IDT Finalizes the Purcahse of It's Corporate Headquarters

IDT finalized the purchase of their headquarters building at 520 Broad Street in Downtown Newark New Jersey. IDT has been renting this space from 520 Broad Street Associates, L.L.C. (a.k.a Kushner Companies) since they moved there in 2000. The seventeen story building is located in the heart of downtown Newark and was constructed sometime back in the 1950s.

Under the terms of the deal, IDT agreed to pay $22.8 million in cash and assume the $27.2 million in remaining mortgage payments, making for a total buy amount of 50 million dollars.

The move comes on the heels of the opening of the close bye Newark Prudential Center, the new home of the New Jersey Devils. Maybe an indicator that the city is on the rise, making real estate in the area a potentially wise investment.