Zeta Charter Schools nabbed 65,000 square feet to open its third outpost in the Bronx, Commercial Observer has learned.
The school inked a 49-year leasehold condominium for the entire nine-story building at 1910 Arthur Avenue between East Tremont Avenue and East 176th Street in the Tremont section of the Bronx, according to Transwestern, which brokered the deal for Zeta. A spokesman for Transwestern declined to provide the price Zeta paid or rent.
Zeta searched for nearly a year for space and the deal closed late last week and was not delayed by the coronavirus pandemic, according to Transwestern.
“By selecting an experienced development partner with an existing building that can be converted quickly for school use, we were able to save Zeta Charter Schools significant time and expense in delivering Zeta Bronx Tremont Park Elementary to the community,” Transwestern’s Lindsay Ornstein, who brokered the deal for the school, said in a statement. “We are thrilled to be working alongside Zeta Charter Schools as we continue to look for additional opportunities for them to open more state-of-the-art educational facilities in the future.”
The school, which will be called Zeta Bronx Tremont Park Elementary, plans to open in August 2021 and will eventually serve pre-K to fifth-grade students. It will be the third location in the borough for Zeta as the school already has a campus in Mott Haven at 222 Alexander Avenue and recently inked a deal for a 98,000-square-foot spot at 425 Westchester Avenue. Zeta, which was founded in 2018, also has a location in Inwood.
“This building will enable Zeta to provide a world-class, next-generation charter school to hundreds of children in Central Bronx,” Emily Kim, the CEO of Zeta, said in a statement. “The current COVID-19 crisis presents a challenging time for all of us, and especially underserved families in the Bronx. We feel deeply grateful for this incredible opportunity to serve even more families and provide students in the Bronx with a high-quality school that they deserve.”
Ornstein represented Zeta along with Stephen Powers and Thomas Hines. The landlord, Joyland Group, handled the deal in-house.