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.
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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