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NYCRC TO PROVIDE FUNDING FOR STEINER STUDIOS
NEW YORK, NY – July 2, 2014 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing an $80 million loan to an affiliate of Steiner Studios, the largest film and television studio complex in the eastern United States. The NYCRC previously provided a $65 million loan to Steiner Studios in 2010. This second loan will be used to increase the production capacity of Steiner Studios and further reinforce the Brooklyn Navy Yard as a central location for media production in New York City. The development includes the construction of six new soundstages and production support space totaling over 177,000 square feet. The new facility will contain specialized stage and production space to support the increased demand from film and television companies. The Project will also include critical infrastructure improvements necessary for the new development.
A key element of the City of New York’s plan support the film and television sector is to foster the construction of additional studio space to help with the ongoing unmet demand for film and television production facilities. In a city where space is at a premium, the construction of studio facilities is necessary for the film and television industry to continue to create new jobs. The NYCRC was selected to provide capital to assist with the continuation of this effort.
“It’s our mission at Steiner Studios to continue building the infrastructure and creative environment necessary for content creation to grow exponentially in New York, said Douglas C. Steiner, Chairman of Steiner Studios.
“The NYCRC is pleased to once again assist Steiner Studios with its expansion. This new phase of development will provide much needed space for this growing sector of the city’s economy,” said Paul Levinsohn, Managing Principal of the NYCRC.
“This project is a critical component of New York City’s efforts to create quality jobs in the film and television industry,” added George L. Olsen, Managing Principal of the NYCRC.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx. NYCRC is the first regional center approved in New York City. The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City. The NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that are creating much needed jobs.
NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility. The NYCRC has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district. The NYCRC is assisting with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront and the business corridors in Washington Heights and the Bronx.
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