Crain's New York - November 5, 2012 - (Page 13)

REPORT E D U C AT I O N ‘In private universities, there’s no question there’s an arms race going on’ —Travis Reindl, program director of the education division of the National Governors Association VALUABLE LESSON: President Richard Guarasci said Wagner College can’t cut its way to prosperity; it has to increase productivity. Keeping Pace with downtown growth University’s new buildings boost its profile amid area building boom BY HILARY POTKEWITZ While Columbia University,New York University and Cornell University throw their weight around with massive, billion-dollar projects, Pace University’s expansion in lower Manhattan has gone largely unnoticed outside its downtown neighborhood. Once considered a commuter school, Pace is building two big dorms—a 30-story tower at 33 Beekman St. and a 24-story structure at 180 Broadway, each designed to house at least 600 students. It’s also renovating a vacant building at 140 William St. for its performingarts school. NUMBER OF The STUDENTS who will projects stem from fit in each of Pace’s two new towers, the climbing Pace enroll- same number it now ment as its houses in Brooklyn programs gain recognition—for example, its Actors Studio Drama School this year was named one of the top 25 drama schools in the country by The Hollywood Reporter— and from the university’s drive to create a campus-like environment. RISING 600 david neff Tuition gulf is widening Private institutions spend vast sums; high expectations, bid for prestige blamed BY JUDITH MESSINA The tuition for a year at Columbia University is an eye-popping $45,028. At New York University, it’s $40,878. Fordham University charges $41,000, and even at much smaller Wagner College on Staten Island, the bill runs to $37,240—not counting lab fees,activities fees and other expenses. By comparison, tuition at the State University of New York at Albany for a state resident is $5,570. Why such a disparity? The obvious answer—that SUNY is subsidized by taxpayers—actually explains only a fraction of the difference. Private universities also subsidize many students, not with taxpayer money but with philanthropic dollars and, in the case of wealthy institutions, with their endowments. The price gulf between the two ends of the higher-education spectrum is better explained by looking at the battle being waged by private in- IVORY TOWER stitutions for academic and financial supremacy. They are spending vast sums on faculty, facilities and financial aid in an effort to attract top students, well-heeled donors and government research funds. Public universities, with relatively puny endowments and with tightfisted legislators peering over their shoulders, have less to spend and less ability to make the grand gestures that could put them on the elite-school map. “In private universities, there’s no question there’s an arms race going on,” said Travis Reindl, program director of the education division of the NaSee TUITION on Page 16 ‘Vibrant campus life’ “We’ve had steady increase in enrollment for the last five years, and there’s more of an interest in living in dorms,” said university President Stephen Friedman. “The idea is to integrate living in New York more closely with the academic experience.” The school has more than 12,500 students spread over campuses in Manhattan, Pleasantville and White Plains. Most of Pace’s 2,000 Manhattan students live in the borough, while about 600 are in leased space in Brooklyn Heights (the university See PACE on Page 14 November 5, 2012 | Crain’s New York Business | 13

Table of Contents for the Digital Edition of Crain's New York - November 5, 2012

IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
EDITORIAL
GREG DAVID
REAL ESTATE DEALS
REPORT: EDUCATION
CLASSIFIEDS
FOR THE RECORD
DIGITAL NEW YORK
SMALL BUSINESS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crain's New York - November 5, 2012