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.
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