
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.