The YDE School in Brooklyn will be moving its school to Sheepshead Bay.
The private religious school will be moving its facilities from 49 Avenue T in Gravesend to 2533 Coney Island Avenue. The new facility is set to open at the beginning of the 2013 school year and start off as a high school and eventually grow to include all grades.
The property, previously serving a Ford dealership and repair shop for forty years, features a 25,000-square-foot, one-story building and an adjacent 25,000-square-foot parking lot.
“It is unusual for a 50,000-square-foot plot with tremendous air rights and development possibility to come available in Brooklyn like this,” said Zach Mishaan, a senior managing director at Winick Realty Group and broker on the transaction, in a prepared statement. “They have unlimited development rights that they can enjoy over the entire term of the lease and the site will offer them tremendous growth potential for years to come.”
Mr. Mishaan represented the tenant in their search for a new facility. Massey Knakal‘s director of sales Brian Hanson was joined by his colleague and an executive vice president of retail leasing, Benjamin Fox, in representing the landlord, Hellman Properties.
The lease duration was set for 30 years.
“As this neighborhood and retail corridor upgrade, it creates further opportunity for beautification,” Mr. Mishaan added in the statement.
