The New School is a world renowned, progressive university, founded in 1919, with its main campus in New York City. They house a design school, liberal arts college, performing arts college, and graduate programs. Students collaborate across disciplines and learn new ways of creative problem solving to effect positive change in the world.
Officials at the university recently asked Criterium Engineers to perform a Pre-Lease Property Condition Assessment (PCA) on a 12-story, 16,000+ square foot dormitory building—which is known as the Stuyvesant Park Residence, located at 318 East 15th Street in New York City. The building was built as a hospital dormitory in 1965 and has served as a student residence since 2009 with 140 apartments.
A pre-lease PCA is especially helpful for Triple-Net lease negotiations. The average building PCA reviews more than 30 major building and site elements in great detail. It provides descriptions, deficiencies and recommendations. It also includes probable costs for repair or replacement of damaged or failing building systems or safety issues. PCA reports are customized for each client and may be designed to focus on areas that otherwise may not be covered in a baseline assessment.