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