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Church Street School for Music and Art Relocating Within Tribeca

Facing an untenable monthly rent, Church Street School for Music and Art wanted to find a new home. After a two-year search, the Tribeca-based non-profit school for the arts, has found new 8,000-square-foot digs within the neighborhood, at 41 White Street between Church Street and Broadway.

CSS, which serves students of 16 months through adulthood, signed a 15-year lease for a three-level space formerly occupied by the Flea Theater (which relocated to 20 Thomas Street after nearly 15 years on White Street), according to information provided by Lee & Associates NYC. The rent is $25,000 per month. The location comes with two fully built-out performance spaces, acoustical partitions that may be easily divided into classrooms, and several dressing rooms that will be converted into individual practice rooms.

“We now have a doable rent in a space with so many benefits, that we will be able to move in by February,” CSS Executive Director Lisa Ecklund-Flores, who founded the non-profit music and arts school in 1990, said in a statement.

At its current location at 74 Warren Street between Greenwich Street and West Broadway, CSS’ rent has escalated to $48,000 per month. Moving to Benchmark Real Estate Group’s 41 White Street will save the school approximately $276,000 per year, Lee & Associates NYC noted in a news release.

“CSS is an amazing resource and treasure for the Downtown Manhattan community,” Lee & Associates NYC’s Peter Braus, who represented CSS in the deal, said in a prepared statement. “Helping them relocate and stabilize their financial future has been a great honor and pleasure for me.”

Benchmark acquired the mixed-use walk-up building at 41 White Street as part of a three-building package for $59.5 million in July 2017. Andrew Stern of RKF represented Benchmark in the CSS lease. He didn’t immediately respond to a request for comment, nor did a company spokesman.

Source: commercial

Educational Daycare Opening Its First Manhattan Center in Tribeca

Childcare chain Kiddie Academy has inked a deal for a new outpost at 70-72 Reade Street in Tribeca.

A franchisee of the nationwide children’s education business leased 13,500 square feet for 15 years in the basement and on the lower level, ground floor and second floor of the condominium between Church Street and Broadway, according to a release from Colliers International. Colliers wouldn’t disclose the asking rents, but marketing materials from RKF peg the asking rents at $150 a square foot for the ground floor, $70 for the second floor and $30 a square foot for the lower level. The facility is set to open in early 2018.

Kiddie Academy, which has 180 franchised locations in 24 states, offers educational childcare for kids ranging from 6 weeks to 12 years old. The Tribeca outpost will be the first one in Manhattan, but there are franchised locations in Flushing, Whitestone and Williamsburg.

RKF’s Andrew Stern and Scott Zinovoy represented the owner, New Jersey-based office landlord ML7, in the transaction. Colliers’ Timothy G. Pond, Matthew Kuchar and Jordan Baruch represented Kiddie Academy.

ML7 is renovating both the residential and commercial condo portions of the building on Reade Street, according to the release.

Source: commercial