Apple TV+ has leased 90,000 SF of soundstage and production space at Kaufman Astoria Studios (AKA 34-11 36th Street). Terms of the lease were not made available, but asking rent on the remaining available office space is $55 per SF, according to The Real Deal.
- Lease details: The tech giant’s streaming service will occupy the 35,000-SF ground floor soundstage, which has 30-foot ceilings. Apple TV+ will also occupy another 40,000 SF of production space on the ground and fourth floors, and 15,000 SF of office space on the fifth floor.
- Be Smart: The demand for production space from streaming giants such as Hulu, Netflix, and Disney have made soundstages an attractive investment. And New York state has also encouraged the industry with 25% of production costs eligible for tax credit through 2025, TRD noted.
- Brokers: JRT Realty Group represented Kaufman in the transaction. [TRD]