Charter school takes 85K sf in Queens condo building
New facility allows Central Queens Academy to expand
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.