Forbes Media has finally sold off its pricey headquarters in New York's Greenwich Village, in a move to get some much-needed liquidity. New York University (NYU) is the buyer. Forbes will still retain a five-year lease, though other financial terms were not disclosed.
The company has owned the building since 1962, and has been trying to sell it since 2007. It hired commercial real estate broker Cushman & Wakefield to manage the process then—with an asking price of $140 million. Three years and housing market crash later, the sale price is estimated as closer to $55 million. Faced with the same issue of dwindling print ad revenues, the New York Times completed a sale-leaseback of its headquarters for about $225 million in March 2009.
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