Charter school inks 63k sf in new Brownsville building

A Brooklyn charter school just inked a 35-year lease for its elementary and middle school.

Imagine Me Leadership Charter School will take 63,000 square feet at 39 Truxton Street in Brownsville. The school, which opened in 2011, will occupy the entire building, which was built on spec by Fulton Gate Realty LLC.

It will relocate sometime during the next school year from modular classrooms in the parking lot at St. Paul Community Baptist Church in East New York.

The structure had already been built in anticipation of a school and OPEN negotiated a turnkey buildout as part of the deal, Cinti said. The four-story school will have a double-height gymnasium, multiple outdoor play spaces and a cafeteria and 6,000 square foot auditorium.

“It will communicate dignity and empowerment to their student body,” said Jake Cinti of OPEN Impact Real Estate.

The deal is structured as condominium leasehold, a legal structure that shaves off property taxes for nonprofit tenants that sign leases of 30-plus years. Cinti declined to disclose the asking rent, but said increases will be phased in as the school ramps up enrollment over the next five years.

The school will house 650 students when it reaches full capacity, and will transition from all boys to co-ed.

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An OPEN team including Cinti and Lindsay Ornstein represented the charter school. Pinnacle Realty’s Steve Nadel and Nechama Lebrow represented Fulton Gate Realty.  

Charter schools are a small but growing niche in the New York City real estate market, one that is immune to some of the challenges afflicting other asset classes. They are attractive to developers because they sign long-term leases and the rent is subsidized by the city and state.