A gateway property on Red Bank’s West Side, the administration headquarters of the Community YMCA on Drs. James Parker Boulevard, has been sold, redbankgreen has learned.
The buyer, PS5 LLC, paid $1.3 million for the longtime public school building, according to Y CEO Gary Laermer.
The transaction involves a prominent structure in a section of Red Bank that is heavily trafficked and in need of some TLC.
Laermer referred questions about the buyer to Mike Simpson, a principal in S.O.M.E. Architects on Monmouth Street. Simpson did not immediately return a call seeking comment.
S.O.M.E. was involved in the renovation of the former borough hall and police headquarters at 51 Monmouth Street into Diney’s Place at the Children’s Center. The firm also designed the Parker Clinic on Shrewsbury Avenue and Red restaurant on Broad Street.
The Y had been asking $1.4 million for the propertythe one-time Public School 5, located between Shrewsbury and Bridge avenues and next door to the Y’s Count Basie Learning Center.
Monmouth County tax records show the Y bought the property in 1999 for $335,000.
The Y moved its staff of 13 people in mid-December to an office building on Tindall Road in Middletown, where it is the sole tenant, Laermer says. There are “no immediate plans” to construct a new space or otherwise relocate the office, he says.
“The idea of the sale was to better leverage our assets,” says Laermer.