The New York City Charter School of the Arts Inks 34K-SF Lease at 241 Water Street

This educational institution knows the view is always better by the sea.

New York City Charter School of the Arts is moving into a 34,492-square-foot space at 241 Water Street in Manhattan’s South Street Seaport District, Commercial Observer has learned. 

The lease is for 31 years, according to a source close to the deal. The asking rent was not available, however the average asking rent for retail space in Lower Manhattan was $240 per square foot for the second quarter of 2025, according to CBRE data. 

New York City Charter School of the Arts will eventually relocate from its current facility at 26 Broadway in Manhattan. It is unclear when the move will take place. 

Peter Whitenack from Newmark represented the landlord in this lease. Whitenack declined CO’s request for comment. Savills’ Ira Schuman and Joe Byrnes represented the tenant in this deal. Savills did not immediately respond to a request for comment.

The six-story building was previously occupied by the Blue School, which was an educational provider for students in kindergarten through the eighth grade. That school was founded by the people behind Blue Man Group, a performance arts company. 

New York City Charter School of the Arts is a middle school where students in grades 6 through 8 study a curriculum that integrates music, visual and performance art, and activism, according to the school’s website.

241 Water Street went up for sale in 2023 for $28 million by the owner, an LLC known as 241 Water Street Holdings. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.