Eagle Academy Foundation

New York,

Student Housing Feasibility Study

The Eagle Academy Foundation selected B&D in 2012 to conduct a market and feasibility study for a student housing project slated for downtown Brooklyn, New York. We were asked to review the foundation’s existing plans for the proposed development; meet with key stakeholders to understand the project’s key objectives; analyze the local institutions to assess the target market; perform a detailed study of the local housing market; and construct a housing demand model to quantify demand for the project. Our detailed evaluation of the proposed site revealed that student housing was a strong market with opportunities for private developers. The demand analysis divided the immediate area into three segments, each with differing distances from the proposed site, and measured the various rates per bed being charged. It also included input and demographics on graduate students and corporations seeking housing options for summer interns. In addition, we observed that the foundation had chosen a site that was ideally situated in a newly re-zoned area with excellent access to public transportation and nearby ingress, egress, and proximity to important thoroughfares. We recommended that the foundation provide a mix of unit types, provide competitive amenities, investigate avenues for ancillary revenue, ensure quality design and construction, and choose an experienced, qualified management company. It was further recommended that the foundation contact local institutions to introduce the concept and gauge interest in potential long-term partnerships.