The Mercer Street Residence, opening in 1981 and located at the corner of West Third and Mercer Streets and just a few minutes' walk from the Law School, houses NYU Law students, faculty and administrators. The building features a terrace, game room, laundry rooms, computer and study rooms, a business center, TV room, as well as the offices of the student organizations.
The Broadway Central Hotel (originally the Grant Central Hotel) once sat where Mercer Residence now stands. Built in 1870, it was the largest hotel in the world, eight stories and containing 400 rooms. Being located in a prime entertainment district, it was a luxury hotel. By the 1970s, the Broadway Central Hotel went from luxury to sleazy, and by the 1970s the building became a flophouse called the University Hotel. In 1973, under disrepair, a wall collapsed resulting in the demolation of the building. (Ephermal New York Blog)