By JOHN W. KEMPSON

Real Estate Editor

INFLUENCE of Newark's "new look" construction program and plans boosting confidence in the city's continued growth is seen in the return to New Jersey ownership of the Wiss Building, opposite Military Park.

Sold to a New York syndicate three years ago, the property has been returned to local possession in a purchase, revealed today, by Office Buildings of America, Inc., an investing group headquartered at 9 Clinton St.

Purchasing Group

Investors buying the 10 story commercial structure at 665-671 Broad St. are headed by Leonard B. Weinstein of Metuchen. Others among the purchasers are Lester Roemer of Springfield, Edwin Altenberger, Bernardsville; David H. Jackson, 'Short Hills; Leonard Winick, Newark; Robert K. Berry, Westfield; Dr. Gerald Lebau, Scotch Plains; Jack Portis, Chicago; John Silberblatt, Kittanning, Pa., and Mortimer L. Schultz, Plainfield. The last named is president of the First Jersey Securities Corp., also of the Clinton St. address, which arranged details of the purchase.

Sellers in the current Wiss transaction, all New Yorkers, are given by Weinstein as Isidore Schub, Max W. Frendel, Paul Weissman, Hyman Krellenstein and the investment firm of Joseph, Gluck, Sabricks, Inc. Morway Picket was attorney for the sellers while Allan L. Tumarkin acted for the buyers.

Weinstein, in announcing purchase of the Broad St. properly, a landmark in the city's midtown skyline 40 years, further divulged that upon taking title to the property, about April 1. Office Buildings of America will formalize a $700,000 syndicate under the name of Wiss Building Associates.

21-Year Leaseback

Under the plan the new syndicate will acquire the fee for the property with ownership available in 2,500 units at $5,000 each and guaranty of 9 per cent yield to the investor participants. Involved also is a leaseback for 21 years with a renewal option for another 21 years with Office Buildings of America as the operating agents.

Since the building was transferred out of Wiss ownership in June 1956 in a sale through Leslie L. Blau to a syndicate headed by Charles Walzer, the property has been in three other New York ownerships.

Walzer, on the day appointed had title taken by Charles Rudinger, Inc., which firm transferred through the law firm of Selzer & Green to the current sellers, for whom Weisman acted in the contract signing.

Other properties of size in which Weinstein has investment interests include the Military Park Building, 60 Park Pl; the General Motors.

Building on Columbus Circle, 37 Wall St., 42 Broadway and 501 Fifth Ave., all on Manhattan Island; the Corn Products Building, Chicago, and five office buildings in Los Angeles.