(Read more on the multifamily market.)

HOBOKEN, NJ-The S. Hekemian Group has been picked by this city to redevelop the 1.1-acre parcel of land that currently holds the town’s public garage site. The city council voted late last week to sell the site to the Paramus, NJ-based developer for $25.5 million. Council members picked SHG over competitive bids from Trammell Crow Co. and MDK Development.

Located in this city’s downtown area, within five blocks of the NJ Transit rail and PATH stations, the site is bounded front and back by Observer Hwy. and Willow Ave. And what SHG has in mind for the site, according to principal Peter Hekemian, is primarily a residential condo building with 240 units. Nearly two-thirds of the units would be either two or three bedrooms in layout, and the building would rise to 12 stories along Observer Hwy, and step down to eight floors along Willow Ave.

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