Re: [UC] Penn's rather overpriced view of apartments... did someone here say "Wharton" ?

[Anthony West]

Different eyes read differently.  Stratum appears to be promising some 
kind of new, top-end rental unit that's been tested on comparable 
student markets elsewhere.. If that's so, it can't be modeled on the 
Quad; it would have to be something the Quad isn't. Maybe the top end of 
the student rental market is not motivated by a room & board package. 
The top end of the rental market in general is not a room & board package.


Why is it so important that "Penn owns the real estate, and needs 
outfits to manage whatever businesses are installed"? If Donald Trump or 
Arthur Ross or Osama Bin Laden or Al Krigman owned the real estate, 
wouldn't they too need outfits to manage whatever businesses are 
installed? I don't see you are making any point at all here about what 
Penn is doing. What is unique about the way your employer handles these 
real estate challenges, Ray? That's where the story begins.


-- Tony West

UNIVERSITY*CITOYEN wrote:

Isabel Lugo wrote:


$200 a month isn't negligible, and that sentence to me feels like it's
deliberately constructed to hide somehing.  And it seems incredibly
disingenuous to fold the meal plan into the comparison, unless Stratum
is *also* going to be feeding people.
from the article, it sounded like stratum was going to 'imitate' 
(compete with?) penn's college house system, with hired student 
resident advisors and programming and whatnot (maybe even harry potter 
logos?) -- all to go along with the resort-style amenities like 
tearooms and tanning beds.


all these comparisons are interesting (and I always get a laugh when 
they say things like how it won't impact the landlords in our 
neighborhood), but the important thing is that penn owns the real 
estate, and needs outfits to manage whatever businesses are installed. 
it doesn't matter whether it's lemonade stands or pink lemonade stands 
or organic varietal heirloom lemonade stands -- the onus is on these 
businesses to make it work, and I'm sure they'll do whatever it takes 
(or leave). expect more of the same when the postal lands are 
developed (attracting venture capital, I think it's called).


[aka ray]




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Re: [UC] Penn's rather overpriced view of apartments... did someone here say "Wharton" ?

[UNIVERSITY*CITOYEN]

Isabel Lugo wrote:


$200 a month isn't negligible, and that sentence to me feels like it's
deliberately constructed to hide somehing.  And it seems incredibly
disingenuous to fold the meal plan into the comparison, unless Stratum
is *also* going to be feeding people.



from the article, it sounded like stratum was going to 
'imitate' (compete with?) penn's college house system, with 
hired student resident advisors and programming and whatnot 
(maybe even harry potter logos?) -- all to go along with the 
resort-style amenities like tearooms and tanning beds.


all these comparisons are interesting (and I always get a 
laugh when they say things like how it won't impact the 
landlords in our neighborhood), but the important thing is 
that penn owns the real estate, and needs outfits to manage 
whatever businesses are installed. it doesn't matter whether 
it's lemonade stands or pink lemonade stands or organic 
varietal heirloom lemonade stands -- the onus is on these 
businesses to make it work, and I'm sure they'll do whatever 
it takes (or leave). expect more of the same when the postal 
lands are developed (attracting venture capital, I think 
it's called).



..
UNIVERSITY*CITOYEN
[aka laserbeam®]
[aka ray]
SERIAL LIAR. CALL FOR RATES.
  "It is very clear on this listserve who
   these people are. Ray has admitted being
   connected to this forger."  -- Tony West


























































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Re: [UC] Penn's rather overpriced view of apartments... did someone here say "Wharton" ?

[Isabel Lugo]

$200 a month isn't negligible, and that sentence to me feels like it's
deliberately constructed to hide somehing.  And it seems incredibly
disingenuous to fold the meal plan into the comparison, unless Stratum
is *also* going to be feeding people.

Isabel

On 7/28/07, UNIVERSITY*CITOYEN <[EMAIL PROTECTED]> wrote:
> the article left out the stratum (formerly the divine tracy
> hotel). [btw, what's with these latinated names for student
> housing? the domus. the radian. stratum.]
>
> apparently (?) stratum is run by trammel crow. I don't
> understand at this point how all these out-sourced
> student-housing models fit in with the university's college
> house system, which penn spends a lot of time and effort
> developing and promoting.
>
>
> anyway, according to the dp:
>
>
> "Prices at The Stratum run around $150 to $200 more per
> month than the most expensive housing and meal plan option
> on-campus"
>
> Kewish [a senior associate of trammel crow] argued that
> "we're not asking just the rich kids to come move in and pay
> a lot of money. We're looking to provide all the students
> with an alternative."
>
>
> http://tinyurl.com/26l9u4
>
>
> ..
> UNIVERSITY*CITOYEN
> [aka laserbeam(r)]
- Hide quoted text -
> [aka ray]
> SERIAL LIAR. CALL FOR RATES.
>"It is very clear on this listserve who
> these people are. Ray has admitted being
> connected to this forger."  -- Tony West

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Re: [UC] Penn's rather overpriced view of apartments... did someone here say "Wharton" ?

[UNIVERSITY*CITOYEN]

Amara Rockar wrote:

Just gonna wonk out here a little. Don't mind me.

The Inky seems to have printed the high end of the one bedroom range
at Domus for effect and ended up distorting everything. (Quick!
Someone hit the staff writer with a rolled-up Inky! Bad reporter!
Bad!)

