Charter school signs ground lease valued at $7.9M with Peter Fine in Morrisania

Democracy Prep New York Charter Schools through the entity Friends Of DPNY, Inc. signed a 39-year ground lease with Peter Fine’s 1000 Westchester Avenue LLC valued at $7.9 million for 1000 Westchester Avenue in Morrisania. The deal closed on December 17, 2020, and was recorded on March 19, 2021. The transaction consists of 1 parcel, including the tax class one-story store building (K1). The property is 15,165 square feet. The parcel(s) have total development potential of 15,165 square feet.
The average sale price per square foot is $522.
Peter Fine through the company 1000 Westchester Avenue LLC, on January 11, filed a permit application for construction of a 107,373-square-foot school building at 1016 Fox Street in Morrisania, the Bronx.

The last time the property sold was October 15, 2018 for $10,000,000.

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