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  #1  
Old Posted Sep 22, 2022, 4:00 PM
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NEWARK, NJ | 520 Broad Street | FT | 4@45 FLOORS (2100 Units)

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

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520 Broad Street in Newark Sells For $49 Million


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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.
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  #2  
Old Posted Sep 22, 2022, 11:11 PM
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This is also right next to the huge Bears Stadium development. Most likely something residential will rise here.
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Old Posted Sep 23, 2022, 12:07 AM
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I think so as well. With proximity to the light rail (Washington Park or Riverfront), it's a prime location. I think eventually a nice corridor of development will fill the areas next to the Passaic (NJPAC comes to mind).
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Old Posted Sep 23, 2022, 12:17 AM
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It will. They also can finally extend the waterfront park.
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Old Posted Jul 10, 2023, 4:34 PM
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https://www.roi-nj.com/2023/07/10/re...ty-renderings/

Next big project for Newark: Five-tower, 2,500-unit mixed-use community on old IDT property
Transformative effort at 520 Broad St. by Sinai Equity Group will feature four 45-story towers in addition to revamped original property






By Tom Bergeron
July 10, 2023


Quote:
Sinai Equity Group intends to turn the IDT building and parking deck at 520 Broad St. into a five-building, 2,500-unit, mixed-used community that stretches to McCarter Highway, according to Calvin Souder, the attorney representing the Brooklyn-based developer.

Many of the details still need to be worked out, but the overall plan calls for the existing IDT building to be a 16-story mixed-use building, with four 45-story buildings in what is the current 800-car IDT parking deck, Souder said.

The towers will be among the tallest buildings in the city.
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Souder, the founding partner of what has quickly become one of the top real estate firms in Newark, Souder, Shabazz & Woolridge, said the plans for the project were submitted to the Newark planning board last fall. He expects them to be fully approved in the coming weeks.

A discussion on the project was expected to take place at the planning board’s regular meeting Monday night, but Souder told ROI-NJ those discussions may be pushed back a meeting or two to ensure everything is in order.

“We just want to make sure we have everything lined up,” he said. “The plans were submitted in September, and we are not asking for anything special, no variances or anything, so we expect to get all of our approvals.”
Quote:
The approvals, Souder said, will lead to the creation of more detailed construction plans — a process Souder said could take six to nine months to complete due to a variety of issues, including ensuring the construction takes into account the needs of the city’s light rail (which runs near the area), adequate power (from Public Service Enterprise Group) and storm water management.

Agreements on union labor and prevailing wage also will be part of the discussions.

The breakdown of units per building also is still to be determined.

This much is clear: The first phase of the project will entail work on the original IDT building (the gutting of the interior already has begun).

Souder said that building, set to be 16 stories, will have five floors of retail and parking with residential units starting on floor six. There also is expected to be a top-shelf, destination restaurant on the top floor — complete with a view of New York City.
Quote:
The current IDT building also is expected to be hollowed out a bit in the middle, giving it a unique look.

Souder said it has not been determined how many units will be in each of the five properties — or what percentage of the property will be affordable. But, he noted, the project will follow the inclusionary zoning ordinance and it intends to pursue a payment in lieu of taxes, or PILOT, from the city.

“There’s still a lot to work out logistically,” he said. “But phase one is going to be the current IDT building.”

While that can start almost immediately, Souder said the hope is to be ready to start demolishing the existing parking deck next spring or summer.

Each of the 45-story towers will have ground floor retail and parking. More than anything, Souder said, they will be designed so they will have a view of New York City.

“It is going to be special,” Souder said.
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Old Posted Jul 10, 2023, 5:38 PM
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This will put two massive Newark developments side by side.















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Old Posted Jul 11, 2023, 12:43 AM
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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  #8  
Old Posted Jul 12, 2023, 8:52 PM
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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  #9  
Old Posted Jul 13, 2023, 12:55 AM
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It's finally happening. Newark is booming.
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  #10  
Old Posted Jul 13, 2023, 2:47 AM
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Exciting times. That IDT development is dynamite. Hoopefully it becomes reality.
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Old Posted Jul 20, 2023, 4:26 AM
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https://jerseydigs.com/idt-building-superblock-newark/

Newark IDT Building Redevelopment Criticized for Resurrecting the Midcentury ‘Superblock’


By Darren Tobia
July 19, 2023


Quote:
Ever since the IDT Corporation abandoned its longstanding headquarters in downtown Newark last year, the 20-story tower together with the six-acre lot behind it, became one of the most underutilized properties in the city.

