Ecole Internationale de New York has reportedly signed a 30-year, 15,000-square-foot lease at 206 Fifth Avenue, which covers the entire building.
Asking rents for the five-story building, between East 25th and East 26th Streets, were $60 per square foot, according to a Crain’s, which first reported the lease today.
“The quality-of-life enhancements and the employment growth right around the Flatiron district area has prompted younger folks to stay in Manhattan, and there is an undersupply of education options for their children,” Sean Black, a broker at Jones Lang LaSalle who represented the tenant, told the publication.
Ecole, which reportedly costs $28,000 per year, per student, currently offers pre-K to sixth grade, with a bilingual English/French curriculum. The new location allows the school to expand its capacity for those grades and to open a middle school at its existing 111 East 22nd Street location.
Jeremy Wood, the school’s owner and founder, told Crain’s that the expansion into the building will “help us from a branding and visibility perspective and drive our admissions.”
David Wexler, who also owns watchmaker Tourneau, owns the property, while the Gural family manages the building through a long-term lease. The Gurals concurrently extended their lease with Mr. Wexler for an additional 75 years.