAMPUS HOUSING ANALYSIS Summary of Findings The private rental housing market in New York City is large and robust. According to the New York City Department of Planning, there are over 700,000 lots dedicated for single-family, multi-family or mixed-use residential and commercial development across the 322 square miles that make up New York City. Like most major cities, the population in New York City has continued to grow over the past few decades. Between 1990 and 2000 the city saw a 9% increase in its overall population. Over 75% of the units in the target areas are renter-occupied units. In the past few years, the city has issued a growing number of housing permits, particularly for multi-family dwellings. In 2003, over 8,000 housing units received building permits in this study s target areas. Rental Rates B&D survey 110 properties in the four target areas to better understand the market with respect to costs and amenities. Data was collected on studio, one, two, three, and four-bedroom units. The prices are shown on a per-unit basis with utilities (i.e. gas, heat, electric) generally excluded from the monthly rates. Additionally, most renters are expected to pay application and broker s fees, security deposit, and one month s rent. However, given the variation, these fees are not included in the monthly rental rates listed below and in Exhibit B. The average rental rates varied across all four surveyed areas. In each unit type, Lower Manhattan is consistently more expensive than Upper Manhattan, West Brooklyn, and West Queens (Chart 3.2). Chart 3.2: Comparison of Rental Rates by Unit and Area 3 Bedroom $3,092 $3,840 $3,825 $6,863 2 Bedroom $3,472 $2,787 $2,978 $4,248 1 Bedroom $2,069 $1,852 $1,682 $3,348 Studio $1,850 $1,519 $1,649 $2,663 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Lower Manhattan Upper Manhattan West Queens West Brooklyn Brailsford & Dunlavey January 2008 Page 2

20 OFF-CAMPUS HOUSING ANALYSIS Rental Rate Ranges and Unit Sizes The majority of surveyed apartments are one- and two-bedroom units. Chart 3.3 shows rental rate ranges for each unit type. Apartment sizes are fairly consistent across all four researched areas. Most units included one bathroom per unit with a few larger units incorporating two or even three bathrooms into the floor plan. Chart 3.3: Rental Rate Ranges Unit Type Low High Average Studio Unit $1,200 - $3,200 $2,097 1-Bedroom Unit $1,100 - $4,000 $2,427 2-Bedroom Unit $1,150 - $6,475 $3,378 3-Bedroom Unit $2,100 - $7,725 $3,980 4-Bedroom Unit $2,000 - $7,195 $4,499 Chart 3.4: Average Unit Size Studio 1-Bedroom 2-Bedroom 3-Bedroom Unit Unit Unit Unit 534 sq.ft 729 sq. ft 1039 sq.ft 1221 sq.ft Market Comparison Campus housing in New York City is in direct competition with the private rental market when attracting CUNY students. While many colleges and universities in Manhattan have some housing available to students, the lack of supply forces students to look for affordable alternatives in the private rental market. B&D compared the off-campus market rates to the rental rates developed for the proposed CUNY project. The comparison is shown below (chart 3.5). The Proposed CUNY Campus Housing monthly rates listed in the chart are on a per-bed (per-bedroom) basis and include utilities. The Off-Campus Housing rates listed are also on a per-bed (per-bedroom) basis and are adjusted to include an additional $150 for monthly utilities. Further analysis of the CUNY housing rates can be found in Section 6 of this report. The proposed CUNY rates would offer discounts in relation to the off-campus rates. For Lower Manhattan, the most expensive of the surveyed areas, these discounts would range from 29% for a double-occupancy bedroom in a two-bedroom apartment to 58% for a single-occupancy bedroom in a three-bedroom unit. In Upper Manhattan, the discounts would be slightly over 20% for single-occupancy bedrooms while the double-occupancy rate would approximately equal the comparable off-campus rate. In addition, in both West Brooklyn and West Queens, CUNY-proposed rates would offer discounts ranging from 12% to 49% as shown in the chart on the following page. The City University of New York Manhattan Student Housing Market Study Page 3

21 OFF-CAMPUS HOUSING ANALYSIS Chart 3.5: Comparison of Monthly Housing Costs (Cost Per Person-not including utilities or other fees) in Lower Manhattan Chart 3.6: Comparison of Monthly Housing Costs (Cost Per Person-not including utilities or other fees) In West Queens Lower Manhattan- Single Occupancy Proposed CUNY Unit Type Campus Housing Off-Campus Housing Difference Monthly Rent Monthly Rent Cost % Studio $1,418 $2,747 -$1,329-48% 2-Bedroom $1,258 $2,269 -$1,011-45% 3-Bedroom $1,030 $2,438 -$1,408-58% Lower Manhattan-Double/ Multi-Occupancy Unit Type Proposed CUNY Off-Campus Campus Housing Housing Difference Monthly Rent Monthly Rent Cost % 2-Bedroom $810 $1,134 -$324-29% West Queens- Single Occupancy Unit Type Proposed CUNY Off-Campus Campus Housing Housing Difference Monthly Rent Monthly Rent Cost % Studio $1,418 $2,763 -$1,345-49% 2-Bedroom $1,258 $1,570 -$312-20% 3-Bedroom $1,030 $1,247 -$217-17% West Queens-Double/ Multi-Occupancy Unit Type Proposed CUNY Off-Campus Campus Housing Housing Difference Monthly Rent Monthly Rent Cost % 2-Bedroom $810 $785 $25 3% Chart 3.7: Comparison of Monthly Housing Costs (Cost Per Person-not including utilities or other fees) In Upper Manhattan Chart 3.8: Comparison of Monthly Housing Costs (Cost Per Person-not including utilities or other fees) In West Brooklyn Upper Manhattan- Single Occupancy Proposed CUNY Unit Type Campus Housing Off-Campus Housing Difference Monthly Rent Monthly Rent Cost % Studio $1,418 $1,799 -$381-21% 2-Bedroom $1,258 $1,641 -$383-23% 3-Bedroom $1,030 $1,323 -$293-22% Upper Manhattan-Double/ Multi-Occupancy Unit Type Proposed CUNY Off-Campus Campus Housing Housing Difference Monthly Rent Monthly Rent Cost % 2-Bedroom $810 $820 -$10-1% West Brooklyn- Single Occupancy Unit Type Proposed CUNY Off-Campus Campus Housing Housing Difference Monthly Rent Monthly Rent Cost % Studio $1,418 $2,681 -$1,263-47% 2-Bedroom $1,258 $1,840 -$582-32% 3-Bedroom $1,030 $1,417 -$387-27% West Brooklyn-Double/ Multi-Occupancy Unit Type Proposed CUNY Off-Campus Campus Housing Housing Difference Monthly Rent Monthly Rent Cost % 2-Bedroom $810 $920 -$110-12% Brailsford & Dunlavey January 2008 Page 4

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23 SURVEY ANALYSIS Objectives The B&D conducted a survey to understand student preferences with respect to housing costs, amenities, property types and factors that guide students decisions on where to live. The survey was designed to identify, in a statistically reliable manner, tendencies and sensitivities toward specific features, policies, unit types, and the value students place on the convenience of campus housing (college-provided) versus off-campus housing (non-college affiliated in private sector). Methodology A web-based survey was conducted among students of the subject colleges from October 23 through November 9, The entire student population at each participating college received an invitation to participate in the housing survey. The chart below shows the basic statistics for each of the completed instruments (Chart 4.1: Survey Response Rates). Chart 4.1: Survey Response Rates College Completed Responses Response Rate Margin of Error Confidence Level Baruch College % 3.30% 95% The Graduate Center 1,163 28% 2.90% 95% Hunter College 1, % 2.30% 95% John Jay College of Criminal Justice 1, % 2.90% 95% With respect to the survey demographics, B&D made the following general observations: Freshmen and sophomores were over-represented while upperclassman and graduate students were under-represented Full-time students were over-represented while part-time students were under-represented. These imbalances are very common in student surveys conducted electronically and appropriate weight factors were use in demand calculation to mitigate this issue. General Findings-Combined Results CUNY s location in New York City enables the subject schools to attract students who are not only interested in the college, but also living in New York City. Over 25% of students at the participating schools, indicated that they moved to New York to attend school, while the remaining 75% were already residents of the metro area or moved to the city for other reasons. The City University of New York Manhattan Student Housing Market Study Page 1

