Disney to Spend $650 Million on Development Rights for Downtown New York City Site As It Sells Upper West Side Holdings

In preparation for the relocation, Walt Disney has actually sold holdings on the Upper West Side along West End and Columbus opportunities to Silverstein Properties for about $1.155 billion, the property manager validated to CoStar news. The parcels consist of ABC’s headquarters at 77 West 66th St. (above).

Walt Disney Co. is selling holdings on the Upper West Side and plans to build its next New York head office to host early morning talk programs and other programs over a complete downtown city block at 4 Hudson Square in a deal that might spark increased demand for commercial realty in the area.

Disney is paying Trinity Church Wall Street $650 million for the rights to establish the block bordered by Hudson, Varick, Van Dam and Spring Streets for 99 years. The job will house an advancement with 1 million square feet of area in an LEED-certified building with a maximum height of 290 feet, according to a source close to the offer, who warned the company was in the early phases of advancement.

Disney President Rob Iger stated its consolidation will consist of Disney Streaming Providers leaving Chelsea Market and the addition of ABC News, and morning talk reveals Cope with Kelly and Ryan and The View. The move would attract employees, audiences and increase the profile of the neighborhood, which normally increases need.

In preparation for the move, Walt Disney has sold holdings on the Upper West Side along West End Opportunity and Columbus Avenue to Silverstein Residence for about $1.155 billion, the property owner verified to CoStar news. The parcels consist of ABC’s head office at 77 West 66th Street.

The West End Avenue homes cover 148,000 square feet of website location and 517,000 in rentable square feet. They incorporate 125 West End Avenue, 320 West 66th Street and the 64th Street Parking Lot.

The Columbus Avenue properties total 115,000 square feet of site area and 1.148 million rentable square feet. They include 149 Columbus, 147 Columbus, 77 West 66th Street, 30 West 67th Street, 47 West 66th Street and 7 West 66th Street.

Deutsche Bank holds the mortgage for the Upper West side deal, on which Silverstein took $900 million in debt.

Disney stated it will rent back those facilities for as long as five years while the brand-new head office at 4 Hudson Square is under building and construction.

Industrial property services firm Eastdil Secured recommended Disney on both deals.

Trinity Church Wall Street partnered with Norges Bank in 2015 on a joint endeavor partnership covering 11 structures and 4.9 million square feet downtown. Proceeds from the sale will benefit the parish, according to an agent for Trinity. The church said it initially got the residential or commercial property in a land grant in 1705.

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