Transwestern Represents School in $2 Million Purchase of 18,660 SF Building
January 27, 2021
New York City – Transwestern Real Estate Services (TRS) announces it represented Paterson Charter School for Science and Technology (PCSST) in the $2 million purchase of an 18,660-square-foot building at 39-53 E. 34th St. in Paterson, New Jersey. The site will become PCSST’s newest school, opening for the 2021-2022 academic year to serve children in grades two and three.
PCSST was represented in the transaction by Transwestern Partners Lindsay Ornstein and Stephen Powers and Executive Managing Director Arthur Skelskie with Leslie Florio, formerly of Transwestern’s New Jersey office. The seller, Cobert Realty LLC, was represented by Mitch Roman of CRESA. The project team includes NorthStar Owners Representation and SephAri Design.
PCSST currently operates three school campuses in Paterson. The new school will serve approximately 300 students and will feature high ceilings, abundant natural light from renovated windows, and a new playground.
“Our new campus supports PCSST’s ongoing commitment to bringing the highest level of educational programs to the children and families of Paterson,” said Mr. Riza Gurcanli, Lead Person of PCSST. “We are very excited by the opportunities presented by this building purchase, which will allow us to create a state-of-the-art facility to our specifications that will directly address the academic needs of our students.”
The site is situated on a 1.1-acre lot, providing plenty of space for playgrounds and parking. The building was formerly a textile manufacturing and warehouse facility and was built circa 1930.
“We are pleased to have helped PCSST with the acquisition of this building, which positions the school to provide a terrific learning environment to the students in Paterson,” said Skelskie. “We were able to structure a deal that works well for both parties and supports PCSST’s mission and long-term goals.”
Transwestern has extensive experience helping nonprofits of all sizes minimize occupancy costs and capitalize on the tremendous savings uniquely available to tax-exempt organizations. The Transwestern Nonprofit Advisory Services Group starts every project from a mission and program perspective and then uses that understanding to build a real estate solution that addresses key considerations for nonprofits, including tax-exempt status, deal structure, space needs, board consensus, and fundraising and financials.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
About Paterson Charter School for Science and Technology
The mission of the Paterson Charter School for Science and Technology is to provide a responsive educational model that will empower all students, through a standards – equity based academic program founded on expectations for high achievement that will graduate literate, responsible, self-directed persons who have the core knowledge and skills needed to be successful, contributing members of society. For more information, please visit www.pcsst.org.
Media Contact:
Dan Foley
508.272.0017
dan.foley@transwestern.com
twmediarelations@transwestern.com