The East Ramapo School District received three bids by Wednesday's deadline for Hillcrest Elementary School, with a high bid of $4.3 million.

ZD Realty, in Monsey, placed the highest bid, followed by the Congregation Yeshiva Avir Yakov, in New Square, at $3.1 million and the Pascack Learning Center, in Valley Stream, at $1.65 million. The yeshiva also placed a bid to rent the property for five years, starting at $200,000 the first year and increasing $100,000 a year for each of the next four years for a total of $2 million.

The property is assessed for about $3.16 million but that's based on the last town assessment done in 1985. Its 2010 market value based on the town assessor's office equalization rate calculator is about $10.2 million so all of the offers are far below the market value.

The rental bid by the yeshiva would allow the district to glean some revenue now while still maintaining ownership, which may be appealing if it believes the beaten up real estate market will rebound in five years and allow it to get a price closer to fair market value in the future.

The school, opened in 1960, is a one-story, 54,000-square-foot building on about 12 acres located at  32 Addison Boyce Drive, in New City. It is located between Route 45 and West Clarkstown Road. The school, which was for grades four through six, has 30 classrooms, two gymnasiums, a cafeteria, a library, a kitchen and comes partially furnished.

The property is residentially zoned for single-family homes on a minimum of 1 acre, which means it could fit 10 or 11 homes maximum on the property. No commercial businesses or multi-family residences would be allowed unless a variance or zoning change was granted.

Arthur Fisher, administrator for special projects for the East Ramapo Central School District, said he would have liked to have seen more bids for the land.

"It's a beautiful piece of property with a wonderful building that would be a positive for anyone to rent or purchase," Fisher said.

He declined to comment on whether the district was happy with the dollar amount of the bids, saying "I had no idea what we would receive."

According to the bidding specifications, any bid submitted will be binding for 45 days subsequent to the date of the bid opening. The school board, which must approve any bid for the property, is set to meet next Tuesday, but that doesn't mean it will review the bids and/or render a decision that night.

A local resident has been circulating a petition to stop the outright sale of the school, and for the decision to be put up for a districtwide vote.