24 SURVEY ANALYSIS CUNY s urban campus location gives way to many students continuing to live with their parents, close relatives (51%), partner or spouses (17%) further way from the colleges in the surrounding boroughs (chart 4.2). Chart 4.2: Areas Where Surveyed Students Currently Live Staten Island 3% Elsewhere 16% Bronx 9% Brooklyn 25% Manhattan 22% Queens 25% While minimal campus housing currently exists, 76% of students reported that the availability of future university housing is an important factor for their overall experience Overall, students are satisfied with their current living conditions (77%). However, a third of students who rent indicated that they were unsatisfied with where they currently live. Many students share their house, apartment or condo with others including parents, relatives and roommates. However, 55% of respondents indicate have their own single occupancy bedroom. Students top five factors impacting where they decide to live were: affordability, in-room internet access, private bathroom, safety,and proximity to public transportation Generally, students who rent pay less in rent and utilities than those who own properties. Overall, over half (54%) of all renters and owners pay less than $800 a month for their rent or mortgage. One third of students pay more than $100 a month for utilities. Location and proximity to public transportation are key factors to housing choices. Nearly 70% of students use public transportation and a quarter uses a combination of commuting methods. Currently, more than 75% of student respondents commute 45 minutes or more to campus. In considering housing options in the future, over 60% of students prefer to commute less than 45 minutes or less to campus. Consequently, students prefer to live in areas that would guarantee the shortest commute specifically those in Lower Manhattan. Brailsford & Dunlavey January 2008 Page 2

25 SURVEY ANALYSIS Detailed Findings- Baruch College Current Living Conditions and Preferences While many students decided to enroll at Baruch College despite the availability of campus housing, the majority of students (87%- very important and important ) still see university-housing as an important campus issue. Chart 4.3: How important would be the availability of universitysponsored housing in the future? Somewhat important 9.9% Not at all important 3.0% Important 20.1% Very important 67.0% The majority of students live with their parents or relatives (64%) or rent an apartment (22%). A very small portion of respondents indicated that they are currently living in campus housing either through an Educational Housing Service facility (.2%), at Hunter College (0%) or at City College (.1%). Chart 4.4: What best describes your current living conditions? Live with parents/relatives who own 36.6% Live with parents/relatives who rent 27.4% Rent an apartment 22.3% Rent a room in a house 5.3% Other Own a house / condo / coop Live in a parent-owned unit/house Rent a house Rent a duplex / townhouse Live in Educational Housing Services facility Live in CCNY Towers Live in Brookdale Residence Hall at Hunter 2.5% 1.8% 1.7% 1.7% 0.4% 0.2% 0.1% 0.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% The City University of New York Manhattan Student Housing Market Study Page 3

26 SURVEY ANALYSIS Most students live in houses or apartments with multiple bedrooms (77%), but over half have their own (single-occupancy) bedroom. Chart 4.5: How many bedrooms are in the unit where you live? 4 or more bedrooms 12.4% studio 5.3% 1 bedroom 17.2% Chart 4.6: Do you have a single occupancy bedroom? I live with a spouse/ partner/ child 8.1% No 35.0% 3 bedrooms % bedrooms Yes 57.3% 31.6% Students were asked about their current method of commuting to school. Nearly 70% indicated that they primarily use public transportation. The remaining 30% use some other form of transportation or a combination of two or more methods. The majority of students do not live in Lower Manhattan and the communities close to Baruch College. Consequently, only a quarter commute less than 45 minutes, while the remaining commute more than 45 minutes each way to campus. Chart 4.7: How do you typically get to where you take classes or teach as a graduate assistant? Walk 1.6% Drive w ith someone else 0.3% Combination of tw o or more 25.9% Other 0.4% Drive alone 1.7% Bicycle 0.3% Brailsford & Dunlavey January 2008 Page 4 Public Transportation 69.8%

27 SURVEY ANALYSIS Chart 4.8: How long does it typically take you to get from where you live to where you take classes? 40.0% 35.0% 30.0% 25.0% 35.0% 30.1% 20.0% 15.0% 10.0% 7.0% 14.2% 10.8% 5.0% 0.0% 1.9% 15 minutes or less 16 to 30 minutes 31 to 45 minutes 46 to 60 minutes 61 minutes to 90 minutes 91 minutes to 2 hours 1.1% More than two hours B&D compared the satisfaction of students who rent, own, or live with their parents. Over three quarters of students are satisfied with the current living situation. Owners are most satisfied with their housing (92% - very satisfactory or satisfactory ). Over two-thirds of renters indicate that they are very satisfied or satisfied with their living conditions, while the remaining third are unsatisfied (33% - unsatisfactory of very unsatisfactory ). Chart 4.9: How would you describe your current living conditions? Very satisfactory Satisfactory Unsatisfactory Very unsatisfactory Renters 14% 54% 26% 7% Owners 46% 46% 8% 0% Live w/ Parents 19% 57% 19% 5% Average 26% 52% 17% 4% The City University of New York Manhattan Student Housing Market Study Page 5

28 SURVEY ANALYSIS Housing Costs Fifty-one percent of renters contribute less than $700 towards monthly rent. Nearly 40% of owners spend more than $1100 a month on their monthly mortgage. In addition to rent and mortgage, the majority (84%) of owners pay over $150 a month in utilities. Fifty-five percent of renters pay over $100 a month for their portion of the utilities. Chart 4.10: What is your personal share of monthly rent/housing cost, excluding utilities? 35% 30% 25% 20% 15% 10% 5% 0% 28% 8% Less than $499 23% 0% 17% 15% 10% 0% $500-$699 $700-$899 $900- $1099 6% 8% $1100- $1299 3% 23% $1300- $1499 6% 15% More than $1500 7% 31% Don't Know Renters Ow ners Chart 4.11: What is your personal share of all monthly utility costs? 45% 40% 42% 35% 30% 25% 20% 15% 10% 5% 0% 11% 0% Less than $25 13% 8% 22% 0% 21% 8% $25 - $49 $50 - $99 $100 - $149 12% 17% $150 - $199 11% $200 or more 11% 25% Don't know Renters Owners Brailsford & Dunlavey January 2008 Page 6

29 SURVEY ANALYSIS Factors in Housing Selection Students at Baruch College indicated that affordability of housing most greatly impacts their choices on where to live (87%). In addition, internet access, private bathrooms, proximity to campus, and safety were equally important factors in their decision making. Chart 4.12: If CUNY were to provide housing which five features would be the most important to you? Affordability In-room Internet access Private bathroom Proximity to where I take classes/teach Safety Proximity to public transportation Kitchen in my unit Single bedroom Washers / dryers on my floor Fitness center in housing facility Dining services nearby Quiet study area in the building Washer / dryer in my unit Social lounge / TV room in the building Computer lab in housing facility Parking on site Living room Other Classrooms / academic facilities in the building Retail nearby 18% 16% 13% 12% 10% 9% 8% 7% 6% 2% 2% 1% 27% 32% 29% 48% 47% 46% 69% 87% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% The City University of New York Manhattan Student Housing Market Study Page 7

30 SURVEY ANALYSIS Future Housing Preferences Nearly half (49.2%) of students prefer to have a short commute of less than 30 minutes. While ¾ of students are currently commuting over 45 minutes, in the future nearly 75% would like to commute 45 minutes or less from their homes to campus. (One-way commutes described above) 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 11.5% 15 minutes or less Chart 4.13: What is your maximum acceptable commuting time from where you live to where you take classes/ teach? 37.7% 16 to 30 minutes 23.8% 31 to 45 minutes 18.1% 46 to 60 minutes 7.2% 61 minutes to 90 minutes 1.4% 91 minutes to 2 hours 0.3% More than two hours While students showed interest in several different areas in Manhattan, Queens and Brooklyn, 95% of students indicated Lower Manhattan as a preferred location to live. Nearly 40% were also interested in housing in Upper Manhattan. Over 25% indicated West Brooklyn, Astoria and Long Island City as preferred living locations. Chart 4.14: Which of the areas below would be acceptable housing locations for you? (Select all that Apply) Neighborhood/ Area age of Students Manhattan, south of 96th Street 95% Manhattan, north of 96th Street 38% Brooklyn, Brooklyn Heights, DUMBO 31% Queens, Long Island City/Astoria 30% Brooklyn, Greenpoint/Williamsburg 25% Brooklyn, Downtown 19% Brooklyn, Parkslope, Prospect Heights 19% Queens, Sunnyside/Woodside 16% Brooklyn, Cobble Hill, Carrol Gardens, Boerum Hill 14% Brooklyn, Fort Greene, Clinton Hill 12% Brailsford & Dunlavey January 2008 Page 8

