Plans for Skyline Towers, a fully approved mixed-use project at 520 Broad St. in Newark, call for converting the existing office tower’s upper floors to 254 apartments while maintaining income-generating commercial tenancy below, along with four new 40-story residential buildings that would house another 2,184 units. — Rendering courtesy: Marcus & Millichap
By Joshua Burd
The owner of a high-profile development site in Newark — where city officials have approved plans for more than 2,400 new residential units — has put the property on the market.
Brokers with Marcus & Millichap have listed the parcel at 520 Broad St., the home of the 20-story IDT Corp. office building and another 3.97 acres along McCarter Highway. They noted that the site is fully entitled for a plan that includes converting the tower’s upper floors to 254 apartments while maintaining income-generating commercial tenancy below, along with four new ground-up, 40-story residential buildings that would house another 2,184 units.
Chez Eider and Jason Petrick, investment specialists in Marcus & Millichap’s New Jersey office, are spearheading the assignment on behalf of the would-be seller.
“Skyline Towers provides the right developer a rare opportunity to acquire an approved, large-scale, phased, covered-land play surrounded by public transportation in a dense urban market that is primed for growth,” said Petrick, director of investments with Marcus.
The listing comes three years after affiliates of Brooklyn-based Sinai Equity Group purchased the property, a familiar piece of the Newark skyline, for $49.4 million. The brokers noted that Sinai has not been involved with the property since early 2025, adding that the current ownership team spearheaded the entitlements for the sweeping redevelopment plan and is now exploring a range of exit strategies, including an outright sale, a joint venture with the right partner or a long-term land lease.
With more than 3 million buildable square feet, the development is also slated to include 1,037 parking spaces, the brokerage team said. Marcus added that it’s within a Qualified Opportunity Zone, providing investors with the potential for federal tax benefits.
IDT, for its part, has maintained its headquarters at the building since it moved to Newark from Hackensack more than 20 years ago. The global provider of fintech and communications services has downsized over the years, unveiling a renovated space a decade ago.
“This is the most strategically located development site in downtown Newark, surrounded by
anchor institutions, transit connectivity and cultural momentum,” said Eider, senior director of investments. “With approvals in place and flexible ownership options, the project offers both institutional and private investors the ability to phase, hold or build at scale in one of the Northeast’s most promising urban corridors.”
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