Raced up the block doing 83
Crashed into a tree near university
Escaped alive though the car was battered

from Slick Rick – Children's Story Lyrics on Rap Genius

Meaning

going 83 MPH is a good way to lose the cops, and to get into an accident

and the “near university” is most likely a reference to University Avenue

https://maps.google.com/maps?q=university+ave+bronx+ny&hl=en&ll=40.846703,-73.915501&spn=0.024705,0.029826&client=firefox-a&hnear=University+Ave,+Bronx,+New+York&gl=us&safe=active&t=m&z=15

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