City closes on Esterbrook Avenue properties

The city has closed on four Esterbrook Avenue properties where it plans to have a senior housing facility developed.

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In his report to the Redevelopment Agency during last night’s meeting, Executive Director Robert Landolfi said that while the city has acquired the properties, the mayor has asked that the Redevelopment Agency remain involved and take the lead. The next step is for the developer to put together the capital, he said. Part of that process will be meeting with Union County to discuss availability of funding, such as HOME funds, low-income housing tax credits, tax-exempt bonds, or other tax credits.

Three of the four transactions closed on Jan. 21 and Jan. 22, according to property records:

Lot 20 / 1436 Esterbrook Ave. — $537,836
Lot 21 / 1430 Esterbrook Ave. — n/a
Lot 22 / Esterbrook Avenue — $1,100,249
Lot 23 / 1410 Esterbrook Ave. — $360,718

Lot 21 is still listed under the previous owner on property records.

City Council in May authorized a $2.66-million bond ordinances to acquire the properties. The ordinance stated that the properties would be purchased for $2,579,850 and the legislation also would finance other expenses, including architect’s fees, accounting, engineering and inspection costs, and legal expenses.

The three transactions available in property records total $1,998,803. If the ordinance was accurate, the sale price on the fourth property would have been about $580,000.