The Real Deal New York

Park Slope school latest Brooklyn institution to pursue expansion

Berkeley Carroll School purchases property next door to existing campus

October 13, 2014 01:55PM
By Zachary Kussin

From left: Berkeley Carroll's Lower School and the adjacent 703 Carroll Street

From left: Berkeley Carroll’s Lower School and the adjacent 703 Carroll Street

The Park Slope-based Berkeley Carroll School — a preschool through 12th grade private institution — is expanding its campus. The school purchased an eight-unit, 8,800-square-foot multi-family property located right next to its Lower School for $4.6 million, according to Friday’s property records.

“A lot of these private schools, the applications and enrollment are at all-time highs,” said CPEX managing partner Brian Leary, who, along with associate director Stephen Safina, repped the seller and procured the buyer for the deal. “This is long-range planning to expand and build additional academic space,” he said of Berkeley Carroll.

Calls to Berkeley Carroll were not immediately returned.

The owner-occupied property is located at 703 Carroll Street between Sixth and Seventh avenues. Mosad and Yahya Almontaser are listed as the owners. The two bought the building in 1990, but the purchase price was not available in online public records. The pair could not be reached for comment.

“We received a tremendous amount of activity and offers from multi-family investors,” said Safina in a written statement. “The volume of activity on this transaction is indicative of the lack of inventory on the market and the demand for landmarked Brooklyn neighborhoods.”

Leary added that expansion activity in the Brooklyn academic sector is getting hot. “We have completed a dozen or so transactions this year with schools, and we are seeing expansion at all levels — parochial, secondary and collegiate,” he said in the statement.

One example: Leary’s team in May completed a 15,000-square-foot lease deal for the Brooklyn Friends School May at 47-55 Willoughby Street. They were also tapped recently to secure space for the Miami Ad School, which is shopping for 12,000 to 15,000 square feet in Sunset Park, Bushwick, Williamsburg and Downtown Brooklyn, to name some examples. The institute, which was 14 locations across the world, currently occupies 10,000 square feet at 10 Jay Street in Dumbo.

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