$300 per Square Foot in Manhattan
The New York Times has agreed to sell its headquarters to REIT sponsor WP Carey. I just read this article and it looks like WP Carey is paying $225 million for twenty-one floors and 750,000 square feet. This is $300 a square foot. The interesting part of this transaction is that it's only twenty-one floors in a fifty-two story building. Another entity, Forest City Ratner, owns the balance. The article did not say what WP Carey fund, if any, is involved with the transaction. I am guessing that the purchase is discounted because it's not the whole building, because $300 seems like a cheap price. I saw this building in the summer of 2007, and it is impressive, with stand-out architecture.