31 SURVEY ANALYSIS Detailed Findings- The Graduate Center Current Living Conditions and Preferences While many students decided to enroll at The Graduate Center despite the availability of campus housing, the majority of students (70%- very important and important ) still see university-housing as an important campus issue. Chart 4.15: How important would be the availability of universitysponsored housing in the future? Somewhat important 15.5% Not at all important 15.4% Very important 49.5% Important 19.6% The majority of students either live independently renting or owning a home (86%). A very small portion of respondents indicated that they are currently living in campus housing either through an Educational Housing Service facility (.2%), at Hunter College (1.3%) or at City College (.9%). Chart 4.16: What best describes your current living conditions? Rent an apartment 62.7% Own a house / condo / coop Rent a room in a house Live with parents/relatives who own Other Live with parents/relatives who rent Live in Brookdale Residence Hall at Hunter Rent a duplex / townhouse Live in a parent-owned unit/ house (without parents) Rent a house Live in CCNY Towers Live in Educational Housing Services facility 11.9% 8.8% 6.0% 3.0% 2.4% 1.3% 1.2% 1.2% 1.1% 0.9% 0.2% 0.0% 10.0 % 20.0 % 30.0 % 40.0 % 50.0 % 60.0 % 70.0 % The City University of New York Manhattan Student Housing Market Study Page 9

32 SURVEY ANALYSIS Most students live in houses or apartments with multiple bedrooms (67%), and over half have their own (single occupancy) bedroom. Chart 4.17: How many bedrooms are in the unit where you live? 3 bedrooms 18.8% 4 or more bedrooms 8.8% studio apartment 9.8% 1 bedroom 33.5% Chart 4.18: Do you have a single occupancy bedroom? I live with a spouse/ partner/ child 37.3% 2 bedrooms 29.1% No 10.6% Yes 52.1% Students were asked about their current method of commuting to school. Nearly 70% indicated that they primarily use public transportation. The remaining 30% use some other form of transportation or a combination of two or more methods. The majority of students do not live in Lower Manhattan and the communities close to The Graduate Center. Consequently, over half commute less than 45 minutes, while the remaining (49%) commute more than 45 minutes each way to campus. Chart 4.19: How do you typically get to where you take classes or teach as a graduate assistant? Drive with someone else 0.0% Other 1.0% Bicycle 1.3% Drive alone 3.4% Walk 4.5% Combination of two or more of the above 19.9% Public Transportation 70.0% Brailsford & Dunlavey January 2008 Page 10

33 SURVEY ANALYSIS Chart 4.20: How long does it typically take you to get from where you live to where you take classes/teach? 40% 35% 33% 30% 28% 25% 20% 15% 14% 15% 10% 5% 4% 4% 1% 0% 15 minutes or less 16 to 30 minutes 31 to 45 minutes 46 to 60 minutes 61 minutes to 90 minutes 91 More than minutes two hours to 2 hours B&D compared the satisfaction of students who rent, own, or live with their parents. Eighty-six percent of students are satisfied ( very satisfactory satisfactory ) with the current living situation with owners being the most satisfied with their housing (95%- very satisfactory or satisfactory ). Chart 4.21: How would you describe your current living conditions? Very satisfactory Satisfactory Unsatisfactory Very unsatisfactory Renters 25.0% 59.1% 13.6% 2.3% Owners 55.5% 39.1% 4.7% 0.8% Live with Parents 29.9% 48.5% 17.5% 4.1% Average 36.8% 48.9% 11.9% 2.4% The City University of New York Manhattan Student Housing Market Study Page 11

34 SURVEY ANALYSIS Housing Costs Nearly 70% of renters contribute less than $700 towards monthly rent. Over half of owners spend $1100 a month on their monthly mortgage. In addition mortgage, 57% of owners contribute an additional $150 or more towards utilities. Many (44%) renters pay over $100 a month for their portion of the utilities. Chart 4.22: What is your personal share of monthly rent/housing costs, excluding utilities? 60% 50% 48% 40% 30% 20% 10% 0% 21% 8% Less Than $499 $500- $699 27% 14% 13% 13% 13% $700- $899 $900- $1099 9% 7% 8% 4% $1100- $1299 $1300- $1400 7% 29% $1500 or More 1% 10% Don't Know Renters Owners Chart 4.23: What is your personal share of all monthly utility costs? 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 6% 2% Less than $25 13% 6% 33% 23% 13% 12% $25 - $49 $50 - $99 $100 - $149 Renters 11% Owners $150 - $199 11% 10% 46% $200 or more 4% 11% Don't know Brailsford & Dunlavey January 2008 Page 12

35 SURVEY ANALYSIS Factors in Housing Selection Students at The Graduate Center indicated that affordability of housing most greatly impacts their choices on where to live (89%). In addition, internet access, private bathrooms, private kitchens, and proximity to public transportation, were equally important factors in their decision making. Chart 4.24: If CUNY were to provide housing which five features would be the most important to you? Affordability 88.8% In-room Internet access Private bathroom Kitchen in my unit Proximity to public transportation Single bedroom Safety 58.6% 57.4% 52.3% 54.8% 44.3% 36.3% Proximity to w here I take classes/teach 25.5% Fitness center in housing facility Washers / dryers on my floor Living room Washer / dryer in my unit Quiet study area in the building Parking on site Dining services nearby Other Computer lab in housing facility Retail nearby Social lounge / TV room in the building Classrooms / academic facilities in the building 11.5% 10.1% 9.4% 7.6% 6.4% 4.8% 4.4% 3.8% 2.9% 2.7% 1.2% 0.9% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% The City University of New York Manhattan Student Housing Market Study Page 13

36 SURVEY ANALYSIS Future Housing Preferences Nearly half (47%) of students prefer to have a short commute of less than 45 minutes. While nearly half of students currently commute over 45 minutes, in the future the majority would accept a commute of 16 to 60 minutes. Chart 4.25: What is your maximum acceptable commuting time from where you live to where you take classes/ teach? 45% 43% 40% 35% 33% 30% 25% 20% 15% 10% 12% 8% 5% 0% 2% 15 minutes or less 16 to 30 minutes 31 to 45 minutes 46 to 60 minutes 61 minutes to 90 minutes 2% 91 minutes to 2 hours 0.4% More than two hours While students showed interest in several different areas in Manhattan, Queens and Brooklyn, 90% of students indicated Lower Manhattan as a preferred location to live. Sixty percent were also interested in housing in Long Island City and Astoria. An equally large percentage also indicated West Brooklyn (53%) and Upper Manhattan (52%) as preferred living locations. Chart 4.26: Which of the areas below would be acceptable housing locations for you? (Select all that Apply) Neighborhood/ Area age of Students Manhattan, south of 96th Street 90% Queens, Long Island City/Astoria 60% Brooklyn, Brooklyn Heights, DUMBO 53% Manhattan, north of 96th Street 52% Brooklyn, Parkslope, Prospect Heights 51% Brooklyn, Greenpoint/Williamsburg 45% Brooklyn, Cobble Hill, Carrol Gardens, Boerum Hill 42% Brooklyn, Downtown 37% Brooklyn, Fort Greene, Clinton Hill 35% Queens, Sunnyside/Woodside 30% Brailsford & Dunlavey January 2008 Page 14

37 SURVEY ANALYSIS Detailed Findings- Hunter College Current Living Conditions and Preferences While many students decided to enroll at Hunter College despite the availability of campus housing, the majority of students (72%- very important and important ) still see university-housing as an important campus issue. Chart 4.27: How important would be the availability of university sponsored housing in the future? Somewhat important 14% Not at all important 14% Very important 51% Important 21% The majority of students either live with their parents or relatives (64%) or rent an apartment (22%). A very small portion of respondents indicated that they are currently living in campus housing either through an Educational Housing Service facility (.4%), at Hunter College (8%) or at City College (.2%) Chart 4.28: What best describes your current living conditions? Rent an apartment 30% Live with parents/relatives who rent Live with parents/relatives who own 24% 23% Live in Brookdale Residence Hall at Hunter 8% Rent a room in a house Own a house / condo / coop Other 4% 3% 4% Live in a parent-owned unit/house (without parents) Rent a house Live in Educational Housing Services facility Rent a duplex / townhouse Live in CCNY Towers 1% 1% 0.4% 0.2% 0.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% The City University of New York Manhattan Student Housing Market Study Page 15

38 SURVEY ANALYSIS While most students live in houses or apartments with multiple bedrooms (67%), but over half have their own (single-occupancy) bedroom. Chart 4.29: How many bedrooms are in the unit where you live? Chart 4.30: Do you have a single occupancy bedroom? 3 bedrooms 25% 4 or more bedrooms 10% studio 8% 1 bedroom 24% I live with a spouse/ partner/ child 13% No 29% Yes 58% 2 bedrooms 32% Students were asked their current method of commuting to school. Seventy-five percent of students indicated that they primarily use public transportation. The remaining 25% use some other form of transportation or a combination of two or more methods. Only a quarter of Hunter College students live in Manhattan. Consequently, 60% must commute more than 45 minutes each way to campus. Chart 4.31: How do you typically get to where you take classes or teach as a graduate assistant? Combination 20% Walk 3% Other 0.5% Drive with someone else 0.1% Drive alone 0.6% Bicycle 0.8% Public Transportation 75% Brailsford & Dunlavey January 2008 Page 16

