The Real Deal New York

Builders stand to gain in pre-K space race

Mayor's push for universal preschool spurs spike in demand for community space
March 03, 2014 03:40PM

Developers are poised to cash in on a citywide grab for space to house preschool programs that Mayor Bill de Blasio is pushing the city to fund.

Brokers have seen demand grow for community-facility spaces, which developers reserve for public use on the lower floors of buildings in return for permission to build taller towers.

“Ever since [de Blasio] was elected, we are seeing a surge of requests for community-facility space, which usually is difficult for landlords to rent,” said James Famularo, an Eastern Consolidated broker who specializes in this type of property, to Crain’s.

Since the Department of Education has received 650 new applications for the program, prices are expected to hit record-highs for the spaces, usually occupied by senior centers and medical clinics at a fraction of the cost of normal retail tenants, Crain’s reported. De Blasio recently appealed to builders in a closed-door meeting in which he sought their cooperation for his affordable housing and universal pre-K initiatives. [Crain’s]Angela Hunt

  • MarxistFingerpainter

    Sure, throw more money at our disastrous government-run school system. Isn’t pre-k where they draw, cut out turkeys shaped like their hands for Thanksgiving, and take naps? Great. Let’s socialize finger-painting!! We’ll borrow and print money until our currency is worthless and then our pre-k kids can make confetti out of it for arts and crafts class. Nailing it!

  • smells like adipose

    The thought of an entire ground floor FILLED with babies is delicious BUT what if a cab drives through the storefront? I think babies belong in the suburbs where it is quieter and the air is better unless you are in the housing projects in which case they should all be downstairs in your building.