GrandMarc Residence Hall (YMCA) @ Northeastern U | 291 St. Botolph Street | Fenway

[TomOfBoston]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

But it should be thier choice. I've seen talk of caps show up more frequently with other schools looking to expand and that worries me.

True, it should be their choice but in Northeastern's case the capped enrolment, whether it was their choice or forced on them by the "community", has greatly contributed to Northeastern's rise in the past decade. It is now a highly selective school with a 30% acceptance rate. This would have been unimaginable 20 years ago.

 

[whighlander]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

"N.U.

The old formulae for more students=more money doesn’t offer as great a return as investing in on campus housing and improving academic quality.

If anything in the current situation you should be more worried about all the local slum lords which are going to be in a panic when there are no longer any college kids left off campus willing pay exorbitant rents for pest infested shit boxes. Will there be a wave of insurance fraud related arsons? Property abandonment? Conversion to SRO rooming houses? What happens to all the local businesses when the students are more insulated and concentrated on a campus which satisfies their needs? What happens if the E line gets cut with a large number of people now concentrated on it without other viable forms of transportation? Does the Orange Line become overloaded? There are a whole host of serious questions which the city Is going to have to resolve once the off campus student housing problem is solved with on campus housing. This isn’t just a NU question, but one of BU, BC, Suffolk, Emerson, et al. A huge part of the Boston housing market is now dependent on students overpaying for relatively low quality housing. What happens when that bubble bursts? Does the middle class move in or does the city, or in this case one neighborhood, pull a Detroit?

Lurk -- you were doing well and then you suddenly borrowed a piece from Riff and started blasting away without aiming:
" A huge part of the Boston housing market is now dependent on students overpaying for relatively low quality housing. What happens when that bubble bursts? Does the middle class move in or does the city, or in this case one neighborhood, pull a Detroit "

Actually since most of the universities have been a) reducing enrollment; b) building more dorm rooms to house their students -- there is less and less of what you incorrectly define as a "huge part of the Boston Housing market" and there is certainly no indication of anything similar to Detroit

If there was going to be a Detroit in Boston it would have happened when the middle class exodus happened as busing and general failure of the city schools became an issue in the 70's, 80's, 90's

However, even that seems to have stabilized if not improved dramatically

The housing challenge for Boston is to keep the "better quality students" around who are now graduating from the Northeasterns and the lower echelon schools -- that means reasonably priced homes with room for a family in a place with parks and good local schools -- the jury is still out on this one

 

[TheRifleman]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

Whigh^^^^

Not to be rude but why we are all playing Checkers........Lurker is playing Chess.
Don't confuse my rants and agenda for anything that Lurker posts. I actually read everyone of his blogs and pick them apart for anytype of wisdom & understanding I can gain on situations.

One of the most insightful bloggers on the site.

 

[whighlander]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

Whigh^^^^

Not to be rude but why we are all playing Checkers........Lurker is playing Chess.
Don't confuse my rants and agenda for anything that Lurker posts. I actually read everyone of his blogs and pick them apart for anytype of wisdom & understanding I can gain on situations.

One of the most insightful bloggers on the site.

OK-- I'll bit -- he's playing chess -- only problem it doesn't always seem that he can tell a rook from a pawn

To use another metaphor -- Lurk hits some off the wall in left -- great but the same stroke to right-center falls as an easy out

If you or anyone is going to make a statement to the effect that slumlords renting to students is the dominant part of the Boston real-estate market you need ether to have some good data or else a reason why all of the new construction (except the subsidized stuff) is luxury rentals -- it just seems that contrary to Lurket's statement that there is a market for high-end market priced appointments

When I post to archBoston or any other public media -- I try to do the necessary homework so that while you may dispute my analysis and conclusions you can not find unsupported statements, or questionable assumptions

 

[TheRifleman]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

^^^^
I just would never compare anything he writes to my posts. Yes.......I'm actually honored that you did but believe I'm not that bright.

 

[vanshnookenraggen]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

You people really have nothing better to to than argue on a forum about this?

