Boro takes closer look at sale of historic bldg.
CYMCA puts $2.5M price tag on Children's Cultural Center
BY MELISSA KARSH Staff Writer
Ahistoric Monmouth Street building purchased from the borough of Red Bank for $1 is on the market, but the sale may end in litigation for the seller and the borough.

Community YMCA Children's Cultural Center

The Community YMCA Children's Cultural Center, located at 51 Monmouth St., is being marketed for $2.5 million, according to Geoff Brothers of Brothers Commercial Brokerage in Red Bank.

Red Bank sold the circa 1892 building to the Children's Cultural Center in 2000 for $1, with the stipulation that it never be used for any other purpose, according to a listing on the Red Bank Visitor Center Web site.

The Children's Cultural Center became a branch of the CYMCA in 2002, according to the CYMCA 2003 annual report.

Borough officials said Monday that they are looking into whether the sale can go forward.

"It's my understanding that there is a reverter clause," said Mayor Pasquale Menna on Monday. "I've been told by the borough attorney that since it might go to court, I can't comment on it."

According toAssistant BoroughAttorney Thomas Hall, a reverter clause means that once a property is sold and the conditions of the sale are not complied with, the property can revert back to the seller.

Hall also said at the Feb. 11 Borough Councilmeeting that he could not yet comment on whether or not the reverter clause is enforceable, but he said that he is researching the matter.

Former YMCA chairman Sean Byrnes, who currently sits on the YMCA board of trustees, said it took a lot of thought and time to make the decision to sell the building and that the revenues generated by the programming were not covering the expenses associated with running the Children's Cultural Center.

"It's always a tough decision not to move forwardwith a programthat you've invested a lot of time, effort and money into. We had to look into the cost and determine whether we're servicing asmany people aswe can for our resources," said Byrnes, adding, "It's a fairly significant shortfall, and as a community organization that services all types of people throughout the community, we have to make sure that our dollars go as far as they can."

The building is assessed at $1,864,900, according to the Red Bank tax assessor.

"We started that process [of listing the building] to see ifwe could get some other organizations to contribute and to maybe possibly share the building," said Pamela L. Ortman, CYMCA director of communications and special events.

She added, "We are always studying was to maximize our effectiveness and program reach while responding to the needs and desires of the community. It seems that our arts programming might better serve a greater number of families by offering them in our sites throughoutMonmouth County and not limiting themto just one location."

Ortman said the programs currently housed in the Children's Cultural Center building would be offered in multiple locations, including the YMCA Preschool & Kindergarten Enrichment program in Hazlet.

According to Brothers, who is representing the CYMCA, the building would be ideal for a restaurant use, law office or to house a computer retail and training store.

"Of course, a continuing use as a school and/or cultural or community center would be a great use for the town as well."

George Bowden, Red Bank Historic Preservation Commission chairman, echoed Brothers'sentiment about the unique history of the building.

"It is aRedBank landmarkwithout qualification. It is one of themost important historic sites in Red Bank," said Bowden.

He said the building, which was built in 1892, was added to the National Register of Historic Places in 1980 and in a 1981 write up it was called the best remaining 19th-century town hall inMonmouth County.

The building was the home of the former Shrewsbury Town Hall before Red Bank became its own borough, according to Bowden.

According to Brothers' marketing package for the building, the Children's Cultural Center building is described as a masonry building consisting of 7,266 square feet on 2 1/2 floors plus a 2,250-square-foot finished lower level.

The building is located in the Central CommercialDistrict, orCCD-2, zone and sits on 0.344 acres of land, according to themarketing package.

Brothers said that since Red Bank Catholic High School (RBC) currently rents the lower level and first floor of the building for $7,000 per month with a lease expiration date of June 2009, the school has the right of first refusal to purchase the property.

According to the marketing package, the property is currently tax exempt, but based on the 2007 tax rate, the taxes would be approximately $28,700.

The building had been renovated in 2005 at a cost ofmore than $3million for the total renovations, which began before the CYMCA moved into the building, according to Ortman.

Before the cultural center set up residence in the building, the Kids Bridge programcalled the space home.

It then became a branch of the YMCA, with its board of trustees being named as a branch board ofmanagement for theYMCA.