Updated Sep 11, 2026
Coney Island Prep Leases 45,190 Square Feet At 773 Neptune Avenue For 39 Years
773 Neptune Avenue
Building Size
45,190 SF
Asset Type
Special Purpose
Closing
Sep 10, 2026
About this deal
AI
The property asset involved in this transaction is a special purpose leasehold located at 773 Neptune Avenue in Coney Island. It encompasses a total area of 45,190 square feet and is part of a market that caters to educational developments.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: Not disclosed
- Address: 773 Neptune Avenue
- Market: Coney Island
- Landlord: Elie Fouerti - Fouerti Realty
- Tenant: Coney Island Prep
- Tenant's Representative: Alexander Smith & Stephen Powers - OPEN Impact Real Estate
- Lease Terms: 39 years
Elie Fouerti from Fouerti Realty represents the landlord in this lease transaction. Coney Island Prep, as the tenant, is set to occupy the space under a long-term lease, which enables Rybak Development to construct a new high school designed for up to 500 students, expected to be completed by summer 2027.
On the Map
Special Purpose
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Players
Isle Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93