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OPEN Impact Arranges Coney Island Ground Lease for Charter School
OPEN Impact Real Estate represented Coney Island Preparatory Public Charter School in securing a 39-year leasehold condominium for a new 45,190-square-foot ground-up high school at 773 Neptune Ave. in Brooklyn. The new facility will allow Coney Island Prep to expand its high school enrollment and create new specialty instructional spaces.
The ground-up, build-to-suit facility at 773 Neptune Ave. will be occupied exclusively by Coney Island Prep. The new development is being constructed by Rybak Development. Occupancy is expected in summer 2027.
The new campus will allow Coney Island Prep to grow to serve more than 500 high school students, relocating its existing high school from 294 Avenue T in Gravesend to Coney Island proper.
OPEN’s brokerage team included Alexander Smith and Stephen Powers. The landlord, 773 Neptune Avenue Qoz LLC, owned by Elie Fouerti, represented itself in-house. The ground lease follows a 15-year lease for another charter school, Launch Expeditionary Learning Charter School, in Sunset Park.
