The Real Deal New York

Coolest parents ever buying their college kids NYC apartments

Mom and dad see long-term investment opportunity in avoiding dorms

September 03, 2015 03:56PM

A typical NYU dorm room

A typical NYU dorm room (credit: Christian Rodriguez/Flickr)

Goodbye Dorito-caked dorm room floors and hello homeownership!

New York City college students are moving away from dorm life and into homes their wealthy parents scooped up as investments, the Wall Street Journal reported.

Though foreign gazillionaires are gobbling up luxury pads at astonishing rates, about 75 percent of these homeowners are domestic buyers who see their kids’ relatively modest new apartment as an investment and potential empty-nester retirement home.

“It’s definitely a strategy a lot of people are embracing,” Michele Gradin, a Corcoran Group agent working with several parents, told the Journal. “It’s taking their money and making it go to work, with their children in mind.”

The most desired neighborhoods? Predictably, Harlem, Brooklyn and the East Village top student wish lists. Students are not as fond of the Upper East Side, which one broker said is viewed by burgeoning beer pong enthusiasts as “purgatory.” [WSJ] — Jaclyn Peiser