NYC School Construction Authority Leases 15K SF in Flatbush
By Mark Hallum January 6, 2022 2:10 pm
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Ripco Real Estate and the New York City School Construction Authority (SCA) have announced a 15-year lease for 15,330 square feet at 1070 Flatbush Avenue, a space which will be used for a new pre-K center.
This is the largest ground-floor lease in the Flatbush, Brooklyn, corridor in over two years, according to the brokerage. RIPCO’s Geoff Bailey and Scott Rothstein represented the landlord, and Bert Baradarian of Cornerstone Group represented the SCA in the transaction.
The agency aims to have the center open ahead of the 2022-2023 school year and the space will undergo renovations by a state public benefit corporation that will work to design, construct and renovate the facility.
“A recent trend we have been seeing is the use of traditional retail corridors for non-traditional uses. School Construction Authority’s lease at 1070 Flatbush Avenue fits this non-traditional plan as it takes a space created for retail use and converts it into a [school] for children in the area,” Bailey said in a statement. “With over 1,500 new residential units in the surrounding area, we are confident that the school will be a strong addition to the community.”
Cornerstone Group declined to comment while the landlord, Horizon at Flatbush LLC, could not be reached for comment. SCA declined to disclose information about the landlord or the public benefit corporation involved.
“This lease is part of the SCA and City Hall’s commitment to provide free, full-day 3-K and pre-K for our youngest students throughout the city of New York,” Kevin Ortiz, an SCA spokesperson, said. “Funding in our capital plan will expand pre-K capacity within new buildings as well as allow for the identification of new locations for more seats.”
RIPCO touted that the property’s location at Flatbush Avenue and Cortelyou Road benefits from great access to mass transit.
Mark Hallum can be reached at mhallum@commercialobserver.com.
