Coney Island Prep Secures 45,190-Square-Foot Leasehold at 773 Neptune Avenue

Coney Island Preparatory Public Charter School has executed a 39-year condominium leasehold agreement to establish a new 45,190-square-foot high school facility at 773 Neptune Avenue in Brooklyn. The charter operator is relocating from Gravesend, with plans to open the space for enrollment in summer 2027 and serve up to 500 students. The facility will feature purpose-built labs, a full gymnasium, and a central network kitchen.

The property is owned by Elie Fouerti's Fouerti Realty and is being developed by Rybak Development. Open Impact Real Estate represented the tenant in the off-market transaction, while Fouerti Realty handled leasing in-house. While lease terms were not disclosed, broader market benchmarks show second-quarter 2026 Brooklyn asking rents averaging $51.01 per square foot for office and $55.02 per square foot for retail. Fouerti Realty's website outlines a 14-story, 139,000-square-foot mixed-use project at the location.

Long-term leasehold condominiums continue to serve as a vital development structure for institutional and educational users seeking dedicated urban facilities with predictable occupancy terms.