Times Building Sells; Sulzbergers Forego $350 Mil

Photo: Getty Images
The sale also announces the arrival of a major international real-estate player with a properly global, if somewhat hilarious, name: The purchaser is a concern called Africa Israel USA. The Israel-based company, which went in on the Apthorp purchase earlier this year, is promising $170 million worth of renovations once the ink-stained wretches finally move out. The first job will probably be to refurbish the paper's disused loading bays into a big-box retail space. But, beyond just that, the whole building could use a major spruce-up, at least according to the Times article on the transaction. Um, don't you think you're filing that please-clean-the-office complaint a little late, Glenn Collins?
The Times Building Is Resold for 3 Times Its 2004 Price [NYT]

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