Times Building Sells; Sulzbergers Forego $350 Mil
Even by New York standards, this was an impressive flip. Tishman Speyer, which bought the soon-to-be-old New York Times HQ for $175 million in late 2004, has sold it for $525 million: triple the price after just two and a half years. So it now seems that if the Sulzbergers had held on to the building just a bit longer instead of unloading it to Tishman Speyer, they could have built themselves two trophy skyscrapers nearby. Or at least paid off Hassan Elmasry.