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New York’s FY 2024 budget expands and enhances the NY Film Tax Credit increasing the amount of money available each year to $700M from $420M. This is another sign that the administration sees the entertainment industry as a high-growth sector.
Film and television production is driving job and economic growth in NYC as we move further away from pandemic losses. In addition, city programs, like those offered by the Industrial Development Agency, include valuable tax incentives to lower project costs.
In 2023, amore positive economic outlook is being helped in part by the boom in streaming, but we can also look to the industry’s enduring resilience for inspiration. Consider that by Q2 2020, the motion picture and video production sector had lost a whopping 42% of its jobs as compared to the previous year. Today, it’s close to pre-pandemic levels.
Film and television production has been a cornerstone of New York City’s identity for over a century. Independent studios continue to be at the forefront of distinguishing the city from other production hubs. Our client Jonathon Yormak, founding partner of East End Studios, agrees, “New York City is one of the largest entertainment markets in the world, with significant unmet demand.”
Diversity of storytelling and ancillary businesses, as much as our iconic skyline, are why top global talent, distributors, and financiers are returning to NYC, despite recent labor uncertainty. Yormak’s company, teamed with Canyon Partners RealEstate, put this theory into action and were recently rewarded with a $193M construction loan for the development of a new 340,000-sf studio campus in Sunnyside, Queens.
East EndStudios’ new Sunnyside campus will be a 340,000-sf, Class-A facility featuring four best-in-class, full-service, ground-floor sound stages spanning 91,250 sf. The 9,000-sf rooftop flex-stage, with 37’ clear heights, will offer sweeping views of the Queens, Brooklyn, and Manhattan skylines and ample outdoor gathering space. The approximately $235M investment is estimated to create 750 permanent jobs in production/content development and another 300 in construction.
NYC EconomicDevelopment Corporation President & CEO Andrew Kimball, echoed the optimism for the entertainment sector, “The development of the new East End Studios Sunnyside Campus is going to be an economic boom for the film and TV industry and provide much-needed studio space in New York City, which will result in hundreds of new, good-paying jobs for New Yorkers.”
We are thrilled to have been a part of this success story! ThinkForward facilitated the NYCIDA transaction. For the past few years, we’ve worked closely with our client to position the company for optimal financing. Our team of consultants explored green initiatives, community outreach opportunities, and critical NYCIDA policy objectives to clearly communicate the project’s positive local impacts.
What can we do for you?
New York’s FY 2024 budget expands and enhances the NY Film Tax Credit increasing the amount of money available each year to $700M from $420M. This is another sign that the administration sees the entertainment industry as a high-growth sector.
Film and television production is driving job and economic growth in NYC as we move further away from pandemic losses. In addition, city programs, like those offered by the Industrial Development Agency, include valuable tax incentives to lower project costs.
In 2023, amore positive economic outlook is being helped in part by the boom in streaming, but we can also look to the industry’s enduring resilience for inspiration. Consider that by Q2 2020, the motion picture and video production sector had lost a whopping 42% of its jobs as compared to the previous year. Today, it’s close to pre-pandemic levels.
Film and television production has been a cornerstone of New York City’s identity for over a century. Independent studios continue to be at the forefront of distinguishing the city from other production hubs. Our client Jonathon Yormak, founding partner of East End Studios, agrees, “New York City is one of the largest entertainment markets in the world, with significant unmet demand.”
Diversity of storytelling and ancillary businesses, as much as our iconic skyline, are why top global talent, distributors, and financiers are returning to NYC, despite recent labor uncertainty. Yormak’s company, teamed with Canyon Partners RealEstate, put this theory into action and were recently rewarded with a $193M construction loan for the development of a new 340,000-sf studio campus in Sunnyside, Queens.
East EndStudios’ new Sunnyside campus will be a 340,000-sf, Class-A facility featuring four best-in-class, full-service, ground-floor sound stages spanning 91,250 sf. The 9,000-sf rooftop flex-stage, with 37’ clear heights, will offer sweeping views of the Queens, Brooklyn, and Manhattan skylines and ample outdoor gathering space. The approximately $235M investment is estimated to create 750 permanent jobs in production/content development and another 300 in construction.
NYC EconomicDevelopment Corporation President & CEO Andrew Kimball, echoed the optimism for the entertainment sector, “The development of the new East End Studios Sunnyside Campus is going to be an economic boom for the film and TV industry and provide much-needed studio space in New York City, which will result in hundreds of new, good-paying jobs for New Yorkers.”
We are thrilled to have been a part of this success story! ThinkForward facilitated the NYCIDA transaction. For the past few years, we’ve worked closely with our client to position the company for optimal financing. Our team of consultants explored green initiatives, community outreach opportunities, and critical NYCIDA policy objectives to clearly communicate the project’s positive local impacts.
What can we do for you?
NYC agencies are encouraging investments in IndustrialBusiness Zones (IBZ).This is good news for real estate developers and building owners hoping to attract manufacturing and light industrial tenants through redevelopment of their properties. Financial assistance through the NYCIndustrial Development Agency (NYCIDA) can make a sizeable contribution to most capital stacks.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the life line that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
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