JCC sale postponed, while talks continue
A sheriff’s sale of the Ruth Hyman JCC in Deal scheduled for Oct. 24 was postponed, raising leaders’ hopes that the financially struggling agency can renegotiate its debt with TD Bank.
Stephen S. Levy, president of the JCC of Greater Monmouth, said he was notified of the postponement on Oct. 20.
The JCC’s attorney, Timothy P. Neumann, had filed an adjournment of the sale in the Monmouth County Sheriff’s Office.
The scheduled sale was announced Sept. 26 after protracted debt negotiations between the JCC and TD Bank, which had initiated foreclosure on the financially struggling Grant Avenue property last spring.
Levy said he did not know how long the postponement is for, although he believes the sale can be postponed up to three additional times. He said he also understands that in order for the sheriff’s office to reinstate the sale, public notice would again have to be given, as it was for the canceled sale.
“The idea behind postponement is to give the parties a chance to talk further,” Levy said. “No one wants to go through with this sale. Neither party wants it to happen. This is a face-saving device where the parties can talk further and see if they can resolve it. I believe the bank is going to make a counter-offer. I know the bank is interested in discussing it further.”
On Oct. 19 Levy sent a message to JCC members to announce the cancelation of the sale and update them on the situation.
He wrote that the leadership has “no plans to close the JCC” but is exploring several options.
“We will do the best we can to make sure the building is safe, viable, and that we maintain as many programs and services as possible,” he wrote.
Their main objective, he wrote, “is to keep the building open, make sure all of the utilities are operational, and make sure our employees are paid as timely as possible.”
Levy asked members “to continue your support for our agency while we work through this difficult period.”
In an update to the community on its website posted on Oct. 19, the Jewish Federation of Monmouth County states that they are continuing to work with the leadership of the JCC in Deal to address their financial issues, and to ensure the viability and impact of the programs funded by the federation.
The update also says they will be “convening a group, including the leadership of the JCC and other stakeholders, to best address the current financial and operating situation at the JCC in Deal.”