Press Releases
Marcus & Millichap Exclusively Lists 2,438-Unit Skyline Towers Newark with Approvals for Adaptive Reuse and Ground-Up Skyline Expansion
June 24, 2025
NEWARK, N.J., June 24, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing of Skyline Towers Newark, the headquarters of IDT Corporation and a fully approved 3.97-acre redevelopment site in downtown Newark, New Jersey.
Chez Eider and Jason Petrick, investment specialists in Marcus & Millichap’s New Jersey office, are exclusively marketing the asset on behalf of ownership. The property currently serves as the corporate headquarters of IDT Corporation, a Newark-based global provider of fintech and communications services. It includes a 20-story office tower with approvals in place to convert the upper floors into 254 residential units while maintaining income-generating commercial tenancy below. Behind the existing tower, four new 40-story residential buildings are fully entitled for ground-up construction, adding 2,184 units to the project. In total, the development is approved for 2,438 residential units and more than 3 million buildable square feet.
“Skyline Towers provides the right developer a rare opportunity to acquire an approved, large-scale, phased, covered-land play surrounded by public transportation in a dense urban market that is primed for growth,” said Petrick, director of investments.
“This is the most strategically located development site in downtown Newark, surrounded by anchor institutions, transit connectivity and cultural momentum,” added Eider, senior director of investments. “With approvals in place and flexible ownership options, the project offers both institutional and private investors the ability to phase, hold or build at scale in one of the Northeast’s most promising urban corridors.”
Located at 520 Broad St., the development will include 1,037 parking spaces and is within a qualified opportunity zone, offering potential tax benefits for investors.
Chez Eider and Jason Petrick, investment specialists in Marcus & Millichap’s New Jersey office, are exclusively marketing the asset on behalf of ownership. The property currently serves as the corporate headquarters of IDT Corporation, a Newark-based global provider of fintech and communications services. It includes a 20-story office tower with approvals in place to convert the upper floors into 254 residential units while maintaining income-generating commercial tenancy below. Behind the existing tower, four new 40-story residential buildings are fully entitled for ground-up construction, adding 2,184 units to the project. In total, the development is approved for 2,438 residential units and more than 3 million buildable square feet.
“Skyline Towers provides the right developer a rare opportunity to acquire an approved, large-scale, phased, covered-land play surrounded by public transportation in a dense urban market that is primed for growth,” said Petrick, director of investments.
“This is the most strategically located development site in downtown Newark, surrounded by anchor institutions, transit connectivity and cultural momentum,” added Eider, senior director of investments. “With approvals in place and flexible ownership options, the project offers both institutional and private investors the ability to phase, hold or build at scale in one of the Northeast’s most promising urban corridors.”
Located at 520 Broad St., the development will include 1,037 parking spaces and is within a qualified opportunity zone, offering potential tax benefits for investors.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
