Mort Zuckerman gave up a valuable piece of real estate in Daily News sale
Tronc to take over Jersey City printing plant
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.