A few months ago, Africa Israel USA, a unit of Africa Israel Investments, paid $525 million for the landmark building that has served as the headquarters for The New York Times for the past 94 years.
Tishman Speyer purchased the building from the newspaper company in 2004 for $175 million.
And now, Tishman has been able to sell the building for triple what it paid the Times only three years ago.
So, real estate is not the expertise of The New York Times’ top business management.
Investors know better, and today, the shares of the newspaper company are at $18.64
The value of the company is now half of what Rupert Murdoch paid for Dow Jones.