Mort Zuckerman gave up a valuable piece of real estate in Daily News sale

Tronc to take over Jersey City printing plant

New York /
Sep.September 05, 2017 05:00 PM

When publishing giant Tronc took over the New York Daily News from real estate investor Mort Zuckerman, it also landed a potentially lucrative piece of Jersey City real estate.

Tronc is taking over the Daily News’ printing plant at 125 Theodore Conrad Drive along with a 49.9-percent stake in the 25-acre site it sits on. The site can be redeveloped and was key to the sale because its value helps make up for the paper’s $26.5 million in pension obligations, Crain’s reported.

Zuckerman, who bought the Daily News in 1993, tried to sell the paper back in 2015 but failed to meet his $150 million to $200 million target price range. News reports at the time claimed the paper was losing between $20 million and $30 million per year.

Zuckerman sold the Daily News to Tronc, which owns the Chicago Tribune, Los Angeles Times and Baltimore Sun, for the symbolic price of $1 on Monday. [Crain’s] — Konrad Putzier


Related Articles

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...