Jersey City property sells for $17M; apartments planned

A former manufacturing site in Jersey City was sold for $17 million, with plans to turn the property into a residential rental building, according to law firm Cole Schotz P.C., which represented the buyer.

The 2.73-acre property at 400 Claremont Ave. was purchased by 400 Claremont Urban Renewal LLC, which intends to demolish the former Elementis Specialties Inc. facility to make way for a mixed-use property and parking.

Cole Schotz’s team advised on the acquisition and financing, as well as providing guidance on corporate structuring and environmental remediation.

The team was led by Leo Leyva, member, and included:

  • Robert DiPisa, member, and Jonathan Goodelman, associate, who advised on the acquisition;
  • Rab Nalavala, member, and Eric Reisman, associate, who advised on the loan;
  • Jennifer Horowitz, member, and Samantha Epstein, associate, who provided corporate guidance; and
  • Richard Ericsson and Marcie Horowitz, both members, and Elizabeth Bogle, associate, who assisted with the environmental aspect.