Charter School Replaces Ex-Catholic Academy in Sunset Park
While the sun has set on a Catholic academy in Sunset Park, it’s on the rise for a public charter school expanding into the high school ranks.
Launch Expeditionary Learning Charter School signed a lease for 77,000 square feet at 5902 Sixth Avenue in the Brooklyn neighborhood, the Commercial Observer reported. The landlord at the property is Redemptorist Fathers of New York.
The space was previously leased to Our Lady of Perpetual Help Catholic Academy. The school closed last June due to low enrollment and financial struggles, according to Brooklyn Paper.
Asking rent for the 15-year lease for the charter school was not disclosed. The average asking rent on office space in the neighborhood was $26.43 per square foot in the second quarter, according to Colliers.
Open Impact Real Estate’s Jake Cinti and Eshaan Gandhi represented the tenant, while a Cushman & Wakefield team including Frank Liantonio, Jason Kroger and Jonathan Squires represented the landlord.
“Purpose-built educational facilities of this scale rarely become available in Brooklyn, making this a highly unique leasing opportunity,” Liantonio said in a statement.
The location for Launch Expeditionary Learning is expected to open next fall. It will include a 16,000-square-foot gymnasium, cafeteria, 7,600-square-foot auditorium and outdoor recreation areas spread across the full-block campus.
The charter school launched its New York operations in 2012 with a middle school at 1580 Dean Street in Crown Heights. It began accepting high school students last year, though it has yet to expand into 11th- and 12th-grade enrollment.
Sunset Park is where Daryl Hagler helped to save a megaproject from foreclosure two years ago, providing Watermark Capital with a $42.5 million loan for its 28-story, 497-unit project at 6128 Eighth Avenue. That financing staved off a foreclosure attempt from Rialto Capital Group.
Little progress on the project has been publicly reported since then.
Read more
Daryl Hagler saves Sunset Park megaproject from foreclosure
Charter school inks 48k sf in new Queens development
Charter school inks 63k sf in new Brownsville building
