NY Times trying to flog HQ to stay afloat

With a balance sheet that says we’re going to follow The Tribune Co into Chapter 11 bankruptcy, The New York Times is attempting to sell off its New York HQ to stay afloat.

According to the NY Times (naturally), the NY Times company has retained Cushman & Wakefield to act as its agent to secure financing, either in the form of a mortgage or a sale-leaseback arrangement.

The New York Times must deliver $400 million to lenders in May of 2009 but only has $46 million cash on hand as at November 8.

The Times Company owns 58 percent of the 52-story, 1.5 million-square-foot tower on Eighth Avenue. The big question though is will the Times be able to find anyone willing to finance the building at the price asked; it may on paper be a reasonable valuation, but there’s not a lot of people around with the capacity to borrow themselves to buy it.