Steiner Studios has signed a predevelopment agreement for a 49-year ground lease at Bush Terminal in Sunset Park with the option for five 10-year extensions, according to the Wall Street Journal. The deal marks the film and television studio’s first expansion beyond the Brooklyn Navy Yard, where the company has operated a 780,000-square-foot production facility since 2004.
- Dig Deeper: The new studio will be at the city-owned waterfront property that the New York City Economic Development Corp. is redeveloping and rebranding as a dual media-production and garment-manufacturing campus called Made in New York. Steiner Studios will occupy 525,000 square feet of the southern portion of the campus. It will build half of the production facility from scratch, renovate the remaining buildings, and build a 500-space parking structure.
- Terms: The deal will go before the EDC Board of Directors for approval next month, and represents at least $320 million in private investment. The city will undertake $15 million in infrastructure improvements and pre-development site work. [WSJ]