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

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15 Comments

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

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