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$11M for Public School Building in East New York

A private investor paid $11 million for the school building at 2045 Linden Blvd., in Brooklyn’s East New York neighborhood.

“There was high demand for this property,” said Jonathan Berman, director at Ariel Property Advisors, which represented the seller in the lease and procured the buyer. “It offers a high return from a long-term lease, with a secure and stable tenant.”

The 42,112-square-foot building is currently the home of Public School K36, a high-performing school which has been the building’s sole tenant since it opened in 1973. The New York City Dept. of Education signed a new 15-year lease, agreeing to pay $737,100 annually, or $17.55 per square foot.

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