Coney Island Prep Inks 45K-SF Deal to Relocate to 773 Neptune Avenue
By Mark Hallum September 10, 2026 12:41 pm
reprints
Coney Island Preparatory Public Charter School is moving from its Gravesend, Brooklyn, location to none other than Coney Island.
The school signed a 39-year condominium leasehold agreement to build a 45,190-square-foot high school at Elie Fouerti’s 773 Neptune Avenue, where it will grow to accommodate 500 students when it opens for enrollment in summer 2027, according to tenant broker Open Impact Real Estate.
The new school is being developed by Rybak Development.
Asking rent for the building was not disclosed, but the average office asking rent borough-wide was $51.01 per square foot in the second quarter of 2026, according to a Cushman & Wakefield report. The average retail asking rent throughout Brooklyn was $55.02 per square foot over the same period, according to a report from Matthews Real Estate Investment Services, citing CoStar data.
“This project gives Coney Island Prep the room and resources to keep pace with its students’ ambitions,” Alexander Smith, senior vice president at Open Impact, said in a statement. “We set out to find a long-term, affordable solution that would reflect the school’s mission and strengthen its presence in the Coney Island community. Securing this off-market opportunity will allow Coney Island Prep to expand its enrollment and deliver purpose-built facilities for years to come.”
Smith represented the school alongside Open Impact’s Stephen Powers, while Fouerti Realty used in-house representation.
Fouerti Realty did not immediately respond to a request for comment.
“This isn’t just a building — it’s a statement about what our scholars deserve,” Karen Johnson, CEO of Coney Island Prep, said in a statement. “The facilities we’re gaining, from purpose-built labs to a full gymnasium to a kitchen that feeds our entire network, are designed to meet our scholars where they are today and grow with them into the future.”
It’s unclear whether the new Coney Island Prep school is part of a larger development going up on the site, as Fouerti Realty’s website shows plans for a 14-story mixed-use building spanning a total of 139,000 square feet. The portion designed for a school tenant is 57,100 square feet, a little larger than the footprint leased by Coney Island Prep, according to the Fouerti Realty website. The website also says construction on the property wrapped in the second quarter of 2025.
Mark Hallum can be reached at mhallum@commercialobserver.com.
