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TRS Arranges 85K-SF Leasehold for Queens Charter School

Transwestern Real Estate Services (TRS) represented Central Queens Academy Charter School (CQA) in an 85,000-square-foot transaction for a new school to be located in the Justice Avenue Tower at 88-08 Justice Ave. in Queens. Transwestern’s Stephen Powers, Lindsay Ornstein, Arthur Skelskie, Jake Cinti and Alexander Smith advised CQA.
 
CQA’s new school is scheduled to open for the 2021-2022 academic year. It will be located on the first, third and fourth floors of United Development & Construction Group’s Justice Avenue Tower, currently under construction.

Building ownership was represented in the transaction by Steve Zhu of Urban Compass Inc. The deal for the new school was structured as a leasehold condominium.
 
“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 Powers, who also leads Transwestern’s national Nonprofit Advisory Group. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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