The New York Times Sells Its HQ, Starts Paying $2 Million a Month in Rent

More cash to shore up the New York Times Company (NYT): As the Times itself previously predicted, the company has sold off (most of) its portion of its Manhattan headquarters for $225 million.

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The deal is a sale-leaseback, which means the Times is staying put, and will pay rent to new owner W.P. Carey & Co. Bill for the first year: $24 million. It’s a 15-year lease, and in year 10, the company can buy back its office space for $250 million. More...

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