PRESS RELEASES - NYCRC FINANCING Print
NYCRC TO PROVIDE FUNDING FOR STEINER STUDIOS
NEW YORK, NY – September 1, 2010 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $65 million loan to an affiliate of Steiner Studios, the largest film and television studio complex in the eastern United States. The loan will be used to assist with the construction of five new television and commercial soundstages totaling 45,000 square feet; the renovation of a historic but vacant seven-story 235,000 square foot building into production and support space; and the upgrade of an electrical substation to provide increased electrical output.
Steiner Studios’ 26-acre complex in the Brooklyn Navy Yard opened in 2004 and currently consists of over 580,000 square feet of production facilities. As the film and television sector has grown in New York City, so has the demand for studio and production space. A key element of the City of New York’s plan support this 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.
“A little over a decade ago, New York City struggled to attract the lucrative production industry to film here,” said New York City Mayor Michael R. Bloomberg. “Now the City is such a popular and prosperous home to hundreds of films and television shows, we have to work hard to keep up with the demand for stages and production facilities. These new soundstages at Steiner Studios will create jobs, and expanding our workforce development programs with new grants will help the next generation of production professionals start their careers on the right track.”
“The Brooklyn Navy Yard is thrilled to continue to see its partnership with Steiner Studios bear fruit,” said Andrew Kimball, President & CEO of the Brooklyn Navy Yard Development Corporation. “The rapid growth of Steiner Studios means rapid growth of manufacturing and good-paying jobs in the Navy Yard.”
“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 assist Steiner Studios with its expansion. The new soundstages will provide much needed space for some of the nation’s largest entertainment and media companies,” 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 EB-5 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.
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