39 SURVEY ANALYSIS Chart 4.32: How long does it typically take you to get from where you live to where you take classes/teach? 35% 30% 32% 25% 21% 21% 20% 15% 15% 10% 6% 5% 3% 1% 0% 15 minutes or less 16 to 30 minutes 31 to 45 minutes 46 to 60 minutes 61 minutes to 90 minutes 91 minutes to 2 hours More than two hours B&D compared the satisfaction of students who rent, own, or live with their parents. Over three quarters (77%- very satisfactory or satisfactory ) of students are satisfied with the current living situation. While owners are most satisfied with their housing (75%), a quarter of renters are unsatisfied with their current living arrangements. Chart 4.33: How would you describe your current living conditions? Very Very Satisfactory Unsatisfactory satisfactory unsatisfactory Renters 23% 52% 19% 6% Owners 21% 54% 18% 7% Live on Campus/Other 19% 62% 15% 5% Average 21% 56% 17% 6% The City University of New York Manhattan Student Housing Market Study Page 17

40 SURVEY ANALYSIS Housing Costs Fifty-eight percent of renters contribute less than $800 towards monthly rent. In addition to rent and mortgage, over 40% of renters contribute over $100 a month to utilities. Chart 4.34: What is your personal share of monthly rent/housing cost, excluding 60% 57% 50% 40% 36% 42% 41% 36% 30% 20% 10% 0% 26% 17% 14% 11% 7% 3% 0.8% 5% 5% 0.3% $399 or less $400-$799 $800-$1199 $1200 or More Don't Know Renters Ow ners Live on Campus/Other Chart 4.35: What is your personal share of all monthly 60% 56% 50% 48% 40% 30% 20% 10% 0% 20% 9% 34% 30% 19% 12% 12% 10% 5% 7% 5% 3% 4% 8% 3% 3% 3% 3% 3% Less than $25 $25 - $49 $50 - $99 $100 - $149 $150 - $199 $200 or more Don't know Renters Owners Live on Campus/ Other Brailsford & Dunlavey January 2008 Page 18

41 SURVEY ANALYSIS Factors in Housing Selection Students at Hunter College indicated that affordability of housing most greatly impacts their choices on where to live (89%). In addition, internet access, safety, private bathrooms, and proximity to public transportation were equally important factors in their decision making. Chart 4.36: If CUNY were to provide housing which five features would be the most important to you? Affordability 89% In-room Internet access 68% Safety Private bathroom Proximity to public transportation 44% 49% 47% Proximity to where I take classes/teach Single bedroom Kitchen in my unit Dining services nearby Fitness center in housing facility Quiet study area in the building Washers / dryers on my floor Washer / dryer in my unit Computer lab in housing facility Social lounge / TV room in the building Parking on site Classrooms / academic facilities in the building Living room Other Retail nearby 34% 30% 23% 21% 17% 14% 13% 12% 11% 7% 6% 3% 3% 2% 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % The City University of New York Manhattan Student Housing Market Study Page 19

42 SURVEY ANALYSIS Future Housing Preferences While 60% of students currently commute over 45 minutes to get to Hunter College, 60% of students prefer to have a commute of less than 45 minutes if housing is offered in the future. (One-way commutes described above) Chart 4.37: What is your maximum acceptable commuting time from where you live to where you take classes/ teach? 30% 25% 27% 26% 26% 20% 15% 12% 10% 7% 5% 0% 15 minutes or less 16 to 30 minutes 31 to 45 minutes 46 to 60 minutes 61 minutes to 90 minutes 2% 91 minutes to 2 hours 0% More than two hours While students showed interest in several different areas in Manhattan, Queens and Brooklyn, 88% of students indicated Lower Manhattan as a preferred location to live. Nearly 51% were also interested in housing in Upper Manhattan. Over 25% also indicated West Brooklyn, Astoria and Long Island City as preferred living locations. Chart 4.38: Which of the areas below would be acceptable housing locations for you? (Select all that Apply) Neighborhood/ Area age of Students Manhattan, south of 96th Street 88% Manhattan, north of 96th Street 51% Queens, Long Island City/Astoria 37% Brooklyn, Greenpoint/Williamsburg 26% Queens, Sunnyside/Woodside 22% Brooklyn, Brooklyn Heights, DUMBO 22% Brooklyn, Parkslope, Prospect Heights 22% Brooklyn, Downtown 17% Brooklyn, Cobble Hill, Carrol Gardens, Boerum Hill 13% Brooklyn, Fort Greene, Clinton Hill 12% Brailsford & Dunlavey January 2008 Page 20

43 SURVEY ANALYSIS Detailed Findings- John Jay College of Criminal Justice Current Living Conditions and Preferences While many students decided to enroll at John Jay College of Criminal Justice despite the availability of campus housing, the majority of students (83%- very important and important ) still see university-housing as an important campus issue. Chart 4.39: How important would be the availability of university sponsored housing in the future? Somewhat important 14% Not at all important 14% Very important 51% Important 21% Over half of students either live with their parents or relatives (52%) and nearly a quarter rent an apartment on their own. A very small portion of respondents indicated that they are currently living in campus housing either through an Educational Housing Service facility (.1%), at Hunter College (0%) or at City College (2%) Chart 4.40: What best describes your current living conditions? Rent an apartment Live w ith parents/relatives w ho rent 30% 28% Live w ith parents/relatives w ho ow n 24% Rent a room in a house Other 6% 5% Ow n a house / condo / coop Live in CCNY Tow ers Live in a parent-ow ned condo / house / coop (w ithout parents) Rent a house Live in Educational Housing Services facility Rent a duplex / tow nhouse Live in Brookdale Residence Hall at Hunter 2% 2% 2% 1% 0.1% 0.2% 0.0% 0% 5% 10% 15% 20% 25% 30% 35% The City University of New York Manhattan Student Housing Market Study Page 21

44 SURVEY ANALYSIS While most students live in houses or apartments with multiple bedrooms (78%), but over half have their own (single-occupancy) bedroom. Chart 4.41: How many bedrooms are in the unit where you live? 4 or more bedrooms 14.17% studio apartment 4.39% 1 bedroom 17.58% Chart 4.42: Do you have a single-occupancy bedroom? I live with a spouse/ partner/ child 12.43% 3 bedrooms 31.12% 2 bedrooms 32.74% No 34.72% Yes 52.85% Students were asked their current method of commuting to school. Over 70% indicated that they primarily use public transportation. The remaining 30% use some other form of transportation or a combination of two or more methods. Only 15% of John Jay College of Criminal Justice students live in Manhattan. Consequently, nearly 75% of students must commute 45 minutes or more to campus. Chart 4.43: How do you typically get to where you take classes or teach as a graduate assistant? Other 0.6% Bicycle 0.3% Walk 1.2% Drive with someone else 1.3% Drive alone 3.0% Combination of two or more 20.9% Public Transportation 73.0% Brailsford & Dunlavey January 2008 Page 22

45 SURVEY ANALYSIS Chart 4.44: How long does it typically take you to get from where you live to where you take classes? 40% 35% 35% 30% 27% 25% 20% 15% 17% 10% 9% 9% 5% 2% 2% 0% 15 minutes or less 16 to 30 minutes 31 to 45 minutes 46 to 60 minutes 61 minutes to 90 minutes 91 minutes to 2 hours More than two hours B&D compared the satisfaction of students who rent, own, or live with their parents. Over 80% students are satisfied ( very satisfactory, satisfactory ) with the current living situation. While owners are overwhelming satisfied with their housing (97%), nearly one-third of renters are not happy with their current living conditions (30%- unsatisfactory, satisfactory ). Chart 4.45: How would you describe your current living conditions? Very satisfactory Satisfactory Unsatisfactory Very unsatisfactory Renters 12% 59% 23% 7% Owners 57% 43% 0% 0% Live with Parents 22% 55% 17% 6% Average 30% 52% 13% 4% The City University of New York Manhattan Student Housing Market Study Page 23

46 SURVEY ANALYSIS Housing Costs Over 70% of renters contribute less than $700 towards monthly rent. Forty percent of owners spend $1100 a month just on their monthly mortgage. In addition to mortgage, nearly half of owners contribute over $200 a month towards utilities. Fiftyeight percent of renters spend over $100 a month on utilities. Chart 4.46: What is your personal share of monthly rent/housing cost, excluding utilities? 45% 40% 40% 35% 30% 25% 20% 15% 10% 5% 17% 20% 13% 13% 9% 10% 9% 9% 9% 5% 2% 3% 22% 7% 13% 0% Less Than $499 $500-$699 $700-$899 $900-$1099 $1100-$1299 $1300-$1499 More Than $1500 Don't Know Renters Owners 60% Chart 4.47: What is your personal share of all monthly utility costs? 50% 48% 40% 30% 20% 10% 0% 7% 9% Less than $25 7% 4% 18% 0% 20% 22% 17% 13% 21% $25 - $49 $50 - $99 $100 - $149 $150 - $199 $200 or more 10% 4% Don't know Renters Owners Brailsford & Dunlavey January 2008 Page 24

