Photo: Courtesy Bonetti/Kozerski Studio
Education is expensive, and the cost of attending a private school can be astronomical, especially in New York City.Avenues, a newcomer to the private school scene, is sparing no expensive on its massive facility overlooking the newly opened section of the High Line, one of the hottest (and priciest) locations in the five boroughs.
Click here to see Avenues >
The school, a for-profit business funded by private equity firms to the tune of around $75 million, will be housed in a 10-story, 215,000 square-foot landmark building that is being overhauled from top to bottom.
While the school is not scheduled to open its doors until September 2012, much is already being made of its non-traditional approach to education and for-profit model.
From a recent exposé in the New York Times:
The founders say students at Avenues will learn bilingually, immersed in classrooms where half of the instruction will be in Spanish or Mandarin, the other half in English, from nursery school through fourth grade.
The school will be part of a network of 20 campuses around the world with roughly the same curriculum.
If things go according to plan, Avenues will open two schools a year around the world starting in 2014.
The school also claims it will be able to turn a profit by increasing efficiency, something public schools and traditional private schools have been unable to do.
Avenues CEO Chris Whittle told the NYT:
Avenues New York…will not only break even, but with one additional round of fund-raising, will also finance the next two schools, which are already in development. In total, the 19 remaining schools will cost $500 million to $600 million to create.
“It’s pretty simple,” Mr. Whittle said about the finances. “There are thousands of examples worldwide to demonstrate it works.”
Despite its lack of a track record and steep price–tuition will cost almost $40,000 annually–the school is already attracting the attention of New York City’s notoriously competitive parents.
The school says it received more than 1,200 applications ahead of its early decision deadline June 15, and that its admissions staff has interviewed more than 2,000 parents and potential students. It hopes to enroll a total of 1,200 students in its inaugural class, which will include grades from nursery through ninth.
Avenues’ west side home still resembles a construction pit, but school officials insist it will be complete in time for next year’s scheduled opening.
Avenues has provided us with some exclusive renderings, and while we already feel bad for the teachers who will have to deal with students gawking at tourists on the High Line–and vice versa–this seems like it will be a pretty swanky place to learn.
The 215,000 square-foot campus encompasses 10 floors, a full basement and a half-acre roof. Here's what it will look like from the front.
The inaugural, 12-grade class will have 1,200 students; the 10th, 11th and 12th grades will be added over the following three years.
Here's what the school looks like from above (it's the building with the American flag). It literally abuts the park.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.