Anyway, a one bedroom in the luxurious Domus starts at $1,800 and a
two bedroom there starts at $2,800.

I remember a one bedroom at The Hub being something like $1,080 when
it first opened. They may have raised their prices since then but a
one bedroom probably hasn't rocketed up to $2,600.

Penn/Wharton students may not know the meaning of "a penny saved" but
they don't seem to be THAT far gone. Yet.




Al Krigman wrote:


2) The Inky's article stated, "The two other ritzy student apartment
complexes near Penn are the Hub and Domus,




the article left out the stratum (formerly the divine tracy 
hotel). [btw, what's with these latinated names for student 
housing? the domus. the radian. stratum.]


apparently (?) stratum is run by trammel crow. I don't 
understand at this point how all these out-sourced 
student-housing models fit in with the university's college 
house system, which penn spends a lot of time and effort 
developing and promoting.



anyway, according to the dp:


"Prices at The Stratum run around $150 to $200 more per 
month than the most expensive housing and meal plan option 
on-campus"


Kewish [a senior associate of trammel crow] argued that 
"we're not asking just the rich kids to come move in and pay 
a lot of money. We're looking to provide all the students 
with an alternative."



http://tinyurl.com/26l9u4


..
UNIVERSITY*CITOYEN
[aka laserbeam®]
[aka ray]
SERIAL LIAR. CALL FOR RATES.
  "It is very clear on this listserve who
   these people are. Ray has admitted being
   connected to this forger."  -- Tony West























































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Re: [UC] Penn's rather overpriced view of apartments... did someone here say "Wharton" ?

[Amara Rockar]

Just gonna wonk out here a little. Don't mind me.

The Inky seems to have printed the high end of the one bedroom range
at Domus for effect and ended up distorting everything. (Quick!
Someone hit the staff writer with a rolled-up Inky! Bad reporter!
Bad!)

Anyway, a one bedroom in the luxurious Domus starts at $1,800 and a
two bedroom there starts at $2,800.

I remember a one bedroom at The Hub being something like $1,080 when
it first opened. They may have raised their prices since then but a
one bedroom probably hasn't rocketed up to $2,600.

Penn/Wharton students may not know the meaning of "a penny saved" but
they don't seem to be THAT far gone. Yet.

On 7/28/07, [EMAIL PROTECTED] <[EMAIL PROTECTED]> wrote:
>
> In a message dated 7/28/2007 2:00:34 PM Eastern Daylight Time,
> [EMAIL PROTECTED] writes:
> On today's front page of the Inq., there is one of thos stories of a Penn
> real estate love in.  You've read this crap many times, so I won't bore you
> with details.  It was a newsmercial about Penn and campus apartment with 50
> million dollar kisses, etc, etc.
> The part about a local realtor saying that the residents have never been so
> high (given that Sister Judith got rid of all the Clark Park drug pushers)
> wasn't what I found interesting about the pap that supposedly passed for
> news in the Inky. She says that isn't what she really said, anyway, and it
> probably wasn't.
>
> It was the questionable economics.
>
> 1) The Radian would have 150 units and cost $50MM. That's $314,465 per unit.
> Yet, the Wall Street Journal stated this past week,"Median prices for
> rental-apartment units based on deals valued at more than $5 million in the
> first quarter were $109,269 in Philadelphia compared with $381,254 in
> Manhattan and $316,251 in Washington, D.C., according to Real Capital
> Analytics, a New York-based real-estate research firm." So the average at
> the Radian would be almost triple the median for existing units in the area
> for "as-built" (as opposed to converted) multi-family dwellings. (OK, I know
> that average and median arne't the same, but even so...) Surely, this is not
> fiscally sound..
>
> 2) The Inky's article stated, "The two other ritzy student apartment
> complexes near Penn are the Hub and Domus, where one-bedroom apartments can
> cost about $2,600 a month." There may be a few students at Penn who can
> afford $2,600 per month for a one-bedroom apartment. But not many. And the
> scions of genuinely wealthy families who go to Penn are probably going to
> want apartments that cost even more, but offer things like freedom from a
> bunch of noisy, immature undergraduettes and from the semi-structured
> "student government" environment typical of dormitories. comcierge service,
> room service, spa, pool, a doormam who does things for tenants who tip big
> other that check their IDs, etc.
>
> These points raise some serious issues as to whether the Penn administration
> and trustees are in touch with reality.
>
> Now, from a business standpoint, I'm certainly happy to see them going in
> this direction because they're not going to be competition form my rentals.
> "Let's see, should we rent a two-bedroom apt on 45th St from the greedy
> slumlord KRF for $850, or should we go for the 1-bedroom at Doofus with a
> dishwasher, disposal, and washer amd dryer in every apartmemt as well as a
> game room/pizza Hut downstairs, and something that apparently passes for
> public art commemorating the now defunct Stetson Hat Company of Philadelphia
> out in front  for $2,600? Gimme a minute to call Daddy and ask him if we can
> still afford the extra money, or if the variable rate mortgage on our
> MacMansion in Scarsdale and the home equity loan on the Beach House in our
> gated enclave in East Hampton have gone up above 8% so he'll have to declare
> bankruptcy and send Mummy back to work selling orthopedic ladies' shoes at
> Wal-Mart."
>
> Still on the list because talking to ones' self can be even more tedious
> than deleting 's posts without reading them.
>
> Al Krigman
>
>
> 
> Get a sneak peek of the all-new AOL.com.


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