URSA Development Group has purchased 1.38 acres of development land at 1200 Clinton St. in Hoboken, NJ for $9.66 million from Michael P. Gorman Properties, Inc. The site composes a full square block in an area largely dominated by multifamily properties.
PSE&G immediately began conducting an enviornmental clean-up of the former Hoboken Gas Works site to replace the contaminated soil. The land is currently an asphalt paved lot, and has all utilities on site. The lot has approximately 324 feet of frontage on Clinton St. and Grand St., as well as approximately 239 feet of froantage on 12th and 13th Streets.
Both parties handled the direct sale in-house.
Please see CoStar COMPS #3171242 for additional information on this transaction.