Star-Ledger sells building
NEWARK (AP)— New Jersey’s largest newspaper has sold the building it has called home in the state’s largest city for nearly 50 years to a New York firm.
The Star-Ledger is not saying how much Floral Park, New York-based Maddd Equities is paying for the 177,000-square-foot building in Newark.
Publisher Richard Vezza told the newspaper the sale is expected to close in October and Vezza does not know what the real estate investment firm plans to do with the structure.
The newspaper will retain a presence in Newark in a leased office in Gateway Center.
The newspaper’s owner, Advance Publications, launched a new media company this year that will provide content and advertising out of offices in Woodbridge.
The newspaper cut a third of its non-unionized employees this year.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)