Kerem Bais Yaakov, a new seminary opening in Lakewood for next year, has just formally closed on the $5.1 million purchase of Nachlas Bais Yaakov's campus at 516 East County Line Road and 1 East 13th Street, FAA News has learned.
In October 2022, initial plans were announced for the opening of Kerem Bais Yaakov under the leadership of Mrs. Yael Gellis.
The seminary secured a $3,570,000 mortgage from First Commerce Bank for the purchase of their new property.
Attorney Mordy Gross Esq. represented a party in this purchase.
Nachlas was previously located at 509 Joe Parker Road.
On August 31, 2018, Nachlas purchased 516 East County Line Road from Toras Imecha for $2,262,500.
Shortly afterwards, on October 23, 2018, Nachlas sold 509 Joe Parker Road to Talmud Torah Yesodei Hatorah for $695,000.
On October 13, 2021 Nachlas purchased 213 and 253 Newport Road from Mordechai Eichorn of Bellevue Estates for $4,175,000.
As previously reported here on FAA News, back in February 2023 Nachlas secured Site Plan approval from Lakewood Township's Planning Board for their new campus.
Originally the school sought to construct a three-story elementary school building with a basement and a banquet hall, a one-story high school building, and an additional 6,000 sq feet gymnasium building.
Due to heavy opposition from the neighbors to building such a large campus on their long and narrow roadway, the developers of the school scaled down their plan to construct just one single three-story school building with a finished basement which will contain a daycare for the children of the staff only (and no banquet hall).
The Planning Board stipulated that as a condition of their approval, this school will not be open - including even just trailers - until the entire length of Newport Avenue from Cross Street to Bellevue Avenue is widened to 32 feet with at least base paving.
The Ocean County Planning Board also granted the school contingent approval, with a condition that the Newport Road / Cross Street intersection also be widened prior to the opening of the new school.
Over the last month, Nachlas cleared the land at their new location. They have just commenced installation of temporary trailers.
As they are still in the initial stages of Resolution Compliance, and they also need to finalize their Ocean County Planning Board approval, construction on the actual school building is likely still 2 years away.
Kerem Bais Yaakov's entering into a contract to purchase Nachlas Bais Yaakov's campus was first reported here on FAA News back in May.
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