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Higher Ed Goes Downtown

01/27/2014

Higher Ed Goes Downtown

 

Jan. 27, 2014 11:46 p.m. ET

Lower Manhattan, the rapidly changing swath of land at the island's southern tip, is developing a new reputation—as the city's college town.

Pace University's dormitory at 182 Broadway. Andrew Hinderaker for The Wall Street Journal

New Neighbors

Higher-education additions in Lower Manhattan since 2012:

New York Film Academy expanded into a second, 75,000-square-foot location at 17 Battery Place.

NYU's School of Continuing and Professional Studies renewed its 64,000-square-foot Woolworth Building lease.

Pacific College of Oriental Medicine moved from Midtown South to a 42,000 square-foot space at 110 William Street.

Nyack College launched its Manhattan campus in 2013 at a 166,000-square-foot space at 2 Washington Street.

The Institute of Culinary Education has plans to relocate from Midtown South to a 71,000-square-foot facility at 225 Liberty Street.

Pace University will open a 34-story dormitory in 2015.

-- Source: Alliance for Downtown New York

In the one square mile south of Chambers Street, the higher-education sector now maintains over 2 million square feet of space, a jump of nearly 1 million square feet since 2006, according to a report being released on Tuesday by the Alliance for Downtown New York, the area's business-improvement district.

Student enrollment in the neighborhood has nearly doubled since 2006 to about 50,000 today, according to the report, and the student residential population stands at about 5,000, with more than 2,000 students living in local residence halls.

Like any number of trends in New York City, this industry growth spurt is inextricably tied to the real-estate market.

The area of Manhattan encompassing parts of Battery Park and the Financial District has been growing in population and commercial activity over the past decade, but there are still pockets of space big enough for the sizable facilities higher education institutions often require, said Stephanie Jennings, vice president for economic development at the Alliance. "There's room," she said. "It's a big area."

Lower Manhattan's average asking rent is $14 per-square-foot less than Midtown South, according to an Alliance analysis of the most recent Cushman & Wakefield quarterly report, and $21 per-square-foot less than Midtown, another higher-education hub.

Leasing to higher-education tenants in the district has increased 82% since 2004, according to the report. Four deals were signed for higher-education tenants in Lower Manhattan last year, the report says, and 23% of all higher-education leasing citywide since 2010 has occurred in the area.

Adam Enbar, the co-founder of tech-focused trade school the Flatiron School, moved his institution from Midtown South to a Lower Manhattan space last year. "When we came down here, we realized the types of spaces we could get [in Lower Manhattan] are things we could never afford—or even find—within our limited budget in Midtown," Mr. Enbar said.

Proximity to transportation options was also cited by administrators as a draw to the area.

With students commuting from Brooklyn, New Jersey and parts of Manhattan, Mr. Enbar said, Lower Manhattan is a central location for his student body.

Nyack College, a private Christian liberal-arts school, moved to Battery Park last year, more than doubling its space. Also sharing the neighborhood are Pace University, Borough of Manhattan Community College, a New York University engineering campus and the New York Film Academy, among others. Coming soon to the district: the Institute of Culinary Education, which is relocating from Midtown South to a 71,000-square-foot facility at Liberty Street.

Pace has long been in the area, but has increased its residential footprint over the past five years, opening new dormitories and expanding academic facilities. On deck for the 2015-2016 academic year: a new 34-story, 385-bed dormitory.

"Pace was once a local commuter school," said Bill McGrath, senior vice president of the university, but students "desire more of a residential experience then they did in the past."

For longtime Lower Manhattan inhabitants, the influx of college students—a demographic that sometimes clashes with their more cosmopolitan neighbors—could inspire concern.

Perry Patel, 43 years old, who has run a news kiosk on the corner of Broadway and John Street for 17 years, says he has definitely seen more students in the neighborhood in recent years, especially since Pace University opened a new residence hall down the block this academic year. So far, he says the students don't give him much business, and they can be disruptive.

