Yeshiva forced to sell properties
THE Yeshiva Centre (Sydney) is being forced to sell two properties due to mounting debt and cashflow difficulties.
THE Yeshiva Centre (Sydney) is being forced to sell two properties due to mounting debt and cashflow difficulties.
“It is obviously a very difficult time for us to see our assets under the hammer, but we are trying to keep positive,” Yeshiva Centre spokesperson Rabbi Eli Feldman said.
“Our main focus at this stage is doing everything possible so that the Flood Street properties can be saved.”
The Yeshiva Centre’s properties – a block of six apartments at 126 Bondi Road, Bondi, and a 821 square-metre building at 255 Old South Head Road in Bondi Beach – will be auctioned in the second week of December.
The Bondi Road property has been used as a dormitory for students attending Yeshiva’s Rabbinical College and as crisis accommodation for families in distress.
Rabbi Feldman said those families will be homeless if the property is sold and he is hoping the community will rally to help the Yeshiva Centre.
“Due to our current cashflow difficulties and our difficulty to service the mortgages, we are being forced to sell the properties unless we can come up with alternative arrangements in the coming weeks,” Rabbi Feldman said.
“We are calling on community members to come forward and assist us in either assisting towards the servicing of the mortgages or by purchasing the properties and giving us a lease or any arrangement that can be reached so that those assets will not be lost to the community.”
He said the Old South Head Road property also has a lot of potential as an operational and viable day care centre.
“We would be happy to sign a lease with any new owners to run a Yeshiva day care, with a large pool of students who are interested.
“The new owners would be immediately assured of a substantial enrolment for the day care centre.”
If the properties do sell, then all proceeds will go to pay existing mortgages and caveats, which will reduce Yeshiva’s debt position considerably.
“The less debt that we are in, the more certain is the long-term viability and stability of Yeshiva Centre and Yeshiva College.”
JOSHUA LEVI
Yeshiva Centre spokesperson Rabbi Eli Feldman.
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