Major Film and TV studio complex in Yonkers, New York to be built in partnership with Lionsgate
With naming rights to the new studio, Lionsgate are the anchor tenant and an investor in the new studio complex. Built by media-focused investment fund Great Point Capital Management, the studio is expected to be up and running by late 2020.
Only half an hour from Manhattan, the site in downtown Yonkers sits on the Hudson River. The new, full service studio will cost upwards of USD100 million to build and house three 20,000 square feet and two 10,000 sq ft. stages, a fully operational back lot. Much like what Lionsgate has established in China and the Middle East, the studio will provide the opportunity to create location-based entertainment property.
Construction will begin in November and the facility predicted to be up and running in late autumn, 2020. Investor and project developer National Resources has thirty years of experience operating in New York and will be responsible for all phases of design and construction of the studio complex.
"We're pleased to partner with the Great Point and National Resources teams on a modern film and television production complex that will provide a great home for many of our content creation initiatives," said Lionsgate CEO Jon Feltheimer. "It's rare to find a studio facility in such a prime New York metropolitan area location, and we look forward to being at the center of film and television production growth in the region."
Yonkers Mayor, Mike Spano adds "Yonkers already hosts dozens of on-location shoots every year with film days tripling over the last five years, so building a permanent sound stage here makes perfect sense. We are thrilled to have Lionsgate partner with Great Point Capital Management and National Resources to make this happen."
Studio space in New York is in high demand, as the state's competitive tax credit has secured a thriving production industry in the state and Lionsgate is not the first international player to announce a dedicated footprint in the city. In April, Netflix announced they were leasing a 161 square foot space in Brooklyn where it planned to build six sound stages and supporting offices. Last August, the New York State Governors Office for Motion Picture and TV Development also asked for proposals for the development of a film, television and production space at the made in New York Campus at Bush Terminal August 2018.
New York provides a 30% tax credit for feature film, TV films and series as well as documentaries. There is a minimum spend requirement of USD5 million and 75% of the project must be shot in the region. There is a stand alone 30 – 35% post-production credit. To qualify, 75% of post work must be done in New York.
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