Charter network spends $67 million to acquire space in New York City high-rise

Charter network spends $67 million to acquire space in New York City high-rise

Success Academy plans to open a middle school and an elementary school in the Manhattan building.

Success Academy, New York City’s largest charter school operator, has bought commercial space in a new high-rise building in Manhattan and plans to open two schools there.

The New York Times reports that purchasing the space signals a major shift for the charter network, which has insisted that the city provide charter schools free space in public school buildings. Success Academy’s founder, Eva S. Moskowitz, has been battling with Mayor Bill de Blasio over space for her rapidly expanding network of schools.

The space that Success Academy purchased is in a 56-story glass tower at 555 10th Avenue.

It will pay $67.7 million over roughly 30 years, at which point it will be required to sell the space back to the building’s owners, according to public records.

Moskowitz and other charter leaders have accused City Hall of offering them inadequate space for their schools.

A Success spokeswoman says the network plans to open an elementary school and a middle school in the space in 2017. By 2020, those schools are projected to have hold 420 elementary and 480 middle school students.

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