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NYT Borrows Against Renzo

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Sad, sad times at the New York Times -- the ailing company plans to throw Renzo under the bus by borrowing $225 million against its midtown headquarters. Cushman & Wakefield will broker the deal, which should take the form of either a mortgage or sale-leaseback agreement. The Times owns 85% of its H.Q., none of which is mortgaged; financial analysts have suggested that selling or borrowing against those assets would be the best way to keep itself above water in 2009. The Piano Man understands, we're sure. [NYT]