47 SURVEY ANALYSIS Factors in Housing Selection Students at John Jay College of Criminal Justice indicated that affordability of housing most greatly impacts their choices on where to live (91%). In addition, internet access, private bathrooms, safety and proximity to public transportation were equally important factors in their decision making. Chart4.48: If CUNY were to provide housing which five features would be the most important to you? Affordability In-room Internet access Private bathroom Safety Proximity to public transportation Kitchen in my unit Proximity to where I take classes/teach Single bedroom Washers / dryers on my floor Washer / dryer in my unit Fitness center in housing facility Dining services nearby Parking on site Computer lab in housing facility Quiet study area in the building Social lounge / TV room in the building Living room Classrooms / academic facilities in the building Other Retail nearby 19% 16% 15% 15% 15% 14% 10% 6% 4% 4% 2% 1% 32% 32% 31% 28% 50% 49% 56% 91% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100 % The City University of New York Manhattan Student Housing Market Study Page 25

48 SURVEY ANALYSIS Future Housing Preferences While 75% of students are currently commuting over 45 minutes one-way, over 50% of students would prefer to have a short commute of less than 45 minutes if campus was offered in the future. 30% 25% Chart 4.49: What is your maximum acceptable commuting time from where you live to where you take classes/ teach? 28% 27% 25% 20% 15% 12% 10% 5% 0% 5% 15 minutes or less 16 to 30 minutes 31 to 45 minutes 46 to 60 minutes 61 minutes to 90 minutes 3% 91 minutes to 2 hours 0.4% More than tw o hours While students showed interest in several different areas in Manhattan, Queens and Brooklyn, 85% of students indicated Lower Manhattan as a preferred location to live. Nearly 60% were also interested in housing in Upper Manhattan. One third of students would consider Long Island City and Astoria as preferred location. Chart 4.50: Which of the areas below would be acceptable housing locations for you? (Select all that Apply) Neighborhood/ Area age of Students Manhattan, south of 96th Street 85% Manhattan, north of 96th Street 59% Queens, Long Island City/Astoria 28% Brooklyn, Downtown 19% Brooklyn, Brooklyn Heights, DUMBO 18% Brooklyn, Parkslope, Prospect Heights 17% Queens, Sunnyside/Woodside 16% Brooklyn, Greenpoint/Williamsburg 16% Brooklyn, Cobble Hill, Carrol Gardens, Boerum Hill 13% Brooklyn, Fort Greene, Clinton Hill 10% Brailsford & Dunlavey January 2008 Page 26

49 Tab 5

50 DEMAND ANALYSIS Objectives and Methodology B&D developed a student housing demand model to project the specific quantity of demand for the proposed unit types. The model projects demand under the assumption that future housing would be designed to match the characteristics of the units presented to respondents in the survey. The model derives the demand figures based on responses from the student survey as well as enrollment numbers provided by the colleges. These figures may be reanalyzed in the future, as necessary, to reflect changes in enrollment. Capture Rates and Demand/Supply Reconciliation The model allowed B&D to analyze each class to project housing demand. The capture rates reflect the percentages of students in the target market who indicated their intention to live in the proposed units. For example, the number of all juniors included in the target market and interested in living in the proposed units, divided by the junior sample size results in the capture rate for the current academic year. These capture rates are then applied to the enrollment figures for each class generating the projected demand. Finally, the projected demand is multiplied by weight factors to ensure a demographic balance between the survey respondents and the entire target market population. For example, the demand generated by full-time students was discounted as full-time students were over-represented in all survey response groups. Target Market & Capture Rate Considerations Although B&D surveyed the entire student population at each of the subject colleges, only certain demographic groups were included in the target market. The target market was narrowed down to those who are (an individual had to meet all three criteria below to be included in the calculations): Full time students, Renters paying more than $700/month in rent or are living in parent-owned/renter properties, and Are willing to commute at least 45 minutes to their college. Student Enrollment B&D used the following enrollment figures provided by each of the colleges: Baruch College: Freshmen: 2,313 Sophomores: 2,786 Juniors: 3,626 Seniors: 3,073 Graduate: 3,073 The City University of New York Manhattan Student Housing Market Study Page 1

51 DEMAND ANALYSIS The Graduate Center: Graduate: 4,190 Hunter College: Freshmen: 3,251 Sophomores: Juniors: 4,229 Seniors: 3,534 Graduate: 5,129 John Jay College of Criminal Justice: Undergraduate: 12,853 Graduate: 1,912 In the absence of specific projections, B&D assumed no growth in enrollment. If, however, the enrollment does grow and the demographic profiles of the student populations do not experience significant changes, the demand for housing will likely increase based on the potential capture rates derived from the survey data. The demand figures presented in this report are sorted by the following categories: College each of the four participating colleges receives its own set of demand numbers. Enrollment level from freshmen through graduate level. Location three general locations were tested: Manhattan, Queens, and Brooklyn. Unit type see types and descriptions of tested units below. Tested Units and Price Points In the survey, B&D provided a detailed description of the proposed units associated with price points. The following units were included: A. Two-Bedroom Apartment Unit (Double-Occupancy Bedrooms) Two shared bedrooms with shared bathroom, kitchen, and living/dining area. 12-month lease term Estimated Rent: $825-$925 / month / person Brailsford & Dunlavey January 2008 Page 2

52 DEMAND ANALYSIS Chart 6.1: Unit Layout A B. Four-Bedroom Apartment Unit (Single-Occupancy Bedrooms) Four single bedrooms with two shared bathrooms, kitchen, and living/dining area. 12-month lease term Estimated Rent: $975 1,075 / month / person Chart 6.2: Unit Layout B C. Three-Bedroom Apartment Unit (Single-Occupancy Bedrooms) Three single bedrooms with two shared bathrooms, kitchen, and living/dining area. 12-month lease term Estimated Rent: $1,050 1,150 / month / person The City University of New York Manhattan Student Housing Market Study Page 3

53 DEMAND ANALYSIS Chart 6.3: Unit Layout C D. Two-Bedroom Apartment Unit (Single-Occupancy Bedrooms) Two single bedrooms with one shared bathroom, kitchen, and living/dining area. 12-month lease term Estimated Rent: $1,275 - $1,375 / month / person Chart 6.4: Unit Layout D E. One-Bedroom Apartment Unit (Single-Occupancy Bedroom) One single bedroom with one bathroom, kitchen, and living/dining area. 12-month lease term Estimated Rent: $1,650 - $1,750 / month / person Brailsford & Dunlavey January 2008 Page 4

54 DEMAND ANALYSIS Chart 6.5: Unit Layout E F. Studio Unit (Single-Occupancy Bedroom) Bedroom/living space with kitchenette and bathroom 12-month lease term Estimated Rent: $1,425 - $1,525 / month / person Chart 6.6: Unit Layout F The City University of New York Manhattan Student Housing Market Study Page 5

55 DEMAND ANALYSIS Demand Projections B&D s analysis, within the context of the target market, shows that demand is present for the following quantities of beds: Baruch College Manhattan : 1,050 beds at a 7% capture rate Queens: 1,515 beds at 10% capture rate Brooklyn: 1,226 beds at 8% capture rate The charts below show the breakdown of demanded beds by class and unit type: Manhattan Chart 6.7: Manhattan Demand Breakdown for Baruch College Queens Chart 6.8: Queens Demand Breakdown for Baruch College Brooklyn Chart 6.9: Brooklyn Demand Breakdown for Baruch College Brailsford & Dunlavey January 2008 Page 6

56 DEMAND ANALYSIS The Graduate Center Manhattan : 591 beds at a 14% capture rate Queens: 427 beds at 10% capture rate Brooklyn: 652 beds at 15% capture rate Manhattan Chart 6.10: Manhattan Demand Breakdown for The Graduate Center Queens Chart 6.11: Queens Demand Breakdown for The Graduate Center Brooklyn Chart 6.12: Brooklyn Demand Breakdown for The Graduate Center Hunter College Manhattan : 1,959 beds at a 10% capture rate Queens: 1,648 beds at 8% capture rate Brooklyn: 1,831 beds at 9% capture rate Manhattan Chart 6.13: Manhattan Demand Breakdown for Hunter College The City University of New York Manhattan Student Housing Market Study Page 7

