NEWARK | 520 Broad Street | 433 FT | 40 FLOORS (4 Towers)

Keep an eye on, as it pertains to the garage.

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520 Broad Street in Newark Sells For $49 Million

One of the more prominent office buildings in the Downtown Newark skyline has officially been sold as a large parcel at 520 Broad Street has changed hands.

Rafael Holdings recently announced that they sold their 20-story building, which is home to several prominent companies. In addition to housing the cancer and immune metabolism therapeutics company, 520 Broad Street also houses IDT’s worldwide headquarters.

The $49.4 million deal, which was finalized on August 29 and includes a three-story detached 800-car public garage that is a developable site. Rafael Holdings says that the complex was bought by affiliates of the Sinai Equity Group, a company registered out of Brooklyn.
Rafael Holdings said it expects net proceeds of roughly $33 million after paying down the $15 million mortgage and the payment of commissions, legal fees, taxes and other costs.

“We are pleased to have completed the sale of our real estate assets in Newark, New Jersey, a key milestone which further strengthens our balance sheet,” said Bill Conkling, CEO of Rafael Holdings. “We are well-funded to advance our promising early-stage pipeline of novel agents and to pursue opportunities to expand our portfolio.”

Sinai Equity Group has not announced their intentions for the property just yet, but the developable garage site spans three acres and sits in a prime Downtown location.


This flew under the radar

4 towers, all 40 stories, 433 ft

  1. Each tower is 40 stories, not 45. Tower A has 812 units, Tower B-1 455 units, B-2 385 units, and C 532 units. IDT (Tower D) will have 254 units). Only the 6th-18th floors in IDT are being converted, BUT they are adding two new floors (total of 20).

Seems like a crazy project, but so was Halo Tower and that is getting built. I love this architectural style, you kinda see it in Halo and in Arc Tower. Very futuristic! Excited about the future of Newark


It’ll be good to see Newark blow up like JC


Found some new renderings

The developers asked for the application to be adjourned to July along with other applications from yesterday meeting. This gives us more time to gain support for the project. The road ahead is long

I am not familiar with Newark development/zoning documents, it looks like these were found in some publicly available document but I do not know how to look for those things, so there might be some better renders somewhere