Builders stand to gain in pre-K space race

Mayor's push for universal preschool spurs spike in demand for community space

New York /
Mar.March 03, 2014 03:40 PM

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


Related Articles

arrow_forward_ios
Mayor Eric Adams and Bill de Blasio (Getty)
3 things you missed while cheering de Blasio’s departure
3 things you missed while cheering de Blasio’s departure
Photo via NYCEDC
NYC floats $5B coastline extension in Lower Manhattan climate plan
NYC floats $5B coastline extension in Lower Manhattan climate plan
Mayor’s Office of Climate and Sustainability director Ben Furnas and The Real Deal's Hiten Samtani (Ben Furnas)
Exit interview: New York’s climate chief on reshaping the city
Exit interview: New York’s climate chief on reshaping the city
From left: Gov. Kathy Hochul, Mayor Bill de Blasio, Public Advocate Jumaane Williams, and Rep. Lee Zeldin
Here’s where the top contenders for NY governor stand on real estate
Here’s where the top contenders for NY governor stand on real estate
Council members Margaret Chin and Carlina Rivera (Getty, iStock)
City Council tweaks Soho rezoning, assuring its passage
City Council tweaks Soho rezoning, assuring its passage
Douglas Development's Jeffrey Levine, Toll Brothers' David Von Spreckelsen and Mayor Bill de Blasio (Getty, Toll Brothers)
De Blasio defied warning that he stop asking developers for donations
De Blasio defied warning that he stop asking developers for donations
The City Council reached a deal on a bill that will require new buildings with fewer than seven stories to go electric in 2024, and then will apply to buildings taller than that in 2027.
New buildings must go electric under City Council deal
New buildings must go electric under City Council deal
Interactive Map of Projects Planned Under Gowanus Rezoning
Here they come: Map shows projects planned in rezoned Gowanus
Here they come: Map shows projects planned in rezoned Gowanus
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...