By Patrick Hedlund
Residents of the Financial District might expect the recent arrival of hundreds of new college co-eds to result only in increased pizza deliveries and late-night partying, but administrators at Pace University say their lease of a dormitory on John St. will also serve to spur the local economy.
The university inked a deal to lease the renovated 500-student residence hall at 55 John St. to bolster the school’s Downtown presence by bringing its collegians closer to campus. The first students moved in earlier this month.
The completely renovated former office building, located between Nassau and William Sts., features a total of 225 new dorm rooms spread across 17 floors in the university’s most recent land grab in Lower Manhattan.
The lease allows Pace to relocate 500 student beds from across the East River in Brooklyn Heights to the Financial District, nearly doubling the university’s Downtown student population to 1,200.
The school’s longtime housing partner, non-profit student-residence provider Educational Housing Services, arranged for the lease and renovations to the entire building, which will now be solely reserved for Pace co-eds.
“It has been our goal to get as many, if not all students as close to our campus as we can,” Rick Whitfield, the university’s executive vice president for finance and administration, said in a telephone interview. He noted that having a Manhattan address also enhances the school’s recruiting abilities, as the newest building is located in the heart of the Financial District near the college’s main city campus at One Pace Plaza.
The 114,000-square-foot building also sits just blocks from Wall St., making it more accessible for students accepting co-op jobs and internships in Lower Manhattan.
As for the reputation college kids carry for their partying prowess, administrators countered that Pace students have a “very high level of ambition” regarding their out-of-class activities.
“They have part-time jobs, they have internships — almost all of them are working their way through [school],” said university spokesperson Christopher Cory.
“Their leisure time for high jinks tends to be eaten up by internships at Goldman Sachs or MTV and in many cases taking care of their families.”
Students living at the dorm, however, can expect some similar amenities as their Wall St. neighbors.
For a price of $14,000 per school year, students living in the double and triple rooms will enjoy private bathrooms, free flat-screen television, DVD players, cordless phones with free local service and Wi-Fi internet access.
University administrators also pointed to the retail boon students will provide, although one local bar owner said he’d prefer more office workers rather than students nearby.
“I wish it was still office space, to be honest with you,” said Bill Stefandel, owner of John-Street Bar & Grill, located at 17 John St. He noted that workspaces can naturally accommodate a higher amount of tenants, providing him with more regular customers.
Stefandel did acknowledge, though, that he would try to court of-age Pace patrons by offering drink specials or college nights, because “business is business.”
“I have no problem catering to anybody,” he said. “I’d rather see them spend their money down here than in the Village.”
