The college is also entitled to additional rent depending on performance of the project. State law requires 75 percent of rent to go to student financial aid, and 25 percent to support the faculty.
“It can be lucrative for the college because of those lease terms," Nesi said.
Senior Audit
Purchase, a liberal arts college with 4,200 students, doesn’t have graduate programs in science and technology that can attract grant money. What the college does have is a history of seniors who audit classes, Schwarz said. It also has a professional and conservatory arts programs in visual arts, music, dance and media.
The first phase of the development includes 220 independent living units, 18 assisted living suites and 12 bedrooms for patients with Alzheimer’s or dementia. The college estimates it will open in 2021.
Entrance fees for apartments range from $595,000 for a one-bedroom, 1.5 bathroom, to $1.5 million for a two-bedroom, 2.5 bathroom with a study. Monthly maintenance fees on the units run from $4,200 to $8,500.
Broadview will also have market rate "villas" and single family homes with entrance fees from $1.5 million to $1.9 million, and monthly fees between $8,500 to $9,900. Residents who leave, or their survivors, receive 90 percent of the entrance fee back when a new tenant moves into their unit.
The median sales price for a single family home in Westchester was $607,000 in the first quarter of 2018, according to a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. In the White Plains area near Purchase, the median sales price was about $1 million.
The development will include 44 affordable units with entrance fees of $250,000 for one occupant and $333,000 for two. The monthly fee will be $3,356.
This article was provided by Bloomberg News.