EXCLUSIVE: Lakewood Township considered spending MILLIONS on land it ‘sold’ for $10!

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Roughly twenty years ago the Lakewood Township gave away a massive parcel of land off CederBridge Avenue to Cedarbridge Development, LLC. Cedarbridge Development’s parent company is Beth Medrash Govoah.

The land was ‘purchased’ for $10.

The Township wanted the developers to develop and build the area which in return would bring revenue for the township. A win-win situation.

Some people say the undeveloped land that was ‘given away’ should be given back to Lakewood to be sold at market price which will alleviate this year’s tax hike, others argue… This article will not go into that conversation.

Fast forward many years. Lakewood is a ‘fully developed town’ with parts of the original ‘giveaway’ still not developed.

In February GreaterLakewood posted an article titled ‘EXCLUSIVE: Cedarbridge Development selling remaining properties for $60+ Million’ which stated Cedarbridge Development, LLC was considering selling the remainder of their portfolio to New York-based real estate developer Joel Wiener.

In May GreaterLakewood reported “Lakewood township to get a new town hall & Police HQ” which stated the Lakewood Township has hired Masor Consulting to look into options for a new town hall and Police headquarters. There are options of renovating existing infrastructure to expand, as well as building a new complex.”

GreaterLakewood has confirmed the Township was looking into purchasing land on Cedebridge near the Public works for a few million dollars, that’s the same land they gave away for $10!

This option was officially scrapped and the Township and Police department will be doing extensive renovations in their current location.


4 COMMENTS

  1. Than you for your coverage of his. Airing this out in the public is likely why it was scrapped, it would have led to a lot of unwanted scrutiny for certain people. Doesn’t make the original give away of tens of millions of dollars in tax payer money, or the massive giveaway via tax abatement’s any better though

  2. Why do we need a new HQ for police????

    The police is already to big for a town with a low crime rate

    Wast tax money!!!

    Please don’t blame it on BMG

    • What do you mean by “BMG” ? I doubt the Rosh Yeshivos knew anything about this. On the other hand, it was definitely not done to benefit the residents of this town. Neither were the tax abatements. The sole reason for those tax abatements was so the land, which no longer belonged to the township, could by the beneficiary for a higher price.

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