Charter school inks 70K sf lease in Downtown Brooklyn

Building formerly housed a Catholic high school

New York /
Mar.March 23, 2021 04:18 PM
Prospect Schools CEO Dan Rubenstein. (Prospect Schools, Google Maps)

Prospect Schools CEO Dan Rubenstein. (Prospect Schools, Google Maps)

A charter school is taking over a former Catholic high school building in Downtown Brooklyn.

The Brooklyn Prospect Charter School inked a 30-plus year lease for 70,000 square feet at the former St. Joseph High School at 80 Willoughby Street, Crain’s reported.

United American Land recently acquired the building from the Sisters of St. Joseph for $23.2 million. It will be renovated and open as a charter school in time for the next school year, according to the report.

St. Joseph’s shut down at the end of the 2019-2020 academic year due to declining enrollment, according to the Tablet, a Catholic newspaper.

Since the onset of the pandemic, office leasing activities have significantly slowed down. But educational facilities, such as charter and private schools, remain active in the market, providing a lifeline to landlords.

“Charter school development will continue to play a critical role in meeting the demand for modern public school seats in neighborhoods where new supply is constrained,” Newmark’s Justin DiMare, who represented the school in the transaction, told the publication. “Investor appetite for charter school development has also grown, due to the long-term nature of their occupancy.”

Recent charter school deals include a 85,000-square-foot lease by the Central Queens Academy Charter School in Elmhurst. On Staten Island, Hellenic Classical Charter School secured $44 million in bond financing to construct its new 36,000-square-foot building.

[Crain’s] — Akiko Matsuda





    Related Articles

    arrow_forward_ios
    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
    The Wonder Wheel in Coney Island (Getty)
    Coney Island Wonder Wheel reopens
    Coney Island Wonder Wheel reopens
    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
    The vacancy rate for regional and superregional malls is at an all-time high.  (Getty)
    Mall vacancy rate hits all-time high
    Mall vacancy rate hits all-time high
    Rudin Management’s Michael Rudin and Industrious’ Justin Stewart with 32 Sixth Avenue in Tribeca (Rudin, Industrious, Google Maps)
    Rudin teams up with Industrious for flex-office play
    Rudin teams up with Industrious for flex-office play
    Mitchell Kossoff (iStock, Kossoff, PLLC/Illustration by Kevin Rebong for The Real Deal)
    Landlords seeking millions from real estate attorney who disappeared
    Landlords seeking millions from real estate attorney who disappeared
    arrow_forward_ios

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

    Loading...