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**Brooklyn Film and TV Studio Developments Secure $552 Million in Financing**
The New York City Economic Development Corporation (NYCEDC), the New York City Industrial Development Agency, and Bungalow Projects have completed two major transactions totaling $552 million to support the development of two cutting-edge film and television production studios in Brooklyn.
The new studio facilities, collectively branded as Echelon Studios, will be located at 176 Dikeman Street in Red Hook and 242 Seigel Street in Bushwick. Combined, the projects will comprise approximately 600,000 square feet of modernized production space.
“As the top destination in the country for talent, and leader in innovation, New York City is ripe to grow its presence as a global production destination,” said NYCEDC President & CEO Andrew Kimball. “With workforce development and sustainability at the center of these projects, they will serve the surrounding communities and larger industry and complement our work across Brooklyn.”
Both Echelon Studios sites are designed with a strong emphasis on sustainability. The developments aim to achieve LEED Gold certification and will operate entirely on electric power. More than 25% of their electric demand is expected to be met by on-site rooftop solar panels.
These projects further reinforce New York City’s commitment to fostering media production and sustainable development, while creating jobs and boosting economic growth in Brooklyn’s Red Hook and Bushwick neighborhoods.
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