Silverstein is buying ABC’s Upper West Side campus for $1B: report

Industry insiders have speculated Walt Disney’s merger with 21st Century Fox could cause RE shakeout

TRD New York /
Apr.April 06, 2018 03:35 PM

77 West 66th Street and Larry Silverstein (Credit: Getty Images)

Silverstein Properties is in contract to pay more than $1 billion to buy the Upper West Side headquarters of the American Broadcasting Company amid its parent company’s acquisition of 21st Century Fox.

Larry Silverstein’s firm hammered out a deal with ABC’s parent company, the Walt Disney Company, to buy the broadcaster’s headquarters, which includes several buildings along West 66th Street between Central Park West and Columbus Avenue, the Commercial Observer reported.

The package includes the 22-story, 420,000-square-foot 77 West 66th Street, and will also likely include 47 West 66th Street, which covers three adjacent buildings spanning 316,000 square feet.

Sources told the CO that the Related Companies had also put a bid in on the deal, which is being brokered by Eastdil Secured.

Rumors have been swirling since December when Disney announced it would acquire 21st Century Fox and its assets for $52 billion that the merger would cause a shakeout of the companies’ real estate holdings.

Disney had approached other investors such as the Durst Organization about buying ABC’s properties, according to the CO.

Disney sold $55 million worth of air rights last year to Extell Development for its planned 69-story, 775-foot-tall residential building at 50 West 66th Street. [CO]Rich Bockmann

Related Articles

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

120 Broadway and Thornton Tomasetti’s Peter DiMaggio, Tom Scarangello and Michael Squarzini (Credit: Google Maps)

Thornton Tomasetti takes 100K sf at 120 Broadway

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident