Marcus & Millichap Lists 2,438-Unit Skyline Towers Newark for Redevelopment and Expansion in Downtown Newark

Reuters

2025/06/25

Marcus & Millichap Lists 2,438-Unit Skyline Towers Newark for Redevelopment and Expansion in Downtown Newark

Marcus & Millichap Inc. has announced the exclusive listing of the Skyline Towers Newark, a significant real estate development site in downtown Newark, New Jersey. The project, located at 520 Broad St., is currently the headquarters of IDT Corporation and spans 3.97 acres. It has received full approval for a large-scale redevelopment that includes the adaptive reuse of a 20-story office tower into 254 residential units, while retaining commercial spaces below. Additionally, the project plans for the construction of four new 40-story residential buildings, adding a total of 2,184 units. Overall, the development is approved for 2,438 residential units and over 3 million buildable square feet, with 1,037 parking spaces. The site is strategically positioned in a dense urban market with excellent public transportation links and is within a qualified opportunity zone, offering potential tax benefits for investors.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Marcus & Millichap Inc. published the original content used to generate this news brief on June 24, 2025, and is solely responsible for the information contained therein.

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The project, located at 520 Broad St., is currently the headquarters of IDT Corporation and spans 3.97 acres. It has received full approval for a large-scale redevelopment that includes the adaptive reuse of a 20-story office tower into 254 residential units, while retaining commercial spaces below. Additionally, the project plans for the construction of four new 40-story residential buildings, adding a total of 2,184 units. Overall, the development is approved for 2,438 residential units and over 3 million buildable square feet, with 1,037 parking spaces. The site is strategically positioned in a dense urban market with excellent public transportation links and is within a qualified opportunity zone, offering potential tax benefits for investors.\n      </p>\n</div><div xmlns:xsd=\"http://www.w3.org/2001/XMLSchema\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\">\n<em>Disclaimer: <span>This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Marcus &amp; Millichap Inc. published the original content used to generate this news brief on June 24, 2025, and is solely responsible for the information contained therein.</span></em>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B19Z6F94.USD","symbol_name":"Legg Mason Royce - US Smaller Companies A Acc USD","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250624:nNDL3ZVpdh:1","article_id":"2546253791","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2546253791","pubTimestamp":1750797925,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"Marcus & Millichap Inc. has announced the exclusive listing of the Skyline Towers Newark, a significant real estate development site in downtown Newark, New Jersey. 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The project, located at 520 Broad St., is currently the headquarters of IDT Corporation and spans 3.97 acres. It has received full approval for a large-scale redevelopment that includes the adaptive reuse of a 20-story office tower into 254 residential units, while retaining commercial spaces below. Additionally, the project plans for the construction of four new 40-story residential buildings, adding a total of 2,184 units. Overall, the development is approved for 2,438 residential units and over 3 million buildable square feet, with 1,037 parking spaces. The site is strategically positioned in a dense urban market with excellent public transportation links and is within a qualified opportunity zone, offering potential tax benefits for investors.\n      \n\nDisclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. 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