IDT moves out of 520 Broad Street building

This is really no surprise.  Anyone who has a pulse knows that there are plenty of corporations in trouble and IDT is one of them.  In February of 2007 the companies stock was trading at almost $12, February 2008 it was just over $6, and today it is just above $0.30.  They purchased the property in February of 2008 at about the midpoint of their downturn.  Probably not a great business decision in hindsight but really who thought we’d end up where we are today.  

At the time even  it  looked like a great deal at less than $65psf.  Considering that the office rents in Newark are holding at $25/sf, the 520 Broad St property at roughly 500,000sf could generate approx $12.5mm in gross potential revenue.  Figuring expenses at roughly 35% of revenue would make their purchase at $50MM a steal.   

Now the challenge will be figuring out what to do with it. 

See Full Article Here



Filed under Current Events

15 responses to “IDT moves out of 520 Broad Street building

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