Queens, NY According to OPEN Impact Real Estate (OPEN), Central Queens Academy Charter Schools (CQA) has added 55,000 s/f of additional space to its campus in Elmhurst.
The expansion comprises two new leases totaling 55,000 s/f. Stephen Powers, Lindsay Ornstein, Jake Cinti and Kendall Elliott of OPEN represented the tenant, CQA, in both transactions. Steve Zhu of Compass represented United, owners of both buildings.
The expansion is executed through two leases: a 32-year agreement for 48,000 s/f at 85-65 Queens Blvd., a new development by United set to open before the 2024 school year, and a second 32-year lease for 7,000 s/f at 88-08 Justice Ave., where CQA’s initial campus is located. The Queens Blvd. space will host a comprehensive educational suite for CQA’s newly awarded elementary school program, while the additional space at Justice Ave. will be transformed into a multipurpose gymnasium, ready by September 2024.
“CQA’s was one of only two charter schools awarded a new charter for the 2024 school year, a testament to their impressive performance serving this community,” said Powers. “By contemplating future expansion in the 2021 transaction, we were able to align interests to incentivize the developer build additional community facility space in support of CQA’s second charter, enabling a 2024 purpose built facility which would have otherwise not been possible.”
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