The dividend reduction and $250 million New York Times borrowed from Mexican billionaire Carlos Slim wasn't enough. To help pay down its $1 billion in debt, the company raised an additional $225 million through a sale-leaseback of part of its headquarters.

Under a sale-leaseback, a company sells its building, then leases it back from the new owner. In this case, New York Times will pay $24 million a year on its 750,000 square feet of office space. That equals $32 a square foot, much less than the $50 to $80 a square foot Manhattan Class A real estate usually demands.

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Crux note: SL Green (SLG) and Vornado Realty Trust (VNO) are the two largest Manhattan real estate owners.