Beth Medrash Govoha of Lakewood is in agreement with Georgian Court University, also of Lakewood, to buy a large parcel of land in order to build apartment buildings, The Voice of Lakewood is reporting.
According to The Voice report, BMG has entered into a contract with the University to buy 44 acres of its current campus, upon which the yeshiva plans to build 13 buildings with a total of 465 apartments to address the dearth of living spaces for its yungeleit.
The parcel of land – bordered on three sides by 14th Street, 9th Street, and Forest Avenue – represents less than a third of Georgian Court University’s sprawling 157-acre campus.
Askanim have told The Voice that although the new housing units will assist to provide places to live for a large number of yungerleit, it will not ease the ongoing housing crunch in Lakewood.
BMG’s deal with Georgian Court University was reportedly the result of years of work on the part of former BMG CEO Aaron Kotler, who departed the institution at the end of 2021.
The university agreed to go into the deal in part because of its failing finances, The Voice says.
The university has been struggling to attract students to the school for over a decade now, and the sale of this parcel of land is expected to keep the college financially solvent for several more years.
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