57 DEMAND ANALYSIS Queens Chart 6.14: Queens Demand Breakdown for Hunter College Brooklyn Chart 6.15: Brooklyn Demand Breakdown for Hunter College John Jay College of Criminal Justice Manhattan : 1,960 beds at a 13% capture rate Queens: 1,952 beds at 13% capture rate Brooklyn: 2,227 beds at 15% capture rate Manhattan Chart 6.16: Manhattan Demand Breakdown for John Jay College of Criminal Justice Queens Chart 6.17: Queens Demand Breakdown for John Jay College of Criminal Justice Brailsford & Dunlavey January 2008 Page 8

58 DEMAND ANALYSIS Brooklyn Chart 6.18: Brooklyn Demand Breakdown for John Jay College of Criminal Justice The City University of New York Manhattan Student Housing Market Study Page 9

59 DEMAND ANALYSIS Brailsford & Dunlavey January 2008 Page 10

60 Tab 6

61 FINANCIAL ANALYSIS Objectives B&D developed a financial model to establish approximate price points to be tested in the student survey. The model projects financial performance of a student housing facility consisting of 670 beds (230 units). The model analyzes capital costs, projected revenues, operating expenses (both personnel and nonpersonnel), and the general economic performance of the development demonstrated in the debt coverage ratio. Methodology The model includes a ten-year operating pro forma showing all operating revenues, operating expenses, debt service, reserve transfers, and management fees based on specific assumptions. B&D applied industry standards and its own expertise with similar projects to produce this model. Assumptions Capital Costs and Debt Service B&D assumed that the New York City Housing Development Corporation ( HDC ) will be utilized as a financing conduit with the SONYMA credit enhancement. The annual debt service is based on the overall project cost including hard, soft, and financing costs. B&D assumed that the project will be 100% debt financed with a fixed interest rate (5.25% assumed). The assumed debt term is 40 years. The required year two debt coverage ratio is 1.10:1.00. In addition, to improve the economics of the project, B&D developed a ramped-up debt service schedule with flat annual debt service payments starting in year six of operations at approximately $6M/year. The following capital costs are included in the budget (details in Exhibit D): Hard costs: Enclosed building: $52,602,000M F,F&E : $1.84M Inflation allowance to the mid point of construction: $9.0M (at 8% annually) Soft costs: Design fees: $4.8M Testing fees: $120,000 Local fees and permits: $50,000M Start-up expenses: $200,000 Accounting/legal/title/closing: $320,000 Developer insurance: $75,000 Project contingency: $4.1M Development fee: $3.7M Developer Reimbursable: $200,000 Financing costs: Cost of issuance: $2.0M 1st payment of SONYMA fee paid at closing: $255,000 City University of New York Manhattan Student Housing Market Study Page 1

62 FINANCIAL ANALYSIS SONYMA commitment fee: $100,000 1st payment of Construction LOC paid at closing: $200,000 Construction LOC commitment fee: $1.0M 1st payment of HDC Servicing Fee paid at closing: $100,000 HDC commitment fee:$1.0m Debt service reserve fund: $6M Capitalized interest fund: $9.6M In addition, reinvestment proceeds (interest earned) in the amount of $2.6M were subtracted from the overall project cost. The overall project cost is estimated to be approximately $100.9M, or $151,000 per bed. Assumptions Revenues Revenues come primarily from room rentals. Miscellaneous (other) revenues such as vending, and damages are also included ($100/bed/year). B&D assumed that the lease term for all units will be 12 months. The Resident Assistant units will be provided at no charge and, therefore, will not generate rental revenues. The model assumes 90% occupancy in year one, 92.5% occupancy in year two, and 95% occupancy in year three and beyond. All project revenues are inflated at 3% annually. Assumptions Operating Expenses (Personnel) B&D developed a preliminary professional staff schedule for the proposed project. The positions shown include residential life staff, custodial staff, and maintenance. The benefit rate is assumed to be 25% of salaries. All personnel expenses are inflated at 4% annually in accordance with HDC requirements. Assumptions Operating Expenses (Non-personnel) B&D estimated the non-personnel costs based on the experience with similar projects. These costs are estimated on a per-square-foot basis. The following expense categories are included: Repairs and maintenance Utilities Marketing/leasing General and administration Insurance All non-personnel expenses are inflated at 4% annually in accordance with HDC requirements. In addition to the above costs, B&D assumed that the project would transfer $175 per bed annually to its Renewal & Replacement (R&R) Account. Furthermore, a property management fee of 5% (of gross Brailsford & Dunlavey January 2008 Page 2

63 FINANCIAL ANALYSIS revenues) is included in the pro forma. The R&R contribution and management fee are not subordinated to debt service payments. Project Timeline For the purposes of the model, B&D assumed occupancy of the project in fall of Summary Rental Rates and Project Feasibility Under the above assumptions, the following rental rate structure would be required to generate a 1.10:1:00 debt coverage ratio desired for this project in year two (monthly rates below are shown in 2007 $s): $810 for a double-occupancy bedroom in a two-bedroom apartment $961 for a single-occupancy bedroom in a four-bedroom apartment $1,030 for a single-occupancy bedroom in a three-bedroom apartment $1,258 for a single-occupancy bedroom in a two-bedroom apartment $1,418 for a single-occupancy studio apartment With the above rental rate structure, the project will stand-alone financially and will support an additional $6M capital cost that could be designated for site acquisition. B&D also tested an additional scenario (Scenario 3 below) with a more realistic site acquisition cost of $24M. Under this scenario, the overall project cost is estimated to be approximately $123.5M, or $184,000 per bed. A rental rate increase of approximately $185 per bed per month would be required for Scenario 3 to stand-alone financially. As an alternative, the additional required cost of land acquisition in the amount of $18M (difference between the realistic cost of $24M and project-supported $6M) would have to be provide through an equity contribution or fundraising to avoid impacts on the rental rates (Scenario 2 below). Chart 7.1: Financial Scenario Comparison City University of New York Manhattan Student Housing Market Study Page 3

