At today's groundbreaking for the Earl Monroe New Renaissance Basketball School in the South Bronx, all eyes will be on the school's namesake, a legendary player named Earl the Pearl, as well as NBA commissioner Adam Silver and other basketball dignitaries.

But it would be a victory for Great Neck developer Kiumarz Geula, who formed a joint venture that acquired the nearly century-old building at 647 Elton Avenue and two adjacent properties on East 153rd Street and then signed a 31-year, three-way agreement -Net lease with charter school for $49 per square foot.

The previous property owner David Damaghi is part of the joint venture. The Elton Avenue property was transferred to Damaghi from Mansour Damaghi in 2001, property records show. Both Damaghis also hail from Great Neck, a bastion of dynastic real estate families.

(It could not be determined Thursday whether they are related to the Great Neck family, led by Nasser and Shahnaz Damaghi, who made a fortune in paper and personal care products, and their children Nader, Kambiz and Babak Damaghi. The family recently bought at least $182 million for development sites in South Florida.)

Geula, who runs Pillar Property Management, secured a $21 million loan from Bank of Hope to finance the project in the Melrose neighborhood of the Bronx. Total development costs for the 69,000 square foot building are expected to be $35 million.

The new building's design, led by IMC Architecture and ESKW/Architects, includes an unusual requirement – an 8,000-square-foot gymnasium – as well as a dedicated broadcast studio.

“This is not a standard charter school design,” Geula said in an interview. “The design of the school is more expensive than other charter schools and is tailored specifically to this particular tenant.”

Because purpose-built spaces for charter schools have a limited choice of tenants—the number of charter schools is limited in New York—developers generally require a long-term lease, as do schools, which need stability to attract students and therefore require public funding.

Rent at 647 Elton Avenue will increase 1 to 2 percent per year. “Very normal” for charter schools, said Geula, whose company has completed other charter school projects, according to its website.

Construction work is scheduled to be completed in early 2026. Earl Monroe School, named for the Hall of Fame guard who helped the Knicks win the 1973 championship, will serve 440 students in grades 9-12.

The development team includes JV Construction & Consulting and Brisa Builders. Jack S. Irushalmi, CEO of Tri-Star Construction, sits on the school's board of trustees.

Read more

The developer wants to master the charter school niche

Charter school inks 63,000 SF in new Brownsville building

Charter school pays 51,000 SF in luxury condo in Williamsburg

Charter school pays 48,000 SF in new development in Queens