Charter school takes 85K sf in Queens condo building

New facility allows Central Queens Academy to expand

New York /
Feb.February 25, 2021 03:00 PM
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)

Central Queens Academy’s Ashish Kapadia and United’s Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)

A charter school is expanding its footprint in Elmhurst.

Central Queens Academy Charter School is taking an 85,000-square-foot space in the Justice Avenue Tower at 88-08 Justice Avenue, according to Transwestern Real Estate Service, which brokered the deal.

The school will take the first, third and fourth floors of the 340,000-square-foot building, which is being developed by United Development & Construction Group. The new facility will allow the school to consolidate three existing locations and to double its students, according to Ashish Kapadia, the academy’s interim executive director.

The new facility, which can accommodate 900 students, is scheduled to open for the 2021-2022 academic year. The expansion plan also includes a 4,000-square-foot gymnasium that’s due to open in 2024.

The 32-year deal is structured as a leasehold condominium, a legal structure that allows nonprofits to take advantage of its tax-exempt status.

“By commencing negotiations during construction, we are able to achieve the benefits of a purpose-built facility in half the time of a traditional ground-up construction project,” said Stephen Powers, who, along with Lindsay Ornstein, led the Transwestern team for the transaction.

Justice Avenue Tower is a mixed-use building with residential units along with four floors of retail and office spaces. Construction is almost completed, but sales for its 184 condos haven’t launched yet, according to the developer. The building owner was represented by Steve Zhu of Urban Compass for the transaction.





    Related Articles

    arrow_forward_ios
    Thor Equities Group Chairman Joseph J. Sitt. (Thor)
    Thor facing foreclosure on Harlem rental building
    Thor facing foreclosure on Harlem rental building
    Photo illustration of Vornado CEO Steven Roth and Hotel Pennsylvania at 401 Seventh Avenue (Getty, iStock, Vornado)
    “Inevitable”: Vornado will demolish Hotel Pennsylvania
    “Inevitable”: Vornado will demolish Hotel Pennsylvania
    The rate of loans sent to special servicers continued to fall in March. (Unsplash)
    CMBS special servicing rate declines in March
    CMBS special servicing rate declines in March
    Vorea's Peter Papamichael. (Google Maps, Vorea Group)
    LIC development site under contract
    LIC development site under contract
    JLL CEO Christian Ulbrich. (Getty)
    JLL explores sale of China property management wing
    JLL explores sale of China property management wing
    Dollar General CEO Todd Vasos (Retail Industry Leaders Association, iStock)
    Dollar General thrives amid retail apocalypse
    Dollar General thrives amid retail apocalypse
    Bill Lee (Lee & Associates/YouTube)
    Lee & Associates founder Bill Lee dies
    Lee & Associates founder Bill Lee dies
    Brooklyn saw increases in prices, sales and inventory. (Getty, Two Trees)
    Brooklyn’s median sales price hit record high in Q1
    Brooklyn’s median sales price hit record high in Q1
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...