New York Times Sells Its House
This story is another indication of just how quickly things have changed in the newspaper business in the last few years. it was just a couple of years ago that the New York Times moved into it’s new stunning New York Time Building tower, a 52 story masterpice that greatly improved what had been a very run down part of New York.
Well, two years later, and the New York Times announces that they have sold the building to a developer for 225 Million, with a signed lease for the next 15 years at about 10% of that value, and an option to repurchase at 250 million in 10 years. Effectively, they got a 10% a year loan secured by real estate.
It’s a strong indication of how quickly the news business has turned, this project was seen as a good investment 8 years ago when started, and already the newspaper no longer seems to be able to support it. They are also rumored to be trying to sell off their interest in a baseball them and other assets to pay down near 1.1 billion dollars of debt, some of which is due for repayment in the short term.