"I see some of the students getting into fights out on the street all the time," he said. "Once or twice, one of them has picked something up and not paid for it."

For his part, Financial District resident Gerry Senker said the student population is "so diffuse, you hardly notice them." Mr. Senker, 63, lives by a Pace dorm and said he sees "clusters" of college-looking-types at local frozen yogurt shops, but he hasn't come across any unusual rowdiness.

Unlike their counterparts in other New York City neighborhoods, some members of Community Board 1 in Lower Manhattan are embracing their new neighbors, even inviting urban-planning students to their meetings. "We're their real-life study project," said Catherine McVay Hughes, the board's head.

Ms. Hughes said college students help local businesses and "add vibrancy" to an area devastated by the 9/11 terror attacks in 2001. "Youth provides energy," she said.

—Nicholas Pinto contributed to this article.

 

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Wall Street Journal: "And the Next Star Fund Manager Is …"

01/21/2014

Wall Street Journal: "And the Next Star Fund Manager Is …"

. . . On average, active managers lose to passive funds not because they are bad at choosing stocks and bonds, but because they tend to charge more, says Matthew Morey, a finance professor at Pace University in New York who has written more than half a dozen studies on picking active managers.

"If anybody asked me how to choose, and said just to pick one factor, I would say 'Just buy low fees,'" he says.

Read more: http://online.wsj.com/news/articles/SB10001424052702304419104579324871451038920?mod=ITP_businessandfinance_3
 

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Pace University’s InsideTrack features Brandon Steiner on Wednesday, January 29: “How A Kid from Brooklyn Bought Yankee Stadium”

01/21/2014

Pace University’s InsideTrack features Brandon Steiner on Wednesday, January 29: “How A Kid from Brooklyn Bought Yankee Stadium”

Super Bowl Champs Ray Rice, John Riggins to join pre-event reception
 

New York, NY – January 21, 2014 – Brandon Steiner, Founder and CEO of Steiner Sports Marketing, is the latest guest in Pace University’s InsideTrack series with Pace President Stephen J. Friedman. The event will take place on Wednesday, January 29 at the Michael Schimmel Center for the Arts, One Pace Plaza, from 7 p.m. to 9 p.m. A question-and-answer session with the audience will follow the presentation.

Pace Board of Trustees Chairman Mark M. Besca ’81 will interview Steiner. Besca and Steiner will discuss the intersection of business and sports and the innovative approaches that entrepreneurs commonly employ to business and commerce. This discussion is particularly timely with the Super Bowl coming to New York on February 2.

Previous Super Bowl XLVII champion Ray Rice of the Baltimore Ravens, and Washington Redskins Super Bowl XVII hero John Riggins will be on hand during the pre-event reception.

In addition to his role as CEO, Steiner appears on ESPN NY Radio 98.7 FM and as co-host of Yankees-Steiner: Memories of the Game on the YES Network. In his recent autobiography, You Gotta Have Balls, Steiner articulates the business and life philosophies that have propelled him to the top of the sports and marketing worlds.

Besca has been a Pace Trustee since October 2001 and was named Chairman of the Pace Board in July 2013. A 1981 graduate of the Lubin School of Business, Besca is the New York City Office Managing Partner at Ernst & Young.  He is also a David Rockefeller Fellow of The New York City Partnership, and a Vice Chairman of the UJA Executive Media and Entertainment Group.

The event is open to the public and the Pace community. To register, visit www.pace.edu/insidetrack.

