Now, Savitar Realty Advisors, based in Miami, is set to grab theproperty. While Savitar officials won't confirm the sale price,local industry observers peg it in the $22 million range, possiblyhigher, nearly twice the price of its earlier sale. Newark boosterssay it's another sign that the long-awaited rebirth of NJ's largestcity is indeed a reality.

"I believe Newark will rival New York City, Hoboken and Jerseyas a destination for offices, entertainment and residents," saysSavitar president Clifford Marshall Stein. He wouldn't provide anydetails on the transaction, but given the resurgence of Newark'sWashington Park section, that price might turn out to be abargain.

The building sits between the acclaimed Newark Museum and theNewark Public Library. The Washington Park section has become amagnet for several hot business sectors, notably e-commerce,financial services and law firms. Nearby, Rutgers University wantsto bring a developer in to convert its old law school building intoa luxury hotel and conference center. Right across the street from33 Washington is the former Mutual Benefit Life tower, now rebornas the HQ for IDT Corp. and its 1,200 employees. Finally, a brandnew minor league baseball stadium and the NJ Performing Arts Centerare both in the vicinity.