Girls' school to buy its Cedarhurst building for $12.5 million

A private school in Cedarhurst that provides secular and religious education to Jewish girls is seeking millions of dollars in tax-exempt bonds for the purchase of its home from the Lawrence Union Free School District, officials said.

Shulamith School For Girls plans to use $12.5 million from the $15 million raised via bonds issued by Nassau County to buy 305 Cedarhurst Ave., a former public school. Shulamith has been renting the 95,000-square-foot building for nearly a decade.

“The purchase will enable [Shulamith] to ensure long-term operations at this location,” said David Hercman, who serves on the nonprofit school’s executive board and is a parent of current students.

Otherwise, he said, Shulamith “would continue to rent the facility, with rent amounts and whether the lease is renewed subject to the school district’s discretion…[The building purchase] would bring long-term predictability going forward,” he told the Nassau County Local Economic Assistance Corp., which issues bonds on behalf of schools, hospitals and other nonprofits.

The assistance corporation agreed last month to enter into negotiations with Shulamith.

The 94-year-old building, also known as Number Five School, was put up for sale by the Lawrence school district and the pending purchase by Shulamith “was publicly approved by a community vote in February,” said district superintendent Ann Pedersen.

The school district “will now have the funds to embark on a $60 million to $80 million renovation of Lawrence High School at no additional cost to taxpayers. The revenue from the sale, together with Federal Emergency Management Agency grants, will cover the cost of projects to repair damage caused by [Superstorm] Sandy” in October 2012, she said.

The planned repairs include new sidewalks, a new heating and air conditioning system and flood protection walls, according to Pedersen.

Shulamith has been paying the school district $600,000 per year in rent, according to the application for county-issued bonds.

The school uses the Cedarhurst Avenue building for its early childhood, elementary and middle school programs. A high school is housed nearby in 21,000 square feet at 155 Franklin Place in Woodmere.

Together, the facilities have 165 employees, including about 100 teachers. Salaries average $40,000 per year, the application states.

Daniel P. Deegan, Shulamith’s real estate attorney, said it would use $2.5 million from the bonds to refinance the mortgage on the high school, which used to be a health club.

Besides the Cedarhurst Avenue building, the Lawrence school district previously sold its Number Three School to the Hebrew Academy of the Five Towns and Rockaway and the Number Six School to the Hebrew Academy of Long Beach.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.