State Tax Incentives Drive Local Production Studio Development

The greater New York City region is experiencing a boom of new studio development spurred by the renewal of New York’s TV and film incentives. It’s no secret that tax incentives lead to economic gains for the states that provide them. Film and television production sends millions of dollars into local economies, not only for employees on the productions, but also for a seemingly endless number of vendors such as caterers, florists and dry cleaners. Now, with the development of these studios, commercial real estate can be included in the long list of economic beneficiaries.

In New York, brand-new studios are in development in Queens and Brooklyn, Steiner Studios is expanding into Sunset Park, and Lionsgate is growing its existing space in Yonkers. New studios are popping up all over the state. Western New York is seeing growth as well with two new studios reportedly under development in Buffalo, and the Hudson Valley is getting a soundstage in Fishkill, New York.

With the passing of the Garden State Film and Digital Media Jobs Act in 2018 and subsequent expansion in 2020, there is similar exciting news across the Hudson River. The planning board of Bayonne, New Jersey recently approved a major motion picture studio to be built at the city’s southern tip. In nearby Newark, Lionsgate, New Jersey Performing Arts Center and Great Point Studios have plans to build production facilities and six large soundstages. 

Connecticut has benefitted from its Digital Media & Motion Picture Tax Credit as well with the launch of Jaigantic Studios, the first “mini-major” studio, in New Haven.

“SAG-AFTRA members have strongly supported these tax incentives for years,” said New York Local President Ezra Knight. “They help keep and create good union jobs in the place we call home. More studio space has become vital, as productions flow to the greater New York City area. We will continue to fight to make sure that the trend will continue. If they build it, the work will come." 

Photo: The Netflix studio in Bushwick, Brooklyn. Photo courtesy Netflix Inc.