Yep, my first apartment was in Emerson, NJ and we had one of those bad boys feeding our cluster of buildings. My building had been converted to eliminate the wild leg and was strictly single-phase. I never understood the need for the wild leg since none of these buildings even had central A/C or any large loads for that matter. Everything was "hotel-type" through the wall heat pump units. The only thing that I could figure is that since we were located next-door to a shopping center, perhaps PSE&G just equipped the whole area the same way, whether needed or not. The places were built in the 1960's, back when cost was not object.
"But the guy at Home Depot said it would work."