A Brooklyn charter school company just inked a 35-year lease for its second location at a new mixed-use building in Williamsburg.
Bedford Stuyvesant New Beginnings Charter School will take 51,000 square feet at the Morris Adjmi-designed building at 217 North 10th Street. The asking rent was around $70 per square foot.
A new high school will occupy the bottom three floors of the mixed-use building developed by Largo, a real estate development and investment firm. The building’s 31-unit residential condo uses the address 215 North 10 Street and is called NX.
The tenant is hoping to secure a condominium leasehold, a legal structure that shaves off property taxes for nonprofit tenants that sign leases of 30-plus years, said broker Josh Berger of Norman Bobrow & Company.
Berger represented the charter school. A CBRE team including Jason Frazier and Jesse de la Rama represented the landlord. Commercial Observer first reported the sale.
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The charter school, currently serving grades K-8, is expanding to include the high school, which is slated to open in the fall.
This new facility will have a large multi-use gym space, a large cafeteria with an outdoor terrace, a design lab and recording studio, according to the school’s website.
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.