February 28, 2018

Private Educational Institutions Are Getting Schooled by Brooklyn Real Estate

Commercial Observer

Ruth Arberman, the founder of The Sterling School—a privately run elementary school for second through sixth graders in Boerum Hill, Brooklyn—has spent five hellish years looking for a new location for her school.

Arberman has visited various sites, including a cellar space on Smith Street under a MET Foodmarkets grocery store, which didn’t have windows. She scoffed at the idea of teaching her students without daylight, but that wasn’t nearly as bad as the price.

Aberman’s 18-year-old school currently operates in 4,000 square feet at 299 Pacific Street, and its search is finally coming to an end: The Sterling School is in contract to purchase a 13,000-square-foot condominium unit at 124-134 Atlantic Avenue, a former medical condo, from Fortis Property Group. The asking price is approximately $4.3 million, according to TerraCRG’s Peter Schubert, who is marketing the property for the seller. (The school would give up its current space for the new digs.)

Read more here.