City University of New York

New York,

Faculty/staff Housing Market Demand Analysis

The City University of New York wanted a market analysis to assess demand for CUNY-sponsored faculty and staff housing in Manhattan. The proposed housing project was known as the Peter Cooper Village and Stuyvesant Town apartments, located among more than 11,000 rental units on Manhattan’s Lower East Side. CUNY was considering acquiring these apartments and offering rent-stabilized units to faculty and staff from various CUNY institutions. Providing below market-rate housing for CUNY faculty and staff would be a powerful recruitment and retention tool in a challenging New York City housing market. B&D was retained for this market analysis and was tasked with assessing the market demand for rent-stabilized units within these apartment complexes. Our scope of work included focus groups with faculty and staff, a competitive housing market analysis, and a faculty/staff survey through which we developed a demand-based programming model. Based on our research and analysis, we concluded there was significant demand for the rent-stabilized units at the proposed rental rates in Peter Cooper Village and Stuyvesant Town. B&D also identified some interest in units at non-stabilized rental rates.