About Pace University: Since 1906, Pace University has educated thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Dyson College of Arts and Sciences, Lubin School of Business, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. Visit www.pace.edu

Media contact:  Bill Caldwell, Pace, 212-346-1597, wcaldwell@pace.edu

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Inc.: "The Perils of Starting a Business On Your Own"

01/16/2014

Inc.: "The Perils of Starting a Business On Your Own"

. . . Without constant reality checks from a co-founder, it's easy to fall in love with your own plans and waste resources on bad ideas. Setting up an active advisory board of startup veterans can help you avoid that trap, says Bruce Bachenheimer, a management professor who runs the Entrepreneurship Lab at Pace University. He's talking about the kind of people who will ask in-your-face questions that you--and, later, your employees--might be afraid to pose, such as: "Why are you putting all your time into this?" "How come we're not going after a different client?" "Shouldn't we be raising our prices and investing in infrastructure?"

Read more: http://www.inc.com/magazine/201402/elaine-pofeldt/starting-a-company-wit...

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NEWS RELEASE: Pace University announces $3.1 million gift from Alfred R. Goldstein for new Lower Manhattan science labs

01/13/2014

NEWS RELEASE: Pace University announces $3.1 million gift from Alfred R. Goldstein for new Lower Manhattan science labs

New York, NY – January 13, 2014 -- Pace University announced today that trustee emeritus Alfred R. Goldstein made a $3.1 million gift for new science laboratory facilities at Pace’s Lower Manhattan campus. The new labs—which include facilities for inorganic chemistry, crime reconstruction, biology space with a centrifuge and incubator, and more—will help students hone their skills for professional success. To celebrate his historic commitment to higher education, Pace has named the newly renovated laboratory space the Alfred R. Goldstein Laboratories.

“Al Goldstein’s generous gift supports Pace’s cutting-edge science programs and our goal of combining classroom and experiential learning experiences,” said Pace President Stephen J. Friedman. “This gift is just the latest example of Mr. Goldstein’s enormous generosity, which can be felt across an array of programs and initiatives at the University.”

Pace’s undergraduate science programs are constantly evolving with the momentous shift in science research brought about by modern breakthroughs in physical science that have served to level the walls between previously isolated disciplines. The rise of new disciplines—such as genomics, bioinformatics, and systems biology—is a signal of a new age in science.

Ten new, fully equipped, cutting-edge multipurpose laboratories will enable students and faculty members to break through barriers between academic disciplines, uniting the University’s laboratory space in one core center. Construction of the first biology and chemistry labs began in the summer of 2013 and students are using the new space during the spring semester.  

The new facility will include a 765 square foot general biology lab, fully stocked with digital monitors at the laboratory tables; a 2,000 square foot research lab; and a crime reconstruction lab for students to study the fields of forensics and pathology. Additional conference rooms and common areas will allow students and faculty members to discuss results and classwork together, confer on experimental findings, and share knowledge across academic disciplines.

In the fall of 2010, Pace also completed a major renovation of its science laboratories in Dyson Hall on the Westchester Campus.

“The renovations have revolutionized our laboratory classrooms,” said Nancy Krucher, PhD, professor and associate chair of Biology and Health Sciences at Pace in Pleasantville. “All classrooms are now digital with computers, projectors, and even laboratory equipment being completely interactive.

“The implications of this change for teaching are great: professors can display the inside of a cell, microscopic bacteria, and all the other wonders of the biological world on the screen for all students to see, where they can save them as digital images to use in their own experiments. Naturally, this has facilitated wonderful collaboration between students and faculty.”

About Dyson College of Arts and Sciences: Pace University’s liberal arts college, Dyson College offers more than 50 programs, spanning the arts and humanities, natural sciences, social sciences, and pre-professional sciences (including pre-medicine and pre-law), as well as many courses that fulfill core curriculum requirements. The college offers access to numerous opportunities for internships, cooperative education and other hands-on learning experiences that complement in-class learning in preparing graduates for career and graduate/professional education choices.

