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The New York Times Building is a skyscraper on the west side of Midtown Manhattan that was completed in 2007. Its chief tenant is The New York Times Company, publisher of the The New York Times, The Boston Globe, the International Herald Tribune, as well as other regional papers. Construction was a joint venture of The Times Company, Forest City Ratner Companies - the Cleveland-based real estate firm constructing redeveloping the Brooklyn Atlantic rail yards, and ING Real Estate.
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 was announced shortly after the Hearst Corporation was given approval to construct a tower over their landmark six-story headquarters along the west side of Eighth Avenue, between 56th and 57th Streets. In conjunction with the Hearst Tower, the site selection 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 location keeps the paper in the Times Square area, which was named after the paper following its move to 42nd Street in 1904. The Times Company had most recently been located at 229 West 43rd Street.
The site for the building was obtained by the Empire State Development Corporation through eminent domain. With a mandate to acquire and redevelop blighted properties in Times Square, ten existing buildings were condemned by the EDC and purchased from owners who in some cases did not want to sell, asserting that the area was no longer blighted (thanks in part to the earlier efforts of the EDC). The EDC though prevailed in the courts.
Once the 80,000 square-foot 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.
Source: Wikipedia