The New York Times Building is a skyscraper on the west side of midtown Manhattan, New York City that was completed in 2007. Its chief tenant is The New York Times Company, publisher of The New York Times as well as the International New York Times, and other newspapers. Construction was by a joint venture of The New York Times Company, Forest City Ratner (Forest City Enterprises's New York subsidiary), and ING Real Estate.
The original newspaper headquarters in 1851 were at 113 Nassau Street, in a little building that stood until fairly recently, then up the street a few years later at 138 Nassau Street. In 1858, the Times then moved to a five-story edifice at 41 Park Row; thirty years later, partially in response to a new tower erected by the competing Tribune, it commissioned a new 13-story building at the same site, one that remains in use by Pace University.
In 1904, again partially in response to the Herald Square headquarters of another competitor, the paper moved to perhaps its most famous location, the Times Tower, altering the name of the surrounding area from Longacre Square to Times Square. The slender tower was so constricted in space that the paper outgrew it within a decade and, in 1913, moved into the Times Annex, 229 West 43rd Street, where it remained for almost a century.
The project was announced on December 13, 2001, entailing the erection of a 52-story tower on the east side of Eighth Avenue between 40th and 41st Street across from the Port Authority of New York & New Jersey Bus Terminal. The project, in conjunction with the Hearst Tower, represents the further westward expansion of Midtown along Eighth Avenue, a corridor that had seen no construction following the completion in 1989 of One Worldwide Plaza. In addition, the new building—called by many New Yorkers "The New Times Tower"—keeps the paper in the Times Square area, which was named after the paper following its move to the original Times Tower on 42nd Street in 1904. (The New York Times Company subsequently relocated to nearby 229 West 43rd Street in 1913.)
The site for the building was obtained by the Empire State Development Corporation (ESDC) through eminent domain. With a mandate to acquire and redevelop blighted properties in Times Square, ten existing buildings were condemned by the ESDC and purchased from owners who in some cases did not want to sell, asserting that the area was no longer blighted. The ESDC, however, prevailed in the courts. Once the 80,000-square-foot (7,400 m2) site was assembled, it was leased to The New York Times Company and Forest City Ratner for $85.6 million over 99 years (considerably below market value). Additionally, The New York Times Company received $26.1 million in tax breaks.