Polsinelli of Marcus & Millichap arranges 20,000 s/f lease at St. George

Adelaide Polsinelli, president of St. George School, and associate VP at Marcus & Millichap of New York City, was instrumental in stabilizing two city parochial schools by combining them to form part of the East Village's growing, educational hub. St. George Elementary School and St. George Academy located between East 6th and East 7th Sts. were in need of a plan to survive the recent rash of parochial school closings. While not part of the city's Archdiocese, they too, were facing declining enrollment. Polsinelli was able to source another school in a nearby location which was facing different challenges. LaSalle Academy, a 150 year old Catholic High School, was dealing with the exhaustive expense of maintaining an older structure that was not able to meet the needs of its increasing enrollment. Polsinelli ascertained that St. George's facilities were exceptionally built, well maintained, and could easily accommodate at least 1,000 students. In addition to its full service cafeteria and gymnasium, St. George owned its real estate and could enter into an agreement in time for the September opening of both schools. Polsinelli arranged for both schools' officials to meet and structure a 20,000 s/f lease situation where LaSalle would occupy 50% of St. George's facility and pay a market rent for the space. "It was a match made in heaven," said Polsinelli. "Watching Catholic schools close is a sad state of affairs for the city. However, when creative minds are willing to think out of the box and realize how they can save such an important piece of what makes New York City special, anything is possible." In 1940, the parish of St. George established a private elementary school and subsequently a high school which was accredited by the State of New York. In 1958, a $3 million school building was built and presently it serves both as St. George Elementary School and St. George Academy, ranging from Pre-K 3 through 12th grade. St. George School joins New York University, Cooper Union, Grace Church School, Parsons The New School for Design as some of its neighbors in the Village. Polsinelli, with over 25 years in the business, has a track record of going above and beyond to support children-oriented institutions. A product of parochial school education, Polsinelli believes that parochial schools fill a necessary void in New York City's inadequate educational system. "I am fortunate to be able to contribute my skills and real estate experience towards making a difference for children in New York City," said Polsinelli.