'Hollywood on the Hudson' coming to New York

Blackstone and Vornado Realty Trust are teaming up to build a 266,000-square-foot film production studio on Manhattan's Hudson River for $350 million, The Wall Street Journal reported.

New York is already the nation's second-largest location for film production after Los Angeles, but most of its TV, film and streaming studios are located in Queens.

The project, called Sunset Pier 94 Studios, has been in the works for two years and includes Hudson Pacific Properties, which is scheduled to break ground later this year and complete by the end of 2025. It will integrate into New York's bike lanes and parks along the Hudson River.

“We will raise the bar for one of New York City’s iconic properties and breathe new life into an important waterfront,” said Michael Franco, president of office and retail developer Vornado.

Despite expensive real estate in New York, demand for streaming services has boomed in recent years, and developers are counting on it to continue even as streaming services are consolidating and a strike by Hollywood writers and actors remains unresolved.

(compiled by: Wang Jimin)

(Editor in charge: Jiang Qiming)

(Source of the article: New Sancai first release)