NY Times sold some Manhattan real estate for financial flexibility

The New York Times Co., has reportedly sold 21 floors of its headquarters building in Manhattan for $225 million.

The newspaper, which now has some financial flexibility, will lease back the space from the buyer, W.P. Carey & Co, under a 15-year contract.

The NY Times has been seeking ways to raise cash to pay off its debts as advertising sales decline.  They are also trying to sell its 17.8 percent stake in the group that owns the Boston Red Sox.

The newspaper company has $350 million in loans that is due over the next two years, and at the ending of last year, they had total debts of $1.1 billion.