NY Times may sell 19 floors at headquarters

The New York Times Co. might sell part of its headquarters, at 620 Eighth Avenue between 40th and 41st streets, to real estate investment firm W.P. Carey & Co. to raise money and pay off debt. The Times is considering selling 19 of the 25 floors it owns in the building to the investment firm and leasing back the space, according to a Times spokesperson. Last month, the newspaper said it could raise as much as $225 million from a sale-leaseback of the building. The Times owns 58 percent of the building, and the rest is owned by Forest City Ratner.