I don't see a simulcast with WKXW. There is too much overlap. You would be picking up too much New York which is contrary to their target audience.
Let's not forget that WKXW has always had its transmitter just a few miles from New Jersey's Western border, and that half of its signal, and a good portion of its population coverage is in Pennsylvania, yet it has been successful by just targeting its potential listeners in NJ.
Using WFME to essentially simulcast WKXW in North Jersey would bring in lots of new potential Jersey listeners in wealthy parts of Essex County, all of upscale Bergen County, the Gold Coast and all of Hudson County, all of Passaic County, and parts of Morris County where the WKXW signal is marginal.
In short, there would be millions of new advertiser attractive potential listeners who would have a geographic reason for listening to the news and programming, just as listeners in Central Jersey do now. Townsquare could offer exactly the same programming but make spots targeted at North or Central Jersey available separately. And with PPM, even though they carried exactly the same programming the two "simulcasting" stations would be rated, and could be sold, separately.
As to what's valuable in the sale price, it's really just the license if the transmitter can be moved. If not, then the current transmitter real estate might be included.
Let's not forget, that when WPAT-FM was sold, all that was included was the license and transmitter on the ESB. And the sale price, IIRC, was something like $130-million.
Likewise, when WVNJ-FM was sold to become WHTZ, the sale was really only the license and an old transmitter.
If you've ever been to WFME in West Orange, there isn't a whole lot there, since it was really set up to mostly play tapes that were recorded in Oakland, California. IIRC, there isn't enough room for the office and studio space needed for a regular commercial radio station, and a regular major market radio station wouldn't want its studios and offices there anyway.
As to the sale price, a lot will depend on the likelihood that the transmitter can be moved to the ESB, or elsewhere in Manhattan. A much higher tower at the current location isn't a likely solution.
The property becomes much less desirable if it will forever be handicapped by transmitting from its current location. However, a lot will still depend on who wants to buy it and for what reason. The Townsquare, WKXW program simulcast is probably the one scenario that would maximize the station's value if it has to forever continue transmitting from the current location.
If it can be moved to NYC, the greatest value will probably be to a major operator not already maxed out in the number of NYC FM stations it can own, or ESPN. Needless to say, the consulting engineers and FCC practice lawyers can really earn their fees if they can figure a way to move the transmitter to NYC.
As to the probable sale price, I think Scott Fybush is certainly in the right neighborhood (as he always is) at $50-million, unless there are two or more well financed bidders who really want it badly, especially if it can be moved.