"With 11,000 students, 6,500 of whom are full-time, and only1,200 beds, FIT has had to place severe restrictions on who canlive in our residence halls and how long they may be housed oncampus," says FIT president Dr. Joyce F. Brown. Currently, onlystudents entering an associate degree program who come from beyonda 35-mile radius may apply for student housing. Housing is thenavailable for only the first year. Once completed, approximately200 beds will be rented each semester by SUNY campuses.

The 15-story 100-year-old building will be gutted andtransformed into two-, three-, and four-bed suites and spots forresident counselors. Anticipated amenities include cyber and studylounges, a laundry facility, a fitness room and administrativeoffices. There will be 24-hour security coverage and astate-of-the-art fire safety system. The architect is Wank AdamsSlavin Associates LLP. Zoned for manufacturing as an M1-5 site, thebuilding required a use variance. Community Board 4 unanimouslyendorsed the variance request and the Board of Standards andAppeals approved it.

Financing for the project was arranged on behalf of FIT StudentHousing Corp. by the Dormitory Authority of the State of New York.Lehman Brothers provided investment banking services through thesale of $144.5 million in insured revenue bonds. Morrison &Foerster and Wachtel & Masyr provided legal services for thecollege, while developer George Kaufman, an FIT trustee, acted asan unpaid advisor.