Lehman College opens first dormitory for students on Grand Concourse

The apartment-style residence, developed by MADDD Equities, is housed inside the restored, landmarked Dollar Savings Bank building on the Grand Concourse at Fordham Road. The project transformed the long-vacant Art Deco landmark into housing for 180 students, making it the first student residence hall in Lehman College’s history and the only residence hall serving a CUNY campus in the Bronx.

“Our students deserve nothing but the best, and The Lehman Grand gives them an affordable, convenient and beautiful option to help them reach their graduation goals,” said Lehman College President Fernando Delgado.

Like most CUNY schools, Lehman has long served a largely commuter student population, with many students balancing coursework alongside jobs, family responsibilities and lengthy commutes. The Lehman Grand becomes CUNY’s seventh residential campus, adding another option in a city where affordable student housing remains scarce.

The Lehman Grand also becomes CUNY’s seventh residential campus, expanding the university system’s limited student housing options.

While applications are still being reviewed, many of the students expected to move into the residence hall in the coming weeks are from across the greater New York metropolitan area, according to Lehman College Director of Residence Life Kiana Bonner.

Bonner said the new residence hall is intended to ease some of the outside pressures students face while giving them a stronger connection to campus life.

“One thing I’ve seen in my time working in higher education is that when a student is dealing with something in the classroom, they’re likely dealing with something in their personal life,” Bonner said. 

The residence hall features 58 furnished suites with private bathrooms in a variety of room configurations. Housing costs range from $9,025 per academic year for a standard quad suite to $16,720 for a double penthouse suite. Payment plans are available to help students shoulder the cost. 

Residents will have access to shared kitchens, study lounges, game rooms, free Wi-Fi, 24-hour security and on-site laundry facilities. Students will also receive discounts at the Fine Fare supermarket located on the building’s ground floor.

Transportation options include a free shuttle between the residence hall and Lehman’s Bedford Park campus. The building is also located near the B, D and 4 subway lines and multiple bus routes.

The project was developed through a partnership between Lehman College and MADDD Equities, which converted the historic building into student housing while preserving many of its architectural features. Lehman College signed a 35-year lease with MADDD Equities to operate the residence hall.

Under the agreement, CUNY will not make lease payments during the first three years. Annual rent payments will begin in the fourth year at $1.785 million, with scheduled increases throughout the remainder of the lease.

The dormitory occupies one of the Bronx’s most recognizable historic buildings. Originally constructed in 1932 as the Dollar Savings Bank, the Art Deco structure was designated a New York City landmark in 1994 for its distinctive architecture, including its pink granite façade, terra-cotta detailing and iconic clock tower overlooking the Grand Concourse.

MADDD Equities, which is also leading the redevelopment of the Kingsbridge Armory and the Bronx General Post Office, began restoring the building after it sat vacant for more than a decade. The company first renovated the building’s banking hall, which reopened as a Fine Fare supermarket in 2024, before converting the upper floors into student housing.

Speaking at the ribbon-cutting ceremony, Bronx Borough President Vanessa Gibson said the project represents an investment in both higher education and the borough’s future.

“Our institutions of public higher education are entrusted with the incredible responsibility to invest in our young people, to give them pathways to careers, to invest in their learning experiences, and to make sure that we can have dignified spaces to learn, to grow, to live, and to build relationships,” Gibson said.