Brooklyn Is Already Benefiting From NY’s Push to Court the Movie Industry

In partnership with

Propmodo Daily

Greetings!

Brooklyn is emerging as a key hub for film production, with large-scale studio developments and conversions driven by New York City's efforts to expand its TV and film industry infrastructure. Plus, the Inflation Reduction Act of 2022, investing over $300 billion, has been a boon to clean energy development, creating jobs and driving innovation.

Now, let’s dig in!

Brooklyn Is Already Benefiting From NY’s Push to Court the Movie Industry

Hollywood is still the center of the film industry in the U.S., but other hotspots for movie filming and production have emerged in recent years, including in Georgia and Louisiana. New York City has long been a major market for film production, but lately, Brooklyn, in particular, has become the go-to borough for new, large-scale film and TV production facilities.

Bungalow Projects, a New York-based developer, along with private equity firm Bain Capital, recently filed plans to build a 300,000-square-foot production facility in the trendy Brooklyn neighborhood of Bushwick. The project is slated to be completed in the first quarter of 2027. Elsewhere in Brooklyn, the same team is behind another production facility, a 225,000-square-foot production facility currently under construction in Red Hook. The waterfront neighborhood has drawn other projects, too—Samson Stages is looking to convert a warehouse into a 330,000-square-foot studio and soundstage nearby that will be designed by famed architect Bjarke Ingels’ firm, BIG.

Production facilities have been increasingly rising around Brooklyn recently. Last year, the Los Angeles-based owner and developer CIM Group launched Panorama Brooklyn Studios in the waterfront neighborhood of Dumbo. The new production studio has around 90,000 square feet of studio, production office, and support space. And in 2021, Netflix built a large-scale production facility in Bushwick. The biggest boost to Brooklyn’s production facilities over the last two-plus decades has come from Steiner Studios, a major complex in the Brooklyn Navy Yard that has grown to 29 stages across 50 acres of the 300-acre site. 

The city’s TV and film industry, which accounted for more than $82 billion in economic output before the pandemic, was dealt a blow last year when industry strikes shut down productions. While the industry is still recovering, city leaders are pushing ahead with plans to double the amount of studio space citywide. Mayor Eric Adams announced in 2022 that his administration was looking to double the 2 million square feet of existing sound studio stages across the five boroughs. Outside of Brooklyn, major new facilities are in the works in Queens, including a new project backed by actor Robert De Niro in Astoria and East End Studios in nearby Sunnyside. And in Manhattan, the borough’s first-ever production studio complex, Sunset Pier 94 Studios, is set to open in 2025.

Brooklyn is an ideal location for film production studios. It already has a massive studio complex in the Navy Yard and can be easier to traverse than the more densely-populated Manhattan. And while there are many ground-up developments taking shape in other parts of the city, Brooklyn offers more opportunities to convert warehouses into production facilities. Given the city’s big push to grow the film industry and build more sound stage space across the city, we may likely see more big-name developers and architects planning new Brooklyn projects.

Simplify your fundraising process

Close more deals, faster

• Raise more equity

• Track soft commitments

• Accelerate your fundraising processes

Learn more

Perspectives

Insider Insights

Owner operator
Microsoft is making its commitment to the office a bit more permanent. The software company has just paid $330 million to purchase its giant office campus in Mountain View, a location that it had leased for years. 

Not sue-worthy
CoStar has voluntarily dismissed its lawsuit against Guy Wolcott, the founder of HomeSnap, which was acquired by CoStar in 2020. The lawsuit claimed that Wolcott’s new venture, Happening, “mirrored CoStar’s proprietary platform” but ultimately was dismissed because CoStar had “determined that the Happening product now lacks critical functionality present in CoStar’s proprietary data platform and cannot serve as a replacement for that platform.”

Headlines

September 5, 2024 | Bisnow
Private Equity Is Gobbling Up Parking Firms, Betting Tech Can Drive Value

September 5, 2024 | MSN
Law Passed After Surfside Collapse Affecting Florida’s Real Estate Market

September 5, 2024 | Wired
New York Cracked Down on Airbnb One Year Ago. NYC Housing Is Still a Mess

Overheard

More Newsletters

Are You Enjoying This Newsletter?

Propmodo Daily is written and edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

📧 Forward it to a friend and suggest they check it out.

🔗 Share a link to this post on social media.

🗣 Have ideas for future topics (or just want to say hello)? Share your feedback and tips at [email protected] or connect with us on X through @propmodo.

✅ Not subscribed yet? Sign up for this newsletter here.

📫️ Please add our newsletter email, [email protected], to your contacts to make sure you don’t miss any updates.

Explore Propmodo

• Read exclusive articles about a variety of topics, including Real Estate, Workplace, Buildings, and Development.

• Browse our collection of interactive Propmodo Research e-books.

• Sign up for upcoming Propmodo Live Webinars or watch past Propmodo Live videos on-demand.

• Dive into Propmodo Technology articles, podcasts, and short videos about the future of commercial real estate.

Enjoy reading about trends and innovation in commercial real estate? Subscribe to Propmodo.com for unrestricted access to reliable, data-driven journalism and exclusive insights available only to subscribers.