The Walt Disney Company announced yesterday that it will be moving its base of operations in New York City from the Upper West Side to Hudson Square after signing a 99-year lease from Trinity Church valued at $650 million. The move is expected to accelerate changes to both neighborhoods, as the area around Lincoln Center becomes almost solely residential and the former printing district downtown becomes better known as a media and “creative” hub.
Disney plans to build a one-million-square-foot facility on the property, which is the block bound by Hudson, Varick, Van Dam, and Spring streets (known as Four Hudson Square). The complex will house production facilities, studios, offices, ABC headquarters, and serve as the home base of WABC News.
Meanwhile, Disney’s current home on the Upper West Side, which is spread out across eight buildings, will be sold to developer Larry Silverstein for $1.155 billion. The company will then lease back the buildings for five years while their new downtown home is being built. (The Armory on West 66th Street, where Disney-owned ESPN has offices, will continue to be owned by Disney.) Once Disney vacates the eight buildings uptown, it is almost certain that they will be demolished and replaced with residential towers.
The New York Times has more.
Mayor Bill de Blasio hopes to create or preserve 300,000 units of affordable housing by 2026. This requires working with developers, investors, and community groups. It also means working with landlords to preserve existing housing. One of the ways the de Blasio administration hopes to accomplish this is through the Landlords Ambassadors program, a two-year pilot program launched last May.
The Landlords Ambassador program allows three nonprofits—Northwest Bronx Community and Clergy Coalition in the Bronx, RiseBoro Community Partnership in Queens, and Mutual Housing Association of New York in Brooklyn—to offer owners of small- and medium-sized buildings loans from the city in exchange for an agreement to keep some of their apartments affordable. It has also offered to technical assistance to landlords to help them clear code violations, create payment plans for tax liens, and improve their management skills.
City Limits has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
The Thai soccer team who have been trapped in a cave for more than two weeks have all been rescued, the death toll stemming from heavy rains and mudslides in Japan has now exceeded 150, Nigeria now has the largest number of poor people in the world after surpassing India, French President Emmanuel Macron is being criticized for his pro-business agenda, Nicaraguan President Daniel Ortega’s pro-business allies are now calling for him to resign, Brexit continues to leave British politics in a state of paralysis, house prices are skyrocketing across the eurozone, and President Donald Trump will meet with members of NATO tomorrow in what will likely be a tense summit before flying to Helsinki to meet up with Russian President Vladimir Putin. On last night’s episode of SCOTUS, the president nominated Judge Brett Kavanaugh to replace retiring Justice Anthony Kennedy’s seat on the Supreme Court. In other national news, a federal judge in Los Angeles shot down the Trump administration’s attempt to detain migrant families for long periods of time, economists at the Federal Reserve Bank of Scan Francisco released a report that claims the tax law passed last year may not stipulate the economy at all because it was enacted when there was no need for businesses or the wealthy to receive a stimulus, a series of typos in last year’s tax law has made it more burdensome for restaurants to renovate, and a federal judge in Manhattan has found that the Commerce Department acted in bad faith when putting a citizenship question on the 2020 census. Commerce Secretary Wilbur Ross remembered yet another late sale of a stock that once again raises questions concerning potential ethical violations; the President’s personal attorney, Rudolph Giuliani, continues to work on behalf of several foreign nations, including Brazil, Colombia, and a group of dissident Iranians, in a departure from traditional and ethical norms; and President Trump pardoned two arsonists. The New York City Fire Department has found that the fire at the S.W. Bowne Grain Storehouse in Red Hook was likely an act of arson, New York is the fourth smartest city in the world (and the smartest in the U.S.), there has been a decline in traffic-related fatalities so far this year, subway chief Andy Byford is set to finally meet Mayor Bill de Blasio today after only around half a year on the job, the city will test 130,000 NYCHA units for lead, and there is now an interactive map that allows one to see the breakdown between the city’s renters and owners by property.
New studies suggest that air pollution is triggering diabetes in over 3 million people annually, that job automation will have a more negative impact on the developing world than the developed world, that vaping isn’t a particularly effective smoking cessation tool, and that newborn babies need to eat often. Scientists in Australia, meanwhile, are urging consumers not to eat frozen vegetables while still frozen, Israel will land an unmanned spacecraft on the moon next February, pink is the world’s oldest color, one is the loneliest number, North Dakotans will vote on cannabis legalization in November, and writers don’t seem to exist outside of major cities.