Last week, media-focused investment firm Great Point Capital Management signed on entertainment company Lionsgate as its anchor tenant for a new $100 million production-studio development in Yonkers. Lionsgate will also be an investor in the project that includes five studios and a back lot near the Yonkers downtown Metro-North train station. Also a partner in the joint venture is developer National Resources.
As reported in Crain’s, the development of film production studios in New York City and the surrounding suburbs has increased because of state and local tax credits. In the past few years, well-known production complexes like Silvercup Studios, Steiner Studios, and Kaufman Astoria Studios have expanded properties in Queens, Brooklyn, and The Bronx.
The production studio development is expected to open late next year.