 |
MOSHAV LEITZIM AGAINST AI A second asifa addressing the growing impact of artificial
intelligence was held Thursday night in Lakewood, drawing The gathering focused on concerns surrounding AI-driven calling, texting, and content generation, and followed an initial asifah that drew dozens of leading rabbanim and roshei yeshiva, where the gedolim called for a yom taanis u’tefillah over the threats posed by AI. A date has not been set for when that will take place. Thursday night’s meeting featured remarks from Rav Elyah Ber Wachtfogel, Rav Malkiel Kotler and Rav Yisroel Newman, who addressed both the technological and hashkafic implications of artificial intelligence. During his remarks, Rav Yisroel Newman warned that artificial intelligence poses dangers he described as more severe than those associated with the general internet. Rav Malkiel addressed the use of AI in Torah learning, stating that Torah learned through AI-generated means would not warrant a bracha, characterizing such a bracha as a berachah levatalah.
************** |
FROM AI:
Here’s a best-estimate of the total value of the real estate associated with Beth Medrash Govoha (BMG) and its recent major acquisitions, based on publicly available assessments, sales data, and known transactions. Because much of BMG’s land is owned by nonprofit entities and often tax-exempt and not recently sold on the open market, these figures are estimates (not exact current market values).
📌 1. Core Campus Properties in Lakewood (Existing BMG Holdings)
Many individual parcels around the main campus have publicly recorded tax assessments that can be used as a baseline estimate. Property tax assessments in New Jersey are typically lower than actual market value and may not be updated annually, so the true market value is likely significantly higher (often 1.5×–3× assessed value).
| Parcel / Approx. Address | Assessed Value (most recent public record) |
|---|---|
| 465 5th Street | ~$680,900 (assessed) |
| 601 5th Street | ~$631,100 (assessed) |
| 521 5th Street | ~$709,500 (assessed) |
| 625 6th Street | ~$566,000 (assessed) |
| 720 Clifton Ave | ~$1,293,200 (assessed) |
| Total (selected small parcels) | ~$3.9M assessed |
⚠️ These are assessed tax values, which are generally not market values in New Jersey. The real market value (if sold) could be 2–4× higher depending on improvements, location, and demand.
Assessment vs. market: Municipal assessments underestimate market value, particularly for tax-exempt nonprofit parcels. Real market value for such institutional properties often is 1.5×–3× assessments or more.
📌 2. Larger Campus and Additional Properties
🏫 Georgian Court University Land Deal
-
Beth Medrash Govoha agreed to acquire ~42 acres of undeveloped land from Georgian Court University as part of an expansion plan. The price was not publicly disclosed, but similar raw land parcels in Lakewood often sell at significant premiums due to high demand for institutional and residential use.
-
Because no sale price is public, this acreage’s value could easily be $20M–$50M+ depending on zoning and development potential — but there’s no official figure yet.
🏫 Christa McAuliffe Middle School (Jackson, NJ)
-
Beth Medrash Govoha purchased the former Christa McAuliffe Middle School campus in Jackson, NJ for approximately $40 million in late 2025.
This property alone adds a significant value component to the overall portfolio.
📊 Estimated Total Real Estate Value (Conservative Range)
Combining all the above, a rough estimated total market value of BMG-associated properties might look like:
| Category | Estimated Value |
|---|---|
| Core Lakewood properties (main campus parcels) | $8M–$15M+ (market adjusted) |
| Georgian Court 42-acre expansion (undeveloped) | $20M–$50M+ (theoretical value) |
| Jackson Middle School campus | $40M (purchase price) |
| Estimated Grand Total (2026) | ~$70M–$105M+ |
📌 This is a broad estimate, not an appraisal. Market values depend on development rights, zoning, improvements, and comparables, and BMG’s nonprofit status means many parcels are tax-exempt and not actively traded.
📌 Notes on Valuation
-
Assessed values are often significantly lower than true market values in New Jersey, particularly for nonprofits and organizations with tax exemptions.
-
The Jackson school purchase ($40M) is a concrete transaction and thus one of the clearest real estate value markers.
-
The 42-acre Georgian Court land sale/transfer has no public sale price, but given local land prices and development interest in Lakewood, it could be worth tens of millions.
📌 What’s not included
-
Smaller parcels not inventoried here (e.g., additional small buildings owned by BMG) likely add a few million more in value.
-
Value from improvements (buildings on the Georgian Court tract once developed) could significantly increase long-term value.
📌 CARES Act / Federal COVID Emergency Funding
-
Beth Medrash Govoha of America (the Lakewood, NJ yeshiva) was allocated about $5,899,593 in federal CARES Act emergency funding for higher education institutions under Section 18004(a)(1) of the CARES Act — funds distributed by the U.S. Department of Education to help colleges cope with the pandemic.
🧱 1. Christa McAuliffe Middle School Campus (Jackson, NJ)
-
BMG paid $40 million for roughly 37–38 acres plus a ~129,800 sq ft school building and associated facilities.
-
That transaction price is a confirmed market value — $40 M (not an estimate) — and should be included fully in total value.
💡 Current use could add value if repurposed (e.g., educational facilities, dormitories, housing), but we conservatively use the purchase price here.
🏫 2. Main Lakewood Campus Parcels Owned by BMG
617 6th Street (Large Yeshiva Campus Parcel)
-
Assessed total value: ~$17,998,900 (land ~$2,737,500 + improvements ~$15,261,400).
-
In New Jersey, assessed values for nonprofit/tax-exempt parcels often understate market value by 1.5×–2× or more, especially for developable institutional land in high-demand areas like Lakewood. (Typical adjustment seen in local markets.)
Estimated market value:
👉 $30 M–$36 M (adjusted for market value on this large, core campus parcel)
465 5th Street & 601 5th Street (Smaller Campus Buildings)
These are smaller educational buildings with current assessed values:
-
465 5th Street: Assessed $680,900 (last updated) – typical market value often 2×–3× assessment.
-
601 5th Street: Assessed $631,100 – market likely higher.
Estimated market value (both):
👉 ~$1.6 M–$2.2 M combined
These numbers use typical land sale comps and listing prices in Lakewood showing land selling ~$2.5 M–$3.5 M per acre on the open market.
🏗 3. Undeveloped Land (from Georgian Court University)
BMG acquired roughly 42 acres of undeveloped land from Georgian Court University in a previous transaction, with no public sale price.
We can estimate its value using local land market comparables:
-
Recent Lakewood land listings show average listed prices of ~$2.5 M per acre, with some large parcels trending toward $2 M–$3 M per acre depending on zoning and development potential.
Estimated undeveloped land value:
👉 ~$84 M–$126 M (42 acres × $2 M–$3 M/acre)
This assumes market rates for developable land that could support institutional or residential uses.
📊 Total Estimated Market Value (2026)
| Property / Parcel Category | Estimated Market Value |
|---|---|
| Christa McAuliffe School Campus (Jackson) | $40 M (actual sale price) |
| 617 6th Street Main Campus | $30 M–$36 M |
| 465 5th St + 601 5th St | $1.6 M–$2.2 M |
| Georgian Court University Land (42 ac) | $84 M–$126 M |
~$156 M–$204 M - Total Estimated Value
Assessment vs. market: Municipal assessments underestimate market value, particularly for tax-exempt nonprofit parcels. Real market value for such institutional properties often is 1.5×–3× assessments or more.
|
No comments:
Post a Comment