NEWARK, N.J., July 18, 2017 /PRNewswire/ -- "We are very disappointed at this lawsuit.

The reality is that for nearly four years, we have been in contract with a highly qualified buyer to take ownership of the Garden Spires property in Newark to address all issues, and rehabilitate the building. The buyer, a market leader in rehabilitation and preservation of affordable housing has committed to investing more than $43 Million to refurbish this building, without displacing any residents. This buyer has New Jersey experience and this process will better the community.

We are bewildered as to why we have not been approved to sell this building.

We hope the government will work with the qualified buyer who is at the table as it's in the best interest of tenants, the city and state. If there's no solution and tenants need to be relocated it will cost taxpayers significant money and harm the area.

We implore the State to allow this deal to go through in the interest of the residents of both the property itself and the City of Newark."

Statement To Be Attributed To Ronn Torossian, spokesperson for Garden Spires Apartments

SOURCE Garden Spires Apartments