520 Broad Street
Update
09/06/22
Newark Office Tower Trades for $49.4M
A 20-story office tower, located at 520 Broad Street in Newark, New Jersey, has just been sold for $49.4 million. The Class-B structure was purchased by Sinai Equity Group from the previous owner, Rafael Holdings Inc, in a deal brokered by Cushman & Wakefield.
Originally constructed in 1957, the building totals 496,211 square feet and primarily consists of office suites. In fact, 520 Broad Street is home to the worldwide headquarters of communications provider, IDT.
In addition to office space, the tower features an unspecified amount of retail space, located on the ground floor. The building comes with a detached, 3-story parking garage, boasting enough room for 793 vehicles.
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