WSJ: Blackstone, Office Giant Vornado to Join Forces on Manhattan’s First Film-and-TV Studio
August 29, 2023 Blackstone, Vornado Realty Trust, and Hudson Pacific Properties are collaborating to develop Manhattan’s inaugural major production-studio complex, with Hudson Pacific Properties committing $350 million in anticipation of robust demand from streaming services that justifies Manhattan’s high development costs. This Project is part of a public-private partnership with the city of New York, which owns Pier 94 and is allocating over $50 million for repairs, aligning with city initiatives aimed at bolstering film-and-television production in New York. The Sunset Pier 94 Studios project will encompass six soundstages, offices, and support facilities, seamlessly integrating public amenities into New York City’s bikeway and park system along the Hudson River. The developers are targeting completion by the end of 2025, foreseeing premium rents for cutting-edge facilities conveniently situated near industry stars’ residences. Despite uncertainties in the streaming industry, studio operators remain optimistic about the resilience of top studios and anticipate a surge in demand following any disruptions.