Steiner Studios, a film and television company with operations in Brooklyn Navy Yard, is planning a major expansion.
Steiner has signed a pre-development deal to build a new studio at Bush Terminal in Sunset Park, according to the Wall Street Journal. The multi-million dollar deal at the city-owned site includes a 49-year ground lease with five 10-year extensions available.
Doug Steiner, a Brooklyn-based developer and chairman of Steiner Studios, told the Journal that, “It’s hard to find such a big site in the city with good access to roads and public transportation.”
The New York City Economic Development Corp. is redeveloping Bush Terminal as a campus for both media production and clothing manufacturing, the Journal said. It will be known as and “Made in New York.” The studio will take up 525,000 square feet of space.
Anne del Castillo, commissioner of the New York City Mayor’s Office of Media and Entertainment, said the increased demand for streaming content put the industry in New York in a strong position, despite the broader economic downturn.
“We have consistently heard that they need more space in order to bring more shows online,” she said. “We want to be able to sustain television, in particular, because it is a much more predictable form of production.”
The EDC’s board of directors will consider the deal for approval next month. While the terms have not been disclosed, the Journal reports that the city will commit $15 million to infrastructure and development work. The deal also includes $320 million in private investment.
[WSJ] — Sylvia Varnham O’Regan