Lakewood board may consider sale of 1912 school building
BY MARK ROSMAN Staff Writer

LAKEWOOD - The Board of Education is considering selling a building that was home to generations of Lakewood school children and now serves as the school district's administrative offices.

A legal notice that was published in a local daily newspaper onMarch 13 states that the Lakewood Board of Education is bids on its administration building at 655 Princeton

The minimum bid that will be accepted is $6.5 million and the building will be sold in an "as is" condition. The board has the right to reject any and all bids.

The building at 655 Princeton Avenue opened in 1912 as a school for students in grades seven through 12, according to Lakewood resident Sheldon Wolpin.

"I graduated high school from that building in 1940," Wolpin said. "The last graduating class as seniors was the class of 1957. After that, what is now the Lakewood Middle School became the high school."

The Lakewood Heritage Museum is housed in the building and has been since it opened in September 2004.

Wolpin is the chairman of the Lakewood Heritage Commission and told the Tri-Town News on March 13 that it is uncertain what would happen to the museum if the building is sold.

At the time the heritage museum opened in 2004, Lakewood Board of Education member Meir Grunhut said, "The past is ... something we need to remember. People come here from all walks of life. Lakewood's heritage is something that needs to be [preserved and cherished]. History is indeed a lesson and an education."

Now it appears that the nearly 100-year-old building could pass from Lakewood landmark to a new owner and possibly meet the wrecking ball.

According to the legal notice, the building is in a multifamily residential zone. Bids must be a minimum of $6.5 million and all bids must be accompanied with a certified cashier's or treasurer's check for 10 percent of the bid amount, "which represents a good faith deposit for the purchase of the land and building."

The successful bidder must be able to take title and possession of the building and provide the balance of the purchase price to the Board of Education with 90 days of the board awarding the bid. Bids must be submitted by 2 p.m. March 26.

Lakewood school board President Chet Galdo told the Tri-Town News that the Princeton Avenue property is about 5.5 acres in size and that it might be possible for a developer to build 60 to 70 townhouses on the site.

He said the cost of maintaining the building is prompting the board to consider selling it.

"This is a very select piece of property right in the middle of town and what we are doing with this process is gauging interest in the building and the property. The board has not established a benchmark for a sale price," Galdo said.

"It was felt that the possibility exists that at some point we could take the revenue from the sale of the building and pay down some of the school district's outstanding structured debt," he said. "That would put us in a better situation monetarilywise."

Galdo said the district's $120 million budget for 2008-09 will contain money to help bring down the structured debt. A 6-cent increase per $100 of assessed valuation is projected in the school tax rate this year, but Galdo said it is hoped that by reducing the structured debt the board will be able to stabilize the budget and avoid continuing tax increases in the years to come.

If the building at 655 Princeton Avenue is eventually sold, the board could consider building an addition at an existing school and moving its offices from Princeton Avenue to the new facilities, he said.