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Deals & Dealmakers

Transwestern inks another deal for growing charter school

Transwestern Real Estate Services (TRS) has brokered another lease for the growing Zeta Charter School.

The school will occupy 95,000 s/f 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 3’s pre-K through first grade programs will occupy 20,000 s/f 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 s/f 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.

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