Lakewood, NJ – More than seven months after accepting Beth Medrash Govoha’s $6.5 million offer to buy the Princeton Avenue administration building, the school district and the yeshiva have completed the deal.
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“We weren’t sure we would be able to close (on the sale) this early, but when BMG contacted us saying they could do it now, we weren’t about to say no,” said Robert S. Finger, school district business administrator.
The district also signed a five-year lease for a new home for administrative offices on the site of the former Jamesway Department Store on Route 9 near County Line Road, and hopes to move in by July or August.
The site is owned by the yeshiva and operated by the recently opened Center for Health Education, Medicine and Dentistry.
The $6.518 million check for the sale of the school should relieve the district considerably of financial strain that has often caused cash-flow problems.
In September, the Board of Education was compelled to ask the Township Committee for a $500,000 advance of school taxes to cover capital projects because the school sale money was not coming when expected.
Mayor Raymond G. Coles said now that the sale money has arrived, he will discuss with the board if such an advance is still necessary, and if not, whether the committee should rescind all but the $166,000 it already forwarded last month.
Some $1.13 million of the sale money will be spent over the next five years on rent for the administration’s new location, which is about 17,000 square feet on property shared with the Center for Health Education.
The yeshiva is allowing the district to remain at the Princeton Avenue building as long as it pays rent on the Route 9 location starting this month, Finger said.
Yeshiva CEO Aaron Kotler said the Princeton Avenue building will continue to be used for educational purposes.
Beth Medrash Govoha currently subleases space it leased from the district to the private Tashbar elementary school. Tashbar head Meir Hertz said he was assured his school would be able to stay for another three years.
boy, BMG has alot of money! they should stop going around collecting everyone’s hard earned money and then not even pay the kollel guys on time. like every other yeshiva it’s a big business
Then people in lakewood wonder why Lakewood eer Hakodesh became so commercialized and have a problem with working people . If BMG yeshiva is the role model ,which it is ,then dont scream at others for worlking for a living . Dont scream about restarants opening up . Dont scream about the way people dress. Dont scream at people for wearing anything but a white shirt. If the yeshiva feels its ok to be in buissness so can everyone else . Yes BMG you are the role model but remember you are no longer a yeshiva like reb ahron wanted . U are a FOR PROFIT buissness and everyone know it..
winners all round. BMG gets much needed space and a safe tenant.School Board gets much needed money, and now for the best part. Taxpayers get a much needed rebate????
#2 couldn’t have said it any better!! Right on- sadly!!
Welcome to the world people – life if not fair. The double standards that Lakewood portrays is what everyone hates, but few do anything about.
Whats going on? in today’s day and age, the yeshiva that R’ Aahron Kotler started probably wouldnt survive. It HAD to adapt to the changing landscape of the economic reality and the size of its enormous growth. How come ALL THIS NEGATIVITY? Double standards, commercialism and materialism comes from individuals. The Yeshiva doesnt set that precedent! Maybe they made some good investments and have some income. Who are we to incriminate them for that? Its brought down that just ONE negative comment can negate thousands of positive actions. All the previous posters have some soul-searching to do and maybe even ask R’ Kotler mechila for Lashon Hora and offhand negative comments they wantonly posted.
So your not happy that the Yeshiva needs to support itself? ALL Yeshivas do. Where do Kollel checks come from? Also, you wouldnt be able to go to BMG if they hadnt expanded years ago.
How come NO WORDS on what Lakewood symbolizes in our chaotic world times? what about the harbotzos Torah and Kiddush Hashem that goes on there?
Think before you post.
– A concerned Manhattan-ite standing up for kavod HaTorah
the lakewood yeshiva owns hundreds of millions of dollars worth of real estate in the local area. maybe u didn’t understand, HUNDREDS OF MILLIONS!
why does the yeshiva need all these assets? well, they want enough money that they r fully secure with their budget every year. not a bad idea if this is what they really do with all the profit. not ace 2u all.
Woh! kollel checks?! everybody knows that not one penny of the yeshiva’s money goes towards the kollel checks! its a totally seperate budget. all money goes for regular upkeep of yeshiva. not a dollar 2 the yungerleit,
Lets Face It, Lakewood has it’s problems….I just don’t understand why all those people who dislike Lakewood live there. Pick yourself and move into a community where you can wear your shirts with out been ostracized by the community.
One of the few reasons BMG can afford to have so many talmidim learning there is because they actually invest! How do you pay expenses for 5,000 sitting and learning, and paying no tuiton? The electric and water bills, as well as the food bills have to come from somewhere. As an alumnus, the only mailing I get from BMG are my transcripts when I went to college after I left kollel. They are an example of how a yeshiva should be run, not functioning as the city charity case!
good job BMG
Uh oh. Someone said Lakewood again and look what’s come slithering out from under the rocks again.
Intersting note:
“The school district will pay 1.15 million dollars from the proceeds back to BMG for rent for thier new administrative offices.”
Talk about short term thinking on the part of the school district.
BMG wins big time!
to #15 no tuition? hello? the official tuition is 17,224 !