$34M Bid Awarded For Greystone Hospital Demolition, Restoration

A New York-based company with offices in East Hanover has won the contract to demolish and restore Greystone Psychiatric Hospital at a significantly lower cost than originally anticipated.

According to dailyrecord.com, Northstar Contracting Group bid $34,475,000 – more than $15 million less than the original $50 million estimate – and was awarded the contract this week.

The New Jersey Department of Treasury said the project is expected to be completed within 18 months, the report said.

An awarding of the bid essentially ends all speculation about preserving the century-old landmark, constructed to house and treat the mentally ill. A swell of support to restore the campus, which closed in 2008, was created by a group named Preserve Greystone. A film was made and offers from investment companies were sought by the group, but to no avail.

Northstar Contracting Group is now able to begin the project, the report said.