Coney Island Preparatory Public Charter School has secured a 39-year leasehold condominium interest for a new ground-up high school at 773 Neptune Ave. in Brooklyn. OPEN Impact Real Estate represented the charter school in the long-term ground lease transaction, which will support the development of a 45,190-square-foot facility designed specifically for the school's academic program.
The planned high school will be built as a build-to-suit project and will be occupied exclusively by Coney Island Prep. According to the parties involved, the purpose-built design will provide room to expand high school enrollment and accommodate new specialty instructional spaces. The new facility is intended to consolidate and upgrade the school's high school operations in a single, modern campus.
Rybak Development is constructing the new building at 773 Neptune Ave., with completion and occupancy currently anticipated in summer 2027. Once delivered, the property will serve as the long-term home for Coney Island Prep's high school, replacing its existing location at 294 Avenue T in the Gravesend neighborhood and relocating those operations into Coney Island proper.
The new campus is expected to allow Coney Island Prep to expand its high school program to serve more than 500 students. In addition to handling a larger student body, the new space is planned to incorporate specialized instructional areas that were not available at the former location, supporting the school's broader educational objectives.
OPEN Impact Real Estate acted as tenant representative in the transaction. The brokerage team included Alexander Smith and Stephen Powers, who advised Coney Island Prep on the long-term leasehold condominium structure and site selection at 773 Neptune Ave. The landlord, 773 Neptune Avenue Qoz LLC, an entity owned by Elie Fouerti, handled negotiations in-house and did not retain an outside brokerage team.
The ground lease for Coney Island Prep follows a 15-year lease arranged previously by the same real estate team for another charter school, Launch Expeditionary Learning Charter School, in the Sunset Park neighborhood. Together, these assignments illustrate continuing demand from charter school operators for custom-built educational facilities in Brooklyn neighborhoods, leveraging long-term lease structures to secure stable, dedicated space.
