OPEN Impact R.E. helps Coney Island Prep. secure 39-year leasehold condominium for new 45,190 s/f high school

Brooklyn, NY OPEN Impact Real Estate represented Coney Island Preparatory Public Charter School in securing a 39-year leasehold condominium for a new 45,190 s/f ground-up high school at 773 Neptune Ave. The new facility will allow Coney Island Prep to expand its high school enrollment and create new specialty instructional spaces.

The ground-up, build-to-suit facility at 773 Neptune Ave. will be occupied exclusively by Coney Island Prep. Occupancy is expected in summer 2027. The new development is being constructed by Rybak Development and will be delivered as a turnkey educational facility.

The new campus will allow Coney Island Prep to grow to serve more than 500 high school students, relocating its existing high school from 294 Ave. T in Gravesend to Coney Island proper.

The new high school will feature a double-height gymnasium, dedicated rooftop and backyard play areas, and a suite of specialty classrooms, including science labs and other program-specific spaces, along with a new commercial kitchen that will prepare fresh meals daily for more than 1,300 students across the network.

OPEN’s brokerage team included senior vice president Alexander Smith and Stephen Powers. The landlord, 773 Neptune Avenue Qoz LLC, owned by Elie Fouerti, represented itself in-house.

“This project gives Coney Island Prep the room and resources to keep pace with its students’ ambitions,” said Smith. “We set out to find a long-term, affordable solution that would reflect the school’s mission and strengthen its presence in the Coney Island community. Securing this off-market opportunity will allow Coney Island Prep to expand its enrollment and deliver purpose-built facilities for years to come.”

“This isn’t just a building — it’s a statement about what our scholars deserve,” said Karen Johnson, CEO of Coney Island Prep. “The facilities we’re gaining, from purpose-built labs to a full gymnasium to a kitchen that feeds our entire network, are designed to meet our scholars where they are today and grow with them into the future. Coney Island Prep has always believed our scholars can do anything. Now we have a campus that reflects that.”

Coney Island Prep currently serves more than 1,300 students across four campuses and draws families from 13 zip codes across Brooklyn. Seventy-five percent of its students are first-generation college students, and its alumni persist and graduate from college at a rate five times the national average. All Coney Island Prep high school seniors have earned college acceptances.