What would you say is the Spanish language equivalent of the New York Times?

The 3 big ones for the country's capital are:

REFORMA www.reforma.com
LA PRENSA www.la-prensa.com.mx
EL UNIVERSAL www.eluniversal.com.mx

I've personally only read the Universal, and I don't know which (if any) has the leading reputation.

Horas de Nuevo Yorque.However that refers to the hours in New York and not to the newsp[aper.

Depends in the country for example for a good mexican newspaper the best two are el occidental and el sol de mexico
Here in the us we have el nuevo herald
Then el pais this one i dont reember from where is from

Assuming you want a newspaper from Spain rather than a US based Spanish language one.
El Pais is one of the most respected newspapers in the world.

Hora de New York