The operator Ukrainian New Generation Kids Daycare has signed a lease for 21,000 square feet of commercial space at 1940 Shore Parkway in the Gravesend neighbourhood of Brooklyn. The property is owned by Yakov Ostrovsky. Commercial agency Ripco Real Estate handled the transaction, representing both the landlord and the tenant.
The facility will occupy the entire four-storey commercial building and accommodate up to 300 children. The opening of the centre, whose final name will be announced at a later date, is scheduled for the second quarter of 2027.
Lease concluded after prior vacancy
The asking rent for the property stood at $40 per square foot. The parties involved provided no details on the precise term of the lease. Prior to the present agreement, the property had stood vacant for more than a year. Ripco's team managed to finalise the lease agreement within six months of taking on the marketing mandate.
As Richard Zagranichny of Ripco explained, the sheer size of the space and the specialist requirements for operating a daycare facility presented specific challenges when structuring the deal. The tenant's local roots and ambition to expand into this sector made the property a compelling choice. His colleague Richard Senior added that guiding a new operator through a letting of this scale demanded close, collaborative alignment between tenant and landlord.
Demographic background and location
Gravesend and adjacent Brighton Beach are among the New York neighbourhoods with a particularly high proportion of immigrant residents, including many families of Ukrainian or Russian heritage. The building at 1940 Shore Parkway is located between 26th Avenue and Bay 44th Street north of Coney Island, close to the Bay Parkway exit off the Belt Parkway. The property's features include a roof terrace.
- —Property: 1940 Shore Parkway, Gravesend, Brooklyn
- —Space: 21,000 square feet across the entire four-storey building
- —Rent: Asking price was $40 per square foot
- —Planned use: Daycare centre for 300 children from Q2 2027