The new owner, Sinai Equity Group, will finally reveal its vision for the IDT Building redevelopment to the Central Planning Board on Aug. 21 to convert the old IDT building into 254 apartments while constructing four 40-story residential towers — designed by Fort Lee firm Architectura — where the parking garage is located.

The land itself is significant as it sits on the Atlantic Street light rail stop, near important city landmarks like Tubman Square, Broad Street Station, and the riverfront. However, criticisms of its design have emerged that the four new towers to be built on the triangular lot behind the IDT building are not pedestrian-friendly.
Quote:
“The superblock design of the project threatens to be an insular entity that separates residents from the city and lacks a relationship to its surroundings,” the Planning Board’s city’s staff report states.

The superblock is a sensitive issue in Newark, as it is often associated with post-riot architecture when investment in the city was predicated on designs based around commuters that ignored — or even feared — the city around it.

Historian Myles Zhang compares the proposed IDT redevelopment to the Gateway Center, which was built near Penn Station in the 1970s-1980s. Comprising four commercial towers, the network of skywalks, indoor food court, and connected parking garages allows workers to clock in and out without ever stepping foot on a city sidewalk.

Mayor Ras Baraka once described the negative impact the Gateway Center’s design had on the surrounding community to the Star-Ledger.

“After the Newark rebellion,” said Baraka, referring to what some call the Newark riots, “people wanted to stay, but they didn’t want to be in the city. They were scared of the city. They didn’t want to invest in Newark. They didn’t want to walk the streets, so they built this kind of tower, where they could hang out, take the train, do everything they needed to do, whether it was a hotel, haircut, eat, and never come to the ground.”

Zhang believes building another “self-contained city within a city” at the IDT Building site will repeat history’s mistakes. “Atlantic Street is currently a dead street, largely empty and underutilized,” Zhang said. “This project includes both sides of Atlantic Street, and the developer owns buildings on both sides of the street. The proposal should therefore take full advantage to activate this street as public space, as public pedestrian plaza, and as transit oriented development with the light rail.”
Quote:
Built in 1957, the modernist IDT Building at 516 Broad Street is one of the six buildings that have served as Mutual Benefit Life’s headquarters during its time in Newark. It became infamous for its near-windowless wall of concrete facing the Manhattan skyline to the east. In the building’s conversion the lack of transparency will be remedied with the addition of a number of windows.

Sinai Equity Group is the third major developer to gain approvals to build along Newark’s riverfront. The others include the CitiSquare project and Boraie’s glass tower at 970 McCarter Highway, though neither of these have broken ground yet.

At the CitiSquare site, development was held off by protests from local labor union 32BJ SEIU over prevailing wages. However, a spokesperson for the City of Newark told Jersey Digs that the dispute has been resolved.

These two projects, combined with the redeveloped IDT site, could bring nearly 7,000 residential units to Newark’s riverfront. NJPAC also intends to redevelop the six-acre site along the Passaic River, bringing townhomes and mixed-use buildings, but the proposal hasn’t been approved by the Central Planning Board yet.
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  #12  
Old Posted Nov 29, 2023, 9:41 PM
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Despite Controversy, Newark Approves 2,100-Unit Plan at IDT Properties

Quote:
One of the most ambitious redevelopments in the history of Downtown Newark has officially been given the green light as a four-building plan can now move forward at a former office property.

During the November 6 meeting of Newark’s Central Planning Board, unanimous approval was granted to bring 2,184 residential units to several lots at 516-532 Broad Street. The land, formerly headquarters to IDT plus a detached parking garage across Atlantic Street, was purchased last year for $49 million by affiliates of Brooklyn-based Sinai Equity Group.

The four towers would stretch all the way east to McCarter Highway and create a “city within a city” on the blocks surrounding the Atlantic Street Station on the Newark Light Rail. The project will comply with the city’s inclusionary zoning law which requires 20% affordable housing, meaning 437 new affordable units will be created by the development. The three new towers that are part of the endeavor will be built on a triangular plot at 20 Atlantic Street. adjacent to the IDT building. An existing parking garage at the location will be demolished, but 1,126 new parking spaces will be created under the plan.
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  #13  
Old Posted Nov 30, 2023, 5:55 AM
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The project will comply with the city’s inclusionary zoning law which requires 20% affordable housing, meaning 437 new affordable units will be created by the development.

That's a significant amount. And this is separate from the larger, neighboring development.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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