About Pace University: Since 1906, Pace University has educated thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Dyson College of Arts and Sciences, Lubin School of Business, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. Visit www.pace.edu

Media contact: Bill Caldwell, Pace, (212) 346-1597, wcaldwell@pace.edu

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E-Commerce Times: "Apple, Samsung Plan Mediation Meetup"

01/10/2014

E-Commerce Times: "Apple, Samsung Plan Mediation Meetup"

If the latest round of talks between Apple and Samsung can't solve their differences, a higher authority may be needed to sow peace between the firms, Darren Hayes, an assistant professor at Pace University's Seidenberg School of Computer Science and Information Systems, told the E-Commerce Times.

"Given the notoriety of these ugly disputes, if these negotiations fail, perhaps we might see another beer summit in the White House Rose Garden," Hayes suggested, "with the U.S. President, CEO Tim Cook and CEO Oh-Hyun Kwon trying to resolve their differences in a less formal manner."

- See more at: http://www.ecommercetimes.com/story/Apple-Samsung-Plan-Mediation-Meetup-...

. . . If the latest round of talks between Apple and Samsung can't solve their differences, a higher authority may be needed to sow peace between the firms, Darren Hayes, an assistant professor at Pace University's Seidenberg School of Computer Science and Information Systems, told the E-Commerce Times.

"Given the notoriety of these ugly disputes, if these negotiations fail, perhaps we might see another beer summit in the White House Rose Garden," Hayes suggested, "with the U.S. President, CEO Tim Cook and CEO Oh-Hyun Kwon trying to resolve their differences in a less formal manner."

- See more at: http://www.ecommercetimes.com/story/Apple-Samsung-Plan-Mediation-Meetup-...

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Newsday: "Money Fix: When not to contribute to a 401(k)"

01/09/2014

Newsday: "Money Fix: When not to contribute to a 401(k)"

. . . Consider alternatives. If your employer doesn't match contributions, and doesn't have a lot of investment choices, look at a Roth IRA or IRA. "They provide similar tax advantages and a wider range of affordable investment opportunities," says Aron Gottesman, a professor of finance at Pace University.

Read more:

http://www.newsday.com/business/money-fix-when-not-to-contribute-to-a-401-k-1.6664272

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Wall Street Journal: "Fraud Trial Is Key to Mortgage Probe"

01/09/2014

Wall Street Journal: "Fraud Trial Is Key to Mortgage Probe"

. . . The outcome of the case matters to Wall Street. The precedent set could directly affect the probe that began after Mr. Litvak's arrest last year, looking at whether traders at other banks acted similarly.

"If they find [Mr. Litvak] guilty, it's got to be easier for the investigators," said John Alan James, executive director of the Center for Global Governance, Reporting and Regulation at Pace University in New York.

Read more:

http://online.wsj.com/news/articles/SB10001424052702303848104579308543399871248

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Wall Street Journal: "Supporting Science At Pace University"

01/07/2014

The Wall Street Journal reported that Alfred R. Goldstein is donating $3.1 million to Pace.

As Pace University focuses more of its attention on the sciences, the institution will be aided by a large gift.

Alfred R. Goldstein, a former Pace board member and retired real-estate entrepreneur, is donating $3.1 million to Pace this month to help the school modernize its Lower Manhattan science labs.

Read more:

http://online.wsj.com/news/articles/SB10001424052702303370904579297000631001462

 

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Westchester County Business Journal: "The Volcker Rule: How banks may achieve compliance"

01/07/2014

Westchester County Business Journal: "The Volcker Rule: How banks may achieve compliance"

"In December the Federal Reserve and other federal bank regulators, the Securities Exchange Commission and the Commodity Futures Trading Commission adopted the Volcker Rule final regulations under the Dodd-Frank Act of 2010," writes Edwin Lewis, counsel to the executive director of the Pace University Lubin Center for Global Governance, Reporting and Regulation and member of the Lubin M.B.A. program faculty. "The Volcker Rule represents a major change from prior law on how banks may trade stocks and other speculative investments for their own account."

Read more:

http://westfaironline.com/60020/the-volcker-rule-how-banks-may-achieve-compliance/

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