64 FINANCIAL ANALYSIS Brailsford & Dunlavey January 2008 Page 4

65 Exhibit A

66 CUNY 4-College Housing Demand Study Comparison of Manhattan Colleges and Universities (offereing residential facilities) Resident Type (1) Bldg. Capacity (2) Unit Layout Unit Capacity Occupancy type (3) Lease Term Avg. Rate/ year Avg. rate/ month (4) Utilities Included Bath type Kitchen W/D Internet Computer lab Fitness Center A/c Meal Plan cable security Institution/Name of Property Address Neighborhood # of Units Lounge Barnard College 600 West 116th St. 600 West 116th St. Morningside Heights u 182 suite 2,4,6 d 9 mo $7,656 $851 X in-suite in-suite on-site X - - X - optional - X 616 West 116th St. 616 West 116th St. Morningside Heights u 207 suite 5-6 s,d 9 mo $7,656 $851 X in-suite in-suite on-site X X optional - X 620 W. 116 St. 620 W. 116 St. Morningside Heights u 181 suite 4,5 s,d 9 mo $7,656 $851 X in-suite in-suite on-site X optional - X Brooks Hall Morningside Heights u,f 145 corridor s,d,t,q 9 mo $7,656 $851 X shared n/a n/a X X optional - X Cathedral Gardens (5) 217 Manhattan Ave. Morningside Heights u 215 apartment 2-9 s,d 9 mo $7,656 $851 X in-suite in-suite on-site X - X - - optional - X College Residence 601 West 110th Street Morningside Heights u 280 mixed 2-9 s,d 9 mo $7,656 $851 X in-suite in-suite on-site X optional - X Ellitott Hall 119th Street and Claremont Morningside Heights u 90 mixed 6-12 s,d 9 mo $7,656 $851 X in-suite in-suite on-site X - X - - optional - X Hewitt Hall Morningside Heights u,f 500 corridor s,d 9 mo $7,656 $851 X shared n/a X X required - X Plimpton Hall (5) 120th St. & Amsterdam Morningside Heights u 124 suite 2-9 s 9 mo $7,656 $851 X in-suite in-suite on-site X X X - - optional - X Reid Hall Morningside Heights f corridor s,d,t 9 mo $7,656 $851 X shared n/a on-site X X - X - required - X Sulzberger Tower Morningside Heights u 96 mixed 6-12 s,d 9 mo $7,656 $851 X in-suite in-suite on-site X X optional - X Total Residence Halls 11 Institution average 202 $7,656 $851 City College of New York The Towers (5) 401 W. 130th Street Harlem u,g mixed s,d 12 mo $11,679 $973 X in-unit in unit on-site X - X X X - X X Columbia University 47 Claremont Morningside Heights u suite 3-7 s,d 9 mo $7,184 $798 X in-unit in-unit X West 113th 600 W. 113th St. Morningside Heights u,g suite 2-4 s,d 9 mo $6,462 $718 X in-unit in-unit on-site - - Broadway 2900 Broadway Morningside Heights u corridor 2-4 s,d 9 mo $5,796 $644 X 2000 community community on-site X x X X Brownstones 113th and 114th St.; Broadway Morningside Heights gk,u,lc apartment s,d,t 9 mo $6,823 $758 X in-unit in-unit on-site n/a n/a - - no Carman 545 W. 114th St. Morningside Heights mixed 4 d 9 mo $5,810 $646 X in-unit community on-site yes yes yes yes East Campus 70 Morningside Dr. Morningside Heights u,gk,lc,fk,f mixed 4-6 s,d 9 mo $7,184 $798 X in-unit in-unit on-site no yes yes yes Furnald 2960 Broadway Morningside Heights u, f corridor s,d 9 mo $5,810 $646 X community community on-site X X - Hartley 1124 Amsterdam Ave. Morningside Heights u,f suite s,d,t 9 mo $6,163 $685 X in-unit in-unit - X X - Hogan 566 W. 114th St. Morningside Heights u suite 4-5 s,d 9 mo $7,184 $798 X in-unit in-unit on-site - - John Jay 519 W. 114th Street Morningside Heights f corridor 1 s,d 9 mo $5,810 $646 X community n/a on-site X - X - McBain 562 W. 113th St. Morningside Heights u corridor 2 s,d 9 mo $5,796 $644 X community community on-site - X X X - River 628 W. 114th St. Morningside Heights u suite s,d 9 mo $6,462 $718 X in-unit in-unit on-site - x - Ruggles 508 W. 114th St. Morningside Heights u suite 4-8 s,d 9 mo $7,184 $798 X in-unit in-unit on-site Schapiro W. 155th St. Morningside Heights u corridor 1-2 s,d 9 mo $5,796 $644 X community community on-site X - X - X Wallach 1116 Amsterdam Ave. Morningside Heights u,f suite 9-11 s,d 9 mo $6,163 $685 X in-unit in-unit on-site - - X - - Watt 549 W. 113th Street Morningside Heights u apartment 1-4 s,d 9 mo $7,184 $798 X in-unit in-unit on-site X X X - - Wien 411 W. 116th St. Morningside Heights u corridor 1-4 s,d 9 mo $5,796 $644 X community community on-site X X X - Woodbridge 431 Riverside Dr. Morningside Heights u apartment 1-2 s,d 9 mo $7,184 $798 X in-unit in-unit on-site Institution average 299 $6,433 $715 Cooper Union Student Residence Stuyvesant and Third Ave. Greenwich Village u,f apartment 3-5 d 9 mo $10,050 $1,117 X in unit in-unit on-site X - X - n/a optional - X Fashion Instutute of Technology 31st Street Residence 406 W. 31st St. Chelsea u, g apartment 2-4 s,d,t,q 9 mo $10,444 $1,160 X in-unit in-unit on-site X X X X X optional X X Alumni Hall 210 West 27th Street Chelsea u,g apartment 4 d 9 mo $9,705 $1,078 X in-unit in-unit on-site X Coed Hall 230 West 27th Street Chelsea u,g mixed 2-4 d,t,q 9 mo $9,980 $1,109 X both both on-site X X required Nagler Hall 220 West 27th Street Chelsea u,g mixed 2 d 9 mo $8,884 $987 X community community on-site X - required Institution average 584 $9,753 $1,084 Fordham University McMahon Hall 155 West 60th Street Lincoln Center u,g 880 apartment 2-6 s,d,t 9 mo $11,028 $1,225 X in-unit in-unit X X X Studio/1 Bedroom apartments 529,531,533,535,537 E. 81st S upper east side g apartment 1 s 10 mo $15,325 $1,703 - in-unit in-unit n/a n/a n/a n/a n/a n/a n/a Institution average 880 $13,176 $1,464 Brailsford & Dunlavey January 2008 Exhibit A

67 CUNY 4-College Housing Demand Study Comparison of Manhattan Colleges and Universities (offereing residential facilities) Institution/Name of Property Address Neighborhood Resident Type (1) # of Units Bldg. Capacity (2) Unit Layout Unit Capacity Occupancy type (3) Lease Term Avg. Rate/ year Avg. rate/ month (4) Utilities Included Bath type Kitchen W/D Internet Computer lab Lounge Fitness Center A/c Meal Plan cable security Julliard School Meridth Wilson Residence Hall 60 Lincoln center Plaza Lincoln Center u 350 suite 6-8 d,t 9 mo $12,075 $1,342 X in-unit community on-site X - X X n/a required X X Manhattan School of Music Andersen Residence Hall Morningside Heights 380 corridor d $9,350 $1,039 X on-site X X X X X Marymount Manhattan 55th Street Residence (5) 55th st. midtown 500 suite 4-7 d,t,q 9 mo $10,090 $1,121 X in-unit in-unit on-site X - X - X optional X X dehirsch Residence Hall 92nd street and lexington Ave. Upper east side 90 corridor 1-2 s,d 9 mo $10,090 $1,121 X community community on-site X X X - X V Residence Hall 47th St. between 2nd and 3rd midtown 200 corridor s,d 9 mo $10,090 $1,121 X community community on-site X X X X X X X Institution average 263 $10,090 $1,121 New York Law School Residence Hall in East Village 81 E. 3rd Street East Village g 99 apartment 2-3 s 12 mo $17,010 $1,418 X in-unit in-unit on-site - - X - X - - X New York University 13th Street 47 W. 13th St. Uptown/Union Square u 180 apartment 2-4 s,d 9 mo $11,447 $1,272 X in-unit in-unit on-site X optional - x 26th Street 334 E. 26th St. Uptown/Union Square u, g 600 apartment 1-4 s,d 9 mo $13,990 $1,554 X in-unit in-unit on-site X - x - x optional x x 67 Livingtson 97 Livington St. Brooklyn g 115 apartment 1-2 s,d 9 mo $19,485 $2,165 X in-unit in-unit on-site - - x - x Alumni Hall 33 Third St. Uptown/Union Square u 450 suite 2-4 s,d 9 mo $16,260 $1,807 X in-unit in-unit on-site X - x - - optional - x Brittany Hall 55 E. 10th St. Washington Square f, lc 603 suite 2-5 d,t,q 9 mo $8,600 $956 X in-unit community on-site X - x - - required x x Broome Street 400 Broome St. Downtown u, lc, fc apartment 2-11 s,d,t 9 mo $11,543 $1,283 X in-unit in-unit on-site X n/a x x Carlyle Court 25 Union Square West Uptown/Union Square u, fc 740 apartment 4 d 9 mo $12,240 $1,360 X in-unit in-unit on-site X - x - - optional x x Cliff Street 15 Cliff St. Downtown u 350 apartment 2-3 s,d 9 mo $11,447 $1,272 X in-unit in-unit on-site X - - x x optional x x Coral Tower 129 Third Ave. Uptown/Union Square u, lc 350 apartment 2-6 s,d 9 mo $11,195 $1,244 X in-unit in-unit on-site X - x - x optional x x Goddard Hall 79 Washington Square East Washington Square f, lc corridor 2-5 s,d,t 9 mo $10,940 $1,216 X in-unit community on-site X - x - x required x x Greenwich Hotel 636 Greenwich St. Downtown u, lc 320 apartment 4-8 d 9 mo $12,240 $1,360 X in-unit in-unit on-site X - x - x optional x x Hayden Hall 33 Washington Sqaure West Washington Square f, lc 700 corridor 2-5 d,t 9 mo $9,400 $1,044 X in-unit n/a on-site X - x - x required x x Lafayette Hall 80 Lafayette St. Downtown u, gk, lc 1100 apartment 2-6 s,d,t 9 mo $10,347 $1,150 X in-unit in-unit on-site X x x - x optional x x Palladium Hall 140 E. 14th St. Uptown/Union Square u, g, lc,fc 975 apartment 1-5 s,d 9 mo $13,217 $1,469 X in-unit in-unit on-site X - x x x optional x x Rubin Hall 35 5th Ave. Washington Square f, lc, fc 699 corridor 2-5 s,d 9 mo $7,395 $822 X in-unit n/a on-site X x x - - required x Second Street 1 east Second St. Downtown u, lc 300 apartment 1-3 s,d 9 mo $11,950 $1,328 X in-unit in-unit on-site X x optional x x Seventh Street 40 East Seventh St. Uptown/Union Square u 82 apartment 4-5 s,d 9 mo $12,240 $1,360 X in-unit in-unit n/a X optional x x Stuyvesant Town E. 14th St. to E. 20th St. Uptown/Union Square g, fm 330 apartment 2 s,d 9 mo $14,520 $1,613 X in-unit in-unit on-site x optional - x Third Avenue North 75 Third Ave. Uptown/Union Square f, lc, fc 988 apartment 4-6 s,d,t 9 mo $11,195 $1,244 X in-unit in-unit on-site X x x x x optional x x University Court 334 E. 25th Street Uptown/Union Square u 135 apartment 1-2 s,d 9 mo $13,797 $1,533 X in-unit in-unit on-site X - x - x optional x x University Hall 110 E. 14th St. Uptown/Union Square f 641 apartment 4 d 9 mo $12,240 $1,360 X in-unit in-unit on-site X - x - x optional x x Washington Square Village Washington Square Village Washington Square g 213 apartment 2 d 9 mo $10,890 $1,210 X in-unit in-unit on-site X - x optional x x Water Street 200 Water St. Downtown u, lc, fc, ms 1200 apartment 2-4 d,t 9 mo $11,793 $1,310 X in-unit in-unit on-site X x x x optional x x Weinstein Hall 5-11 University Place Washington Square f, lc 580 corridor 2-5 d,t 9 mo $10,940 $1,216 X in-unit community on-site X - x x required x x Institution average 530 $12,055 $1,339 Pace University Fulton Hall 106 Fulton Street Financial District u 2250 mixed 1-5 s,d,t,q 9 mo $11,097 $1,233 X in-unit in-unit on-site X X X X X John Street Residence 55 John Street Downtown 499 suite d,t 9 mo $14,055 $1,562 X private community on-site X X X X X Maria's Tower One Pace Plaza f 500 corridor d 9 mo $7,540 $838 X n/a n/a on-site X X required X yes The St. George (5) 100 Henry St. Brooklyn Heights u,g 90 corridor s,d,t 9 mo $10,620 $1,180 X private n/a on-site X X X Institution average 835 $10,828 $1,203 School of Visual Arts 47th Third Ave. 47th Third Ave. at 10th St. Greenwich Village $14,500 $1,611 X George Washington 23 Lexington Ave. Granercy u corridor s, d $9,867 $1,096 X private community n/a X Gramercy Women's Residence 17 Gramercy Park South Gramercy u suite d $11,050 $1,228 X in-unit in-unit X New Residence 215 East 23rd St Gramercy u, g 360 apartment 4-6 s,d $11,600 $1,289 X in-unit in-unit on-site X X St. George Residence (5) 100 Henry St. Brooklyn Heights apartment $11,600 $1,289 X Brailsford & Dunlavey January 2008 Exhibit A

