NorthPoint acquires disputed Staten Island development site for $85M

Site includes a 175-acre parcel now in litigation

New York /
Dec.December 28, 2020 11:50 AM
NorthPoint founder and CEO Nathaniel Hagedorn and an aerial of the site at 4101 Arthur Kill Road (Photos via Northpoint; Bing Maps)

NorthPoint founder and CEO Nathaniel Hagedorn and an aerial of the site at 4101 Arthur Kill Road (Photos via Northpoint; Bing Maps)

NorthPoint Development has acquired a development site of about 206 acres on Staten Island for $85 million.

The seller was Kinder Morgan, a Houston-based energy infrastructure company, PincusCo reported.

NorthPoint, a Missouri-based industrial developer, has been eyeing the property, which consists of two parcels including about 175 acres at 4101 Arthur Kill Road, The Real Deal reported in August.

Staten Island Marine Development, a remediation company also known as SIMD, filed a lawsuit against Kinder Morgan, claiming that even though SIMD signed a letter of intent to buy 4101 Arthur Kill Road in January 2019 for $55 million, Kinder Morgan marketed the site for sale to others, including NorthPoint.

SIMD alleges that the company had spent a year developing a remediation plan for the former Exxon oil storage facility site, and prospective buyers had unfair access to its remediation plan.

The lawsuit, filed with the state Supreme Court on Staten Island, is pending before Justice Orlando Marrazzo Jr. The trial is set to begin on March 16. [PincusCo] — Akiko Matsuda


Related Articles

arrow_forward_ios
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
CRE held up through the pandemic far better than most expected (iStock)
How commercial real estate survived the pandemic
How commercial real estate survived the pandemic
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...