N.Y. Times Co. Borrowing Against HQ Building
December 8, 2008 at 7:55 AM (PT)
The NEW YORK TIMES COMPANY is borrowing up to $225 million against its new headquarters building, looking to avoid a cash flow problem.
The TIMES reports that it has retained CUSHMAN & WAKEFIELD as its agent to secure either a mortgage or a sale-leaseback deal; the building, across from the PORT AUTHORITY BUS TERMINAL on MANHATTAN's EIGHTH AVENUE, is owned 58% by the TIMES and 42% by BRUCE RATNER's FOREST CITY RATNER. The TIMES CO. has one of its two revolving lines of credit expiring in MAY and the company is concerned that it will not be able to find a replacement in the current economy.
The TIMES CO. owns Classical WQXR/NEW YORK.