NJ board approves $498 million Newark school lease

Newark school officials say they need to lease a new building to resolve overcrowding in the East Ward. Critics say the cost is too high.

By: Nikita Biryukov

Outlets: New Jersey Monitor

Published: October 14, 2026

Words: 536

Last Updated: 3 days, 12 hours ago

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The New Jersey Local Finance Board approved a $498 million lease for a Newark school building that local officials said is needed to alleviate overcrowding, a vote taken after complaints from Republicans who alleged corruption and mismanagement.

The board’s vote will permit the Newark School District to lease the property for 30 years, and the district’s agreement allows it to purchase the building for $1,000 at the close of the lease term. The …

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