68 CUNY 4-College Housing Demand Study Comparison of Manhattan Colleges and Universities (offereing residential facilities) Institution/Name of Property Address Neighborhood Resident Type (1) # of Units Bldg. Capacity (2) Unit Layout Unit Capacity Occupancy type (3) Lease Term Avg. Rate/ year Avg. rate/ month (4) Utilities Included Bath type Kitchen W/D Internet Computer lab Lounge Fitness Center A/c Meal Plan cable security Institution average 360 $11,723 $1,303 Teachers College 517 West 121st St. 517 West 121st St. Morningside Heights g apartment 9 mo $14,500 $1,611 X in-unit in-unit on-site X X X - X - X X Bancroft Hall 509 West 120 St. Morningside Heights g,fm 105 apartment 2-6 s,d, 9 mo $14,916 $1,657 X in-unit in-unit on-site X X X - X - X X Grant/Sarasota Hall 514 West 122nd St. Morningside Heights g,fm 48 apartment s,d,t 9 mo $13,750 $1,528 X shared in-unit on-site X X - X X International House 500 Riverside Dr. g,lc 700 mixed s,d,t 9 mo $7,974 $886 X mixed mixed on-site - X X X optional X X Whittier Hall 1230 Amsterdam Ave. Morningside Heights g 350 mixed s,d 9 mo $9,493 $1,055 X mixed mixed on-site X X X - X - X X Institution average 434 $12,127 $1,347 The New School 13th Street Residence Hall 118 W. 13th St. Greewich Village freshman 175 corridor 1-4 s,d,t 9 mo $12,120 $1,347 X community n/a on-site X X X required X X 20th St. Residence Hall 300 W. 20th St. Wechee f, u 200 suite 3-12 s,d,t 9 mo $12,553 $1,395 X in-unit in-unit on-site X X X required X X Grove Street Apartments 61 Grove St. West Village g 36 apartment 4 s 9 mo $12,553 $1,395 X in-unit in-unit n/a - - n/a optional n/a n/a Loeb Hall 35 East 12th St. Greenwich Village freshman 252 suite 4 d 9 mo $12,680 $1,409 X in-unit in-unit on-site X X X required X X Marlton House 5 W. 8th St. Greenwich Village f 150 corridor 1-3 s,d,t 9 mo $11,555 $1,284 X community n/a n/a - X n/a required n/a X Union Square Residence 31 Union Square West Greenwich Village f 105 suite 3-8 s,d 9 mo $11,825 $1,314 X in-unit in-unit on-site X X n/a required X X Stuyvesant Town Apartments First Ave. East Village apartment 4 s $14,600 $1,622 William Street Residence 84 William St. Financial District u, g 424 suite 3-4 s,d,t 9 mo $12,586 $1,398 X in-unit in-unit on-site X X X optional X X Institution average 192 $12,559 $1,395 Weill Cornell Medical College (Cornell University) 77th Street Residences East 77th Street Upper East Side g, fc, fm apartment $11,844 $1,316 X Lasdon House 420 East 70th Street Upper East Side g, fc, fm 285 apartment s,d,t $14,042 $1,560 X in-unit in-unit on-site X X X Livingston-Farrand East 69th St. Upper East Side g, fc, fm apartment $9,538 $1,060 X Olin Hall 445 East 69th St. Upper East Side g, fc, fm 420 suite $4,824 $536 X in-unit in-unit on-site X X X X Riverwalk at Southtown 455 Main Street Roosevelt Island g, fc, fm 88 apartment $14,555 $1,617 X in-unit in-unit om-site X X Southtown-Roosevelt Island 465 Main Street Roosevelt Island g, fc, fm 136 apartment s,d,t $18,892 $2,099 X in-unit in-unit on-site X X X - X X Sutton Terrace 1161 York Avenue, 430 East 6 Upper East Side g, fc, fm 136 apartment X - x Institution average $12,282 $1,365 Cummulative average 413 $11,178 $1,192 Notes (1) Resident Type= u-undregraduate; g-graduate; fm-family;fc-faculty; f-freshman; lc-learning community; ms-mixed sex; gk-greek (2) Building Capacity= Total number of students/faculty housed at the facility. Does not inclue students from other institutions or other community members (3) Occupancy Type= s=single; d-double; t-triple; q-quad (4) Avg. Rate per month= annual rate / academic year (9 mo.) or 12 mo. If specified (5) Property managed by Educational Housing Services Brailsford & Dunlavey January 2008 Exhibit A

69 Exhibit B

70 CUNY 4-College Housing Demand Study Off Campus Market Anaylsis Neighborhood Summary Area 1-Lower Manhattan Includes the Neighborhoods of: Lincoln Center Carnegie Hill Gold Coast Tudor City Midtown The Village Tribeca Lower East Side Boundaries Used: 96th Street East River Hudson River Battery Park Brailsford & Dunlavey January 2008 Exhibit B

71 CUNY 4-College Housing Demand Study Off Campus Market Anaylsis Neighborhood Summary Area 2-Upper Manhattan Includes the Neighborhoods of: Morningside Heights Harlem East Harlen Hamilton Heights Boundaries Used: 96th Street Dyckman Street Hudon River FDR Brailsford & Dunlavey January 2008 Exhibit B

72 CUNY 4-College Housing Demand Study Off Campus Market Anaylsis Neighborhood Summary Area 3- West Queens Includes the Neighborhoods of: Astoria Elmhurst Jackson Heights Long Island City Sunnyside Woodside Boundaries Used: LIE/ Queens Midtown Expwy Junction Blvd. Grand Central Pkwy East River Brailsford & Dunlavey January 2008 Exhibit B

73 CUNY 4-College Housing Demand Study Off Campus Market Anaylsis Neighborhood Summary Area 4-West Brooklyn Includes the Neighborhoods of: Boreum Hill Brooklyn Heights Carroll Gardens Clinton Hill Cobble Hill Dumbo Fort Greene Greenpoint Park Slope Prospect Heights Williamsburg Boundaries Used: Marcy Ave/ New York Ave. Prospect Expwy./ Linden Blvd. LIE East River Brailsford & Dunlavey January 2008 Exhibit B