Nonprofit Team Advises Innovative School in Development of Two Adjacent Sites
September 17, 2020
New York City – Transwestern Real Estate Services (TRS) announces it represented Zeta Charter Schools in a transaction totaling 95,000 square feet at 1475 Macombs Road and 1325 Jerome Ave. in the Bronx. The adjacent buildings will house Zeta Bronx Mount Eden, a new pre-K through eighth grade school with a phased opening beginning at the start of the 2021-2022 school year. Transwestern Partners Lindsay Ornstein and Stephen Powers and Vice President Thomas Hines provided Occupier Solutions services for Zeta Charter Schools.
“Zeta Bronx Mount Eden will be our first school in Bronx Community School District 9. We look forward to bringing our innovative whole-child learning approach to children and families in Central Bronx,” said Emily A. Kim, CEO of Zeta Charter Schools. “We are excited to work within new construction, which allows Zeta to create a state-of-the-art facility that provides a tremendous environment in which to prepare children for leadership and true participation in a modern world economy.”
Zeta Bronx 3’s pre-K through first grade programs will occupy 20,000 square feet of space in the lower level and first floor of 1325 Jerome Ave., which is scheduled for completion in mid-2021. Grades two through eight will encompass the entire, 75,000-square-foot building at 1475 Macombs Road, which will be completed in mid-2023. In addition to classrooms, the site will also feature a playground and outdoor soccer field.
“We are pleased to have found this unique opportunity for Zeta Charter Schools, with two adjacent development sites and the rare and coveted feature of outdoor space for a soccer field,” said Ornstein. “It provides Zeta the ability to open its doors much sooner through a phased-in approach and also creates a campus from which to support generations of learners in the Bronx community.”
The site is being developed by Bolivar Development. The Zeta Charter School commitment was structured as a leasehold condominium, which offers significant savings to nonprofits by utilizing the organization’s tax-exempt status. Transwestern previously represented Zeta in transactions for two other schools in the Bronx, , at 425 Westchester Ave. and 1910 Arthur Ave.
“We are thrilled to be working with Zeta Charter Schools and Transwestern to create these important facilities for families in the Bronx,” said Peter Fine, principal of Bolivar.
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 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, Occupier 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 Zeta Charter Schools
Zeta Charter Schools’ mission is to build and sustain high-performing schools that forge thriving communities of lifelong learners, problem solvers, and innovators. Zeta Charter Schools currently has two NYC elementary schools, Zeta Bronx 1 and Zeta Inwood 1, and is opening two new Bronx elementary schools in 2020. For more information, please visit www.zetaschools.org and @ZetaSchools.