Posted on 12/08/2006 5:08:55 AM PST by jimbo123
Times are so tough at the New York Times that the publishing giant can't afford to move many of its staffers into its glitzy new Eighth Avenue headquarters.
With office rental rates soaring in Midtown, Times chief Janet Robinson and head bean-counter Len Forman said this week that the company is actively looking to rent out even more than the five floors it had marked for other tenants earlier this year. The Times had originally planned to put its employees in all 28 of its floors in the 52-storey skyscraper, set to open this spring.
Some of that space was freed up after the Times cut 750 jobs beginning in 2005.
But the company also has moved some departments into lower-cost office space to conserve cash, Times executives told investors at two Manhattan media conferences this week.
(Excerpt) Read more at nypost.com ...
Actually, if you read the whole article, it turns out they made a smart real estate investment, even though that's probably the last thing they intended. Now, if they're smart enough to unload the damned thing, the profits may keep them afloat for another year or so.
Evidently Pinch must be listening to somebody's advice, if he's willing to rent out more space. It would give me satisfaction to see this tower as a death move, but it really depends what they do next. Not that an infusion of cash can save them without a great deal more unlikely action on their part. First step, fire Mo Dowd.
Please FReepmail me if you want on or off my ‘miscellaneous’ ping list.
But I doubt the Times will ever change - they'll just fly the thing into the ground.
I kinda like the bit when Bates says there's nothing wrong with the old grey lady. LOL.
Ah - NatLampCo, January 1973, Vol. 1, No. 34
The back cover was just as 'funny'
And yell "Allahu Akbar" the whole way down!
Karl,
Yes they used E.D. to get their hands on the land but it was't a clear case of very successful businesses being booted. The only business on the block that could come close to the claim was a hat shop that had been on the site for a long time. The other storefronts were either selling Porn/Kung Fu flicks or were small delis. QAs I recall, it was the owner of the land that wanted to negotiate a price. The land is a block off Times Square and it should have gone for a premium, Punch didn't want to pay a dime more than he had to to get the eviction notices. It was a mess from every angle.
And the Slimes was able to get NY State and NY City to use their eminant domain powers to grab the land for the building.
So, they never paid "full freight" for the building (without which they threatened to move offices out of the city) and now, having gotten the building up at less than full market costs, instead of fully using the building they want to lease most of it to others, using full market rents for much needed cash.
And who says the left doesn't now how to create "revenue" and "profits"?
Wow, another snazzy combo graphic from you! Very nice devolve.
Thanks for the good news!
Thanks!
I re-swiped and modified 2 images from GP who is the original swipee
(Not that there's anything wrong with that)
Mommy is just taking a little nap.....
Does anyone(off the top of their head) know what this was about???
FGS
"Maybe they can move in at the United Nations."
http://www.nydailynews.com/front/story/477721p-401803c.html
That or move in with the DNC. They could do away with duplicate operations at both organizations.
A little chuckle now and then is good for the soul
Yes it is!
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