Netflix expands New York base
An expanded Manhattan hub will create over a hundred executive content, marketing and production jobs by 2024. The streamer will also lease approximately 161,000 square foot space in Brooklyn where it will build six sound stages and support offices. The move is expected to bring in as much as USD100 million worth of investment into the city.
In order to compete with other cities under consideration, Empire State Development has offered up to USD4 million in performance-based Excelsior Tax Credits to Netflix, which are directly tied to real job creation. To receive the full incentive, Netflix must create 127 jobs by 2024 at the executive production office and retain these, as well as the already existing 32 New York based office jobs for another five years.
Announcing the news, Governor Andrew M. Cuomo said “Netflix is innovative, creative and bold – just like New Yorkers – and the expansion of this cutting-edge company in New York once again demonstrates the Empire State is open for business”.
Empire State Development President, CEO and Commissioner Howard Zemsky noted “Thanks to Netflix, online streaming has become as commonplace as cable television, and maybe even more accessible – and their decision to expand in New York is a validation of our work to support and develop New York’s technology, entertainment and production industries”.
New York is one of the United States' foremost production hubs due to its 30% tax credit and deep pool of talent and infastructure. Netflix has previously produced series in the city including She’s Gotta Have It (pictured), Orange is the New Black and films like Someone Great. Netflix have also recently expanded its presence in Canada, New Mexico and Madrid, Spain.
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