Tuesday, June 12, 2007

The Times it is a moving

The New York Times is on the move from here

to here

The company sold the old building for US$525 million whilst the new building has cost in the vicinity of US$850 million. But the project was a joint venture and the newspaper will only be occupying half the floor space.

The numbers are big, but the NYT Company has clearly hedged cleverly by joining with Forest City Ratner Companies and ING Real Estate bringing its share of the costs in at around $100 million.

Fairfax is currently moving its two metro mastheads for not dissimilar reasons: business integration, updating technology etc. The Age is in more or less the same situation as the NYT in that it has owned the building it occupies. However, unlike the old NYT building The Age is one of the worst eyesores in Melbourne.

Like David Dunlap I remember the sound of the presses starting up in the basement of that old building and shaking the foundations every evening. He makes it sound nostalgic, but there's a good reason why there aren't too many metro newspaper left printing papers on the same premises the editorial is produced.

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