Movie theaters are shut down. Film production is at a complete standstill. However, property investors are banking that the industry will rise again… in Yonkers, New York?
A property development team has invested $40 million to develop a $100 million Lionsgate film production studio in Westchester, New York. The construction is set to begin once the state gives approval for nonessential construction.
"While it will take some time to ramp back up, there will still be a lot of demand for production space when the time comes," said Robert Halmi, CEO of Great Point Capital Management. "We felt this was something we could get done so we got on the phone. Even with kids hollering in the background, we got a deal closed."
The property, which is leased out for ten years, will consist of three 20,000-square-foot stages and two 10,000-square-foot stages.
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Read the full report here in Crain’s New York: https://www.crainsnewyork.com/real-estate/developer-lands-40m-loan-start-lionsgate-studio-yonkers
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