A company affiliated with L&M Development based in New York recently purchased the headquarters building of Verizon in downtown Newark for $16.51 million.
According to the New Jersey Board of Public Utilities, the building is 20 stories in height, is 436,000 square feet in size and has a notable art deco design. It was built in 1929. The plans are to convert the building into a residential tower.
Architectural firm, Amara Associates, has developed plans to create a basement with bowling lanes, storage space and a gym and 246 units above that on 19 floors. The fourth floor is a switching station for Verizon and will continue to operate as such.
The building is on the National Register of Historic Places so that all renovations will need to be approved by the National Park Service. The sale has been confirmed by Raymond McConville, a spokesperson for Verizon.
Verizon had planned to sell the building in 2008 for $35 million but decided to remain in the location after it received a tax break from the state in an amount over $20 million.
L&M might want to consider using small Banners around the building so that those in the downtown area will become aware of the sale and the work that will be done to the building and its use for the future.
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