Up For Mortgage: NY Times Building

With credit tight and lines of credit expiring the New York Times has hired Cushman & Wakefield to secure either a mortgage or sale-leaseback arrangement in order to secure $225 Million. While The New York Times has had it's share of struggles, this move seems to be more reflective of a very tough credit environment than of the company's overall health. The real question is, how many other companies will have to resort to this kind of action, and what impact will it have on the supply and pricing of large commercial real estate in the city?
Times co. To Borrow Against Manhattan HQ (Int'l Herald Tribune)