New York University
Location: Union Square West and 16th Street.
The accommodations: A 650-square-foot one-bedroom shared by four students.
What the broker says: “It’s a full-service building with a laundry room … and [it’s got] a really big living room. You could put up a pressurized wall and make it a two-bedroom,” says Matteo Prandoni of Mark David & Company. “[But] the finishes are old. I have clients that would say ‘no’ just because of the floor.”
What the student pays: $1,310 per month (totaling $11,790 from mid-August through mid-May) per student, including utilities (central air!), toilet paper, and garbage bags.
Open-market value: $650,000 (or $3,200 per month as a rental). “What makes it valuable is its location,” explains Prandoni. “You’re basically connected to everything.”
Location: Broadway and 116th Street.
The accommodations: Classic dorm living, with barely enough space—approximately 150 square feet—for one student to maneuver. (Forget hosting a party here.) There’s no kitchen in the room, and the shared bathroom is down the hall. Then again, there’s a spectacular view of the Hudson, always a prize on the Upper West Side.
What the broker says: “It’s got a full-time doorman”—Barnard College security—“and there’s a courtyard and the building’s well maintained,” says Bellmarc’s Jamie Breitman with a certain amount of optimism. “You see the river through the trees!” But she says the real value comes, as ever, from the location. “You’re close to restaurants and transportation.”
What the student pays: $877.11 per month (totaling $7,894 from September through May), including all utilities.
Open-market value: Assuming the addition of a basic kitchen and bath, it could fetch $260,000 to $275,000 (or $1,400 to $1, 500 per month as a rental). “I’d get a Murphy bed on one side and an entertainment center on the other,” suggests Breitman.
Brooklyn Law School
Location: Hicks Street, Brooklyn Heights.
The accommodations: A 350-square-foot studio for one attorney-to-be.
What the broker says: “It’s super-cute!” says Corcoran’s Deborah Rieders. “A lot of the rentals I see are worse—they have mold in the bathroom caulking and cabinets falling off the hinges, This has charm. The windows are original wood, you have partial views of Manhattan, and you’re looking onto $4 million homes.”
What the student pays: $1,100 per month, including heat.
Open-market value: $225,000 (or $1,600 per month as a rental). “This is infinitely better than my first postcollege apartment,” adds Rieders.