Will NYU faculty members prefer renting here

Greenwich Village map Image from New York City 2005
or owning here
Image of Riverwalk Roosevelt Island buildings from Hungry Hyaena
New York University purchased on a bulk basis 58 discounted, pre-construction condominium units for $43 million as faculty housing from the Hudson/Related developers of Roosevelt Island’s already occupied Riverwalk Building 4. The building is a combination market rate rental for the general public and condo ownership for NYU faculty. According to the Washington Square News ,

“We’re trying to create another community on Roosevelt Island,” said Sara Goonan, finance director for faculty housing and residential services. “It’s kind of like the suburbs in the city. It’s so close; it’s only 20 minutes on the subway to NYU, but it’s so pretty and quiet.”

The reason for NYU’s Roosevelt Island investment is to:

…free up rentals and provide a new option for incoming faculty, Goonan said. In 2005, faculty housing offered a loan program that was intended to help faculty purchase their own homes in exchange for moving out of NYU rentals. However, only 10 faculty members signed up for the program, Goonan said.

To date only 12 of the 58 units have been sold to faculty members. Is NYU having trouble persuading faculty members currently living in Greenwich Village to hop on the F Train to Roosevelt Island even with below market condo prices?How will Roosevelt Island residents react to our new neighbors? The Roosevelt Island Residents Association President:

…feels the presence of “professional folk” on the island is an asset.

“I think if [the NYU faculty] can expand themselves into thinking of this as more than just a bedroom community, they will find a very rich society out here,” he said.

However, Katz and many other island residents are unhappy about aspects of the new upscale developments that are going up on the island, including Riverwalk.

“We don’t want to be a gentrified community,” he said. “We don’t want to be a gated community.”

I say welcome to the hood Profs and jump right in – the water is fine right here.