The Real Deal New York

How building classrooms can help new condos get off the ground

Developers increasingly agree to build schools in new construction projects
By Cody Lyon | October 30, 2012 11:00AM

From the October issue:  In densely populated New York City, crowded neighborhood schools and a shortage of development sites are two sides of the same coin. So it’s not surprising that an increasing number of private developers are incorporating schools into their projects. And in many cases, they receive direct financial benefits to do so — from tax breaks to permission to construct larger buildings. There are also intangible benefits for developers and for the city, like winning support for projects from community opponents.

In recent years, the city has been looking for funding to build more classrooms, especially in fast-growing residential neighborhoods like the Far West Side and Lower Manhattan, where schools are squeezed for space, explained CBRE Group powerbroker Darcy Stacom. [more]