Blackstone, Vornado to Join Forces on Manhattan’s First Film and TV studio
livemint.comtax benefits geared at stoking New York’s film-and-television-production business. The city, which owns Pier 94, also is committing more than $50 million for repairs.
Under the terms of the deal, Vornado will contribute its long-term lease of Pier 94 and will own a 49.9% stake in the venture. Vornado, which is spending $1.2 billion to overhaul two office buildings near Manhattan’s Penn Station, also is bringing its expertise in developing Manhattan properties to the table.
Blackstone, one of the world’s largest-commercial property investors, made a push into real estate related to media content creation in 2020 when it bought a 49% interest in three California studios and five office buildings owned by Hudson Pacific in a deal valued at $1.65 billion. Blackstone will own a 24.5% stake in Sunset Pier 94 while Hudson Pacific will own a 25.6% stake.
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