Writers are striking. Actors are striking. And East End Capital is striking it rich with a financing package for production space in Queens.
East End Studios secured a $193 million construction loan for the ground-up development of Sunnyside Campus in the Queens neighborhood, the Commercial Observer reported. JPMorgan Chase and Canyon Partners co-originated the senior loan, while the New York City Industrial Development Agency provided tax incentives.
The facility will span 275,000 square feet, including three soundstages for television and film production that will encompass 75,000 square feet. The stages can be subdivided and feature 37-foot ceilings.
There’s also a 15,000-square-foot rooftop flex stage with 26-foot ceilings and panoramic views of the city. The rest of the development includes 125,000 square feet of office and production space, 225 parking spaces and eight loading bays for production trucks.
The construction site is between Queens Boulevard and the Long Island Expressway, in close proximity to various public transportation options.
East End is a big actor in the production real estate space. The firm spent $240 million last year on a 15-acre site in the Arts District of Downtown Los Angeles for a studio complex development. The plans call for 17 soundstages on the site and 400,000 square feet of office and support space.
At the time, East End had three other studio projects under development.
Production space is popping up across New York City as developers try to meet unmet demand sparked by state tax credits that entice film projects. NYU’s Tisch School of the Arts in March signed a long-term lease for 450,000 square feet at Brooklyn’s Industry City complex. Samson Stages is also looking to convert a warehouse in Red Hook into a 330,000-square-foot studio and soundstage complex.
Other studios in development in the city include Steiner Studios’ project in Sunset Park and Robert DeNiro’s Wildflower Studios in Astoria.
— Holden Walter-Warner
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