In New York City, its lights, camera, action -- and that action is boosting the metropolitan area's economy.
It's "Hollywood on the Hudson" with Thursday's announcement of a new $100 million dollar production facility in Yonkers, N.Y. from Lionsgate Studios. The new facility -- just beyond the New York City border -- joins a growing list of planned film production facilities in the area.
Curbed New York reported that Wildflower Studios, backed by New York native and Hollywood icon Robert DeNiro, will be building a $425 million dollar studio in the Astoria section of Queens. While just over the county line in Brooklyn, the New York City Economic Development Corporation and the Mayor’s Office of Media and Entertainment are asking developers for plans to turn nearly 200,000 square feet of waterfront real estate in Sunset Park into a dedicated film/television/media production facility, according to Variety.
“We are so excited to have another new facility benefiting New York state-based production work," NYC Media and Entertainment Commissioner Anne del Castillo told FOX Business when asked about the new Lionsgate facility just north of the city, "With such close proximity to New York City, it is sure to create new jobs for people in around the area."
Thanks in part to New York State's annual incentive for films and TV shows -- reported to be $1,2 million in the last four years -- the Empire State has seen an increase in production with popular TV series such as CBS' "Blue Bloods," Amazon's “The Marvelous Mrs. Maisel” and HBO's “Billions."
"The production industry is vital to New Yorkers, currently supporting over 130,000 jobs in New York City annually, and bringing nine billion dollars to our local economy,” added del Castillo.
Lionsgate - which hopes to break ground on the new facility in November with a fall 2020 opening -- is getting some financial help on the project from Great Point Capital Management, a media-focused investment fund run by Robert Halmi and Fehmi Zeko. It will be a $100 million complex with three 20,000-square-feet and two 10,000-square-feet stages, a fully operational back lot and the opportunity to create a location-based entertainment property similar to what Lionsgate has already established in China, the Middle East and elsewhere around the world.
Said Lionsgate CEO Jon Feltheimer in making the announcement: “It’s rare to find a studio facility in such a prime New York metropolitan area location, and we look forward to being at the center of film and television production growth in the region.”