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.
