Mine Hill, N.J. (December 21, 2020) – NAI James E. Hanson announces it has negotiated the sale of a 6.15-acre parcel of land zoned for residential development located at 106 Hurd Street in Mine Hill, N.J. NAI Hanson’s John Schilp represented the seller, Pansini Estate, and the buyer, 106 Hurd Street LLC, in the transaction.
Situated in the heart of Morris County with easy accessibility to Route 46, 106 Hurd Street is a 6.15-acre parcel of land that was previously occupied by a house and barn. Zoned for residential development, the property presented a rare investment opportunity for the right developer to tap into New Jersey’s hot multifamily market. Capitalizing on demand for multifamily housing in the highly desirable location, the buyer has received approvals for a 50-unit apartment building and site work is currently underway at the property. Located in the Township of Mine Hill’s Multi-Family Inclusionary Community Overlay Zone, the project will also help to satisfy the township’s fair share housing obligation with ten units at the community to be reserved for low and moderate-income families.
“Multifamily development continues to flourish throughout northern New Jersey with numerous developers competing over limited developable land,” said Schilp. “Recognizing the ongoing demand for multifamily development, we were able to leverage our decades of experience and local market expertise to help the buyer identify this prime development opportunity while allowing the seller to secure fair market value for this in-demand parcel.”