Sunnyside campus. Rendering by Gluck+, courtesy of East Finish Studios
Studio improvement and administration firm East Finish Studios has secured $193 million in building financing for the event of Sunnyside Campus, a 275,000-square-foot media and content material manufacturing facility in New York Metropolis. Canyon Companions Actual Property and J.P. Morgan co-originated the senior mortgage.
The Class A facility is about to characteristic three ground-floor sound phases—every spanning 75,000 sq. ft—with 37-foot clear heights and the likelihood to be subdivided, together with a 15,000-square-foot rooftop flex-stage with 26-foot clear heights. The bottom-up improvement can be slated to incorporate 125,000 sq. ft of manufacturing and workplace area, 225 below-grade parking areas and eight loading bays for full-sized vehicles, in addition to full XR/VR infrastructure. Sunnyside Campus is anticipated to be accomplished within the first quarter of 2025.
The event will occupy a complete metropolis block between Queens Boulevard and the Lengthy Island Expressway. Positioned within the borough’s Sunnyside neighborhood, the ability will likely be near Midtown Manhattan, and inside strolling distance of a number of public transit choices.
New York’s media business is rising
The New York Metropolis Industrial Growth Company is supporting the challenge by offering decrease capital prices and tax incentives. Assume Ahead Monetary Founder & Principal Sunil Aggarwal facilitated the collaboration between NYCIDA and East Finish Studios. Commissioner of the Mayor’s Workplace of Media and Leisure Pat Swinney Kaufman said in ready remarks that the growth of the NYS Movie Tax Credit score is supposed to incentivize TV productions to relocate to New York Metropolis. Swinney Kaufman added that the town’s $82 billion TV business represents 6.5 % of the metro’s whole GDP.
Jonathon Yormak, a founding companion at East Finish Studios, famous in a ready assertion that Sunnyside Campus is about to cater to the unmet demand for manufacturing studios throughout New York Metropolis, one of many largest leisure markets on this planet.
Whereas Los Angeles clearly retains its main position relating to large-scale film-related amenities, the broader NYC space has had its share of recent tasks and redevelopments previously couple of years. Final 12 months, Nationwide Sources landed a $230 million mortgage for the biggest new manufacturing campus within the Northeast.
