Coney Island Preparatory Public Charter School is relocating directly to Coney Island from Gravesend, Brooklyn. The school has concluded a 39-year condominium lease to establish a 45,190 square foot high school in Elie Fouerti’s building at 773 Neptune Avenue. The school is expected to grow there to accommodate up to 500 pupils once enrolment begins in summer 2027, according to broker Open Impact Real Estate.
The development of the new school will be carried out by Rybak Development. The asking rent for the building was not disclosed. According to a report by Cushman & Wakefield, the average office asking rent across the borough was $51.01 per square foot in the second quarter of 2026. The average asking rent for retail space in Brooklyn was $55.02 per square foot during the same period, as per a report by Matthews Real Estate Investment Services citing CoStar data.
Alexander Smith, Senior Vice President at Open Impact, stated that this project provides Coney Island Prep with the space and resources to fulfil its pupils’ ambitions. They aimed to find a long-term and affordable solution that reflects the school’s mission and strengthens its presence in the Coney Island community. Securing this off-market opportunity will allow Coney Island Prep to expand its enrolment numbers and provide purpose-built facilities for years to come. Smith represented the school alongside Stephen Powers of Open Impact, while Fouerti Realty used internal representation.
Karen Johnson, CEO of Coney Island Prep, emphasised that this is not just a building, but a statement about what pupils deserve. The new facilities, from specially equipped laboratories to a full gymnasium and a kitchen that serves the entire institution, are designed to meet pupils where they are today and grow with them into the future.
It remains unclear whether the new Coney Island Prep school is part of a larger development taking shape on the site. Fouerti Realty's website shows plans for a 14-storey mixed-use building with a total area of 139,000 square feet. The portion designated for a school tenant comprises 57,100 square feet, according to Fouerti Realty's website, which is slightly larger than the space leased by Coney Island Prep. The website also states that construction on the property was completed in the second quarter of 2025.