 

[Lurker]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

I should have better framed my argument to clarify my concerns of what happens to the current housing stock dominated by students in university dominated neighborhoods. A very specific class of degenerate landlords has been taking advantage of the student housing bubbles throughout the city, and while we all agree on campus housing is good for the general middle class housing market in the city in the long term, there needs to be some consideration of what happens to these properties when the student market ceases to exist. Do these landlords improve their properties to rent to the middle class? Do they sell? Are there buyers or investors for run down properties in a non student dominated market? Do they torch properties for the insurance if the cost to rehabilitate them exceeds long term profitability in the new market?How does the demographic transition play out?

 

[whighlander]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

I should have better framed my argument to clarify my concerns of what happens to the current housing stock dominated by students in university dominated neighborhoods. A very specific class of degenerate landlords has been taking advantage of the student housing bubbles throughout the city, and while we all agree on campus housing is good for the general middle class housing market in the city in the long term, there needs to be some consideration of what happens to these properties when the student market ceases to exist. Do these landlords improve their properties to rent to the middle class? Do they sell? Are there buyers or investors for run down properties in a non student dominated market? Do they torch properties for the insurance if the cost to rehabilitate them exceeds long term profitability in the new market?How does the demographic transition play out?

Lurk -- that's a much more reasoned approach to the issues -- those are all good points;

I guess the ultimate answer is how fast does the college / university dorm building process impact the overall market/

if the demand for rentals stays high as it is currently even as new construction fills the pipeline then the landlords can sell to re-developers or they can just upgrade in-pace to 'family-style" housing and the market will absorb it.

However, if the dorm building displaces a lot of students quickly, and the new construction satisfies the currently pent-up demand -- you could see a collapse of the "student-slum" housing market in some neighborhoods -- in the past some sections of Boston have fallen victim to such a market collapse (e.g. the South End in the 1960's, the Fan Pier and Fort Point Chanel area in the 1980's) and the resultant epidemic of "accidental fires" and abandoned junkers or parking lots

Of course in the long run -- those kinds of disinvestments - just provide opportunities for the next generation of entrepreneurs and pioneers -- such as the artists and others who colonized the Fort Point Chanel area after the demise of the traditional industrial uses, etc.

My guess is the former case is likely -- as long as the global economy continues to at least sputter and the US economy continues to slowly improve with the Boston economy continuing to out-perform the US

 

[JohnAKeith]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

A real-life question related to yours; Councilor Mike Ross led the charge to limit the number of undergraduate students allowed to live together. His belief is that limiting the number of students means there will be more housing available to others, and at lower prices.

Ignoring the fact that this argument ignores 200+ years of economic theory, this relates to your question: what would happen if you don't have students renting cheap, rundown apartments? Do the apartments become more run-down? Do the landlords renovate the apartments (with some being turned into condos) and do the landlords then rent out the apartments at the same prices as the unrenovated apartments or do they raise the rents?

To me it seems obvious.

 

[joegenius]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

I have lived in the Fenway for 31 of the past 34 years. There are no rundown partments in the area that I know of. The very few remaining subsidized places that exist are monitored closely by HUD, the BHA and the Fenway CDC. The arson, such as Symphony Rd. in 77, is gone and will not come back.

 

[joegenius]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

Becuase this is a once in a 100+ year oportunity to buy this property.

They have every right to build here, welcome to America.

What "right" does a non-profit have to expand infinitely?

 

[Tombstoner]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

I have lived in the Fenway for 31 of the past 34 years. There are no rundown partments in the area that I know of. The very few remaining subsidized places that exist are monitored closely by HUD, the BHA and the Fenway CDC. The arson, such as Symphony Rd. in 77, is gone and will not come back.

Wow. I live here and I see LOTS of buildings that can be described as run-down student slums.

 

[TomOfBoston]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

What "right" does a non-profit have to expand infinitely?

What right does a non-profit have to survive when it is broke and facing bankruptcy: i.e. the Huntington Y.

 

[BostonObserver]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

What "right" does a non-profit have to expand infinitely?

