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Appraisal of 229 West 43rd Street. The subject property is an existing 16-story landmarked Class B office building originally built in 1913 and known as the New York Times Building located at 229 West 43rd Street.The property, known as the New York Times Building, hadfrontage on West 43rd Street when it was built in 1913.The property was acquired in November 2004 by Tishman Speyer Development, LLC from The New York Times Company for a purchase price of $175,000,000. Following the sale, the entire property was net leased by the New York Times Company through June 30, 2007. The annual net rent payments were $12,250,000 per annum. The New York Times Company has vacated the building and moved their operations to their new headquarters at 620 Eighth Avenue which was recently completed.The property was acquired in July 2007 by Africa-Israel, U.S.A. from Tishman Speyer Development, LLC for a purchase price of $525,000,000.The construction budget toredevelop the subject property excluding tenant leasing costs totaled over $80 million which was recently completed.
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