Film and TV Studios Come to Brooklyn's Red Hook and East Williamsburg Neighborhoods.
Susi Yu and Travis Freehan's Bungalow Projects, a development firm, have purchased 145 Wolcott Street, a development site in Red Hook for $34M. Their plan is to create a film and TV production studio. The production facility will be 225,000 square feet and is to be built in 2027.
According to Freehan “ New York studios can be second or third rate compared to cities like Los Angeles, Atlanta, Vancouver or Toronto”.
There will be 4 sound stages built at the Red Hook studio, each 18,000 square feet with ceilings 40 feet high.
According to Yu “ A lot of film and TV studios in New York are often old warehouses without many of the modern production facilities that we are going to deliver”.
Joe Marconi, partner at Bain Capital, which supplied funding for this project to be built says “ There is a pronounced supply-demand imbalance for high quality infill purpose-built sound stages in New York. We believe there will be enduring demand growth”.
The property seller in Red Hook, Four Points and 20 Lakes Holding had planned for a large mixed use project that never came to fruition.
Yu and Freehan with no prior Film and TV knowledge worked with Bain Capital and Bardos Capital, who are building a portfolio of Film studios in Los Angeles.
Government financial incentives NYCIDA and ICAP will benefit this New York project, which are meant to support the redevelopment of industrial property in New York. New York States generous tax credit for Film Production goes to individual production companies, feeding demand for studio space.
Earlier this year, Yu and Freehan's Bungalow purchased 201,203,215 and 225 Moore Street in East Williamsburg for $26.6M, where it plans to build a film studio of similar size to the studio in Red Hook. Bungalow also purchased 232 Siegel Street for $14.8M to build a Film and TV studio there as well.
Bungalow and Bain's goal is to build 1M square feet of studio space in New York. They are currently looking to buy 2 more sites where studios can be built.
Bungalow also has their eye to real estate development for companies that create media in other areas such as video games.
To be continued...
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