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June 2001
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New York City
September 2001

Business Education & Real Estate
By Marsha Mack Frances

New York City provides some of the country’s most sought after residential real estate and educational opportunities. The correlation between an information age, in which education is increasingly valued, and rising real estate prices in New York City is striking. New York’s great University centers—Columbia, NYU, Fordham, Rockefeller and City University—are magnets to the best and brightest people. The great medical, law, arts, engineering and business schools of New York draw some of the most talented professors and students in the country. Moreover, the City’s private schools are among the nations most selective, most sought after and most effective at graduating high achieving students who gain entry to top colleges.

For families where cost is not a limitation, the attractions of the best educational, cultural and job opportunities lead to even higher real estate prices for optimal locations, such as the Upper East Side, which has the highest concentration of excellent private and public schools. Neighborhoods surrounding these schools have had recent surges in real estate prices. For example, Morningside Heights has become fashionable with Columbia’s rising prestige, and Greenwich Village’s proximity to the increasingly hot schools at NYU has further enhanced values there. At the high end there are spectacular views, gorgeous interior lobbies, health clubs, doormen, concierge services and fabulous apartments that make New York living extremely desirable.

For students and teachers at those institutions without school sponsored housing, the living choices are often less than luxurious. Some students and teachers are willing to settle for a walk-up or tight quarters or a shared apartment.

It is tough for those getting started and who do not yet have large incomes. Just as investing in college and graduate school can enhance learning opportunities, purchasing an apartment in New York is an investment that can lead to accrued wealth, since the city has a limited number of great apartments and a growing number of people wishing to benefit from all the city has to offer.

For further information on how to buy or sell your New York apartment call Marsha Mack Frances at Douglas Elliman (212) 650-4829.

 

Education Update, Inc., P.O. Box 20005, New York, NY 10001. Tel: (212) 481-5519. Fax: (212) 481-3919. Email: ednews1@aol.com.
All material is copyrighted and may not be printed without express consent of the publisher. © 2001.




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