Tell that to the Pine Street Inn, the South End Community Health Center, Ellis Memorial or all the others that are continuing to expand 'infinitely' in the south end. An area with a huge concentration of social service groups in an area where at the most 44% of the residents pay their full share. Some of these places do have a negative impact on the area. The health center with the constant double parking, Pine Street Inn with crime, (also the largest group of registered sex offenders in New England). Hearth has now turned several block of Washington St in to their own free all day parking lot, even for an out state car from New Jersey.

 

[joegenius]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

Wow. I live here and I see LOTS of buildings that can be described as run-down student slums.

By "here" do you mean the Fenway? Please!

I lived in a rooming house on Symphony Rd. for $25 a week as the only white, straight, English speaking person in the building in1978.

All of the faucets were separate and bathrooms were shared.

The only rooming house I know of in the neighborhood is one owned by the Fenway CDC. My old place has been converted into a duplex condo for $450,000.

Boston Union Realty has bought and renovated 24 Haviland and 20 Hemenway which were 2 of the last archaic buildings in the East Fenway. My old place which rented for $1009 in 2009 is now $1450.

 

[joegenius]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

What right does a non-profit have to survive when it is broke and facing bankruptcy: i.e. the Huntington Y.

The Y has refused to reveal financial data which is why legal action is commencing.

On March 16, 2011 N.U. V.P. for Community Relations John Tobin; a former City Councilor, said that N.U's investments "tanked in the recessionary environment of 2008," and thus it was "economic" to buy the Y rather than build on Gainsborough Garage and Cullinane Hall which N.U. already owns.

So if you are broke you need to buy rather than develop what you own?

Huh?

 

[joegenius]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

What right does a non-profit have to survive when it is broke and facing bankruptcy: i.e. the Huntington Y.

What makes you say the Y is near bankruptcy?

The Y has disappointed me with their refusal to disclose facts to we, the paying members.

In fact on 2/7 YMCA Executive Director Wendy Zinn said that the Y had added over 500 new members in January of 2012.

 

[whighlander]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

The Y has refused to reveal financial data which is why legal action is commencing.

On March 16, 2011 N.U. V.P. for Community Relations John Tobin; a former City Councilor, said that N.U's investments "tanked in the recessionary environment of 2008," and thus it was "economic" to buy the Y rather than build on Gainsborough Garage and Cullinane Hall which N.U. already owns.

So if you are broke you need to buy rather than develop what you own?

Huh?

Jg-- erverybody's endowments and investments tanked in the 2008 time frame -- even Haaaaaahvd's endowment lost about $7B -- some day you can tell your grand kids that you lived through the Great Recesssion

My guess is that the Y was close to broke before the GR hit and is as least as broke today. NEU likely recovered a good fraction of its endowment value as while the economy still stinks the stock market has come back quite a bit of the way -- fueled by cheap money being pumped by the Fed.

The advantage to NEU for this deal is that private investors are building the dorm for NEU they don't need to commit much if any of their money. The advantage to the Y is that they wll get money to redo the old building wih modern systems and potetially stay in business for some additional time.

 

[KentXie]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

The Y has refused to reveal financial data which is why legal action is commencing.

On March 16, 2011 N.U. V.P. for Community Relations John Tobin; a former City Councilor, said that N.U's investments "tanked in the recessionary environment of 2008," and thus it was "economic" to buy the Y rather than build on Gainsborough Garage and Cullinane Hall which N.U. already owns.

So if you are broke you need to buy rather than develop what you own?

Huh?

*Face Palm*

Perhaps you should re-read every single article on this project.

It's more economical due to the fact that Phoenix will be paying for the construction in the short run meaning that NEU will be able to purchase the dormitory in the future when the economy is presumed to be back on track and investment is more abundant. Thus this wouldn't restrain NEU's funds available in the short run.

If NEU was to develop Building K, the propose dormitory over Cullinane Hall, they would have to allocate limited resources for construction themselves which would also mean that those investment will not be allocate for other purposes like financial aid or hiring of new professors.

The current plan would allow them to do both. By paying for the cost to Phoenix later when investments are more abundant, they can continue to provide funds for things such as financial aid and faculty upgrades in the short and long run.

 

[underground]

Re: YMCA/ Northeastern Dorm (formerly GrandMarc at St. Botolph)

500 new members is going to save them from bankruptcy? Is membership 10,000 a year now?