Central Queens Academy to Open New Charter School in Elmhurst
By Abigail Nehring February 28, 2024 7:13 pm
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Central Queens Academy Charter School (CQA) will enroll kindergarteners and first graders this fall semester in a new public charter school at 86-55 Queens Boulevard in Elmhurst, Queens.
The new elementary school is on the home stretch after CQA inked a pair of deals with United Construction & Development Group, according to tenant broker Open Impact Real Estate. It will open the new campus on Queens Boulevard as well as expand its current home next door at 88-08 Justice Avenue.
In the larger deal, CQA signed a 32-year leasehold condominium agreement for 48,000 square feet in the four-story 86-55 Queens Boulevard, according to Open Impact.
Asking rent was approximately $60 per square foot, said Compass’ Steve Zhu, who arranged the deals for United.
United acquired the property in 2018 and filed permits to demolish the diner that had long existed on the site and replace it with a 90,620-square-foot medical facility. But the developer pivoted when CQA said it was interested in moving into the new building, Zhu said.
And to continue to grow its campus, CQA signed another 32-year leasehold condominium agreement to tack on an additional 7,000 square feet to its Justice Avenue middle and elementary school, which it will use for a gym that it plans to open in September, according to Open Impact.
Open Impact’s Stephen Powers — who represented CQA in both deals with Lindsay Ornstein, Jake Cinti and Kendall Elliott — said in a statement that CQA’s expansion is a testament to its “impressive performance.” He added that he was able to “incentivize the developer” to build the gym space and create a “purpose-built facility, which would have otherwise not been possible.”
The deal was first reported by The Real Deal, but the address was listed wrong.
CQA will also get a state real estate tax abatement as part of the long-term leasehold condominium deals.
The school opened as a middle school on Justice Avenue in 2012 and then later expanded to an elementary school in 2021, according to its website. The new expanded school will open in August and eventually offer a combined 1,800 public school seats spread across 140,000 square feet.
Abigail Nehring can be reached at anehring@commercialobserver.com.
