The New York Times Co. agreed to sell the space it occupies in its Manhattan headquarters for $225 million to pay debt as print advertising revenue declines.
The newspaper publisher will lease the building for 15 years from new owner W.P. Carey & Co., a New York-based real estate investment bank, and retain the option to buy back its stake in 2019 for $250 million, according to a statement today. The transaction covers 21 floors, or about 750,000 square feet, of the 52-story building on Eighth Avenue between 40th and 41st streets. The publisher, which has cut jobs and stopped paying dividends, is trying to sell assets to cope with an accelerating decline in revenue.more