Netflix Expanding In NYC, Planning Production Hub For Brooklyn
Streaming giant Netflix is expanding in New York City, with a plan to build new soundstages in Brooklyn and grow its office footprint in Manhattan.
Gov. Andrew Cuomo announced the company’s $100M expansion plans Thursday, Crain’s New York Business reports, adding that Netflix will be eligible for as much as $4M in tax credits over a decade as part of the Excelsior Tax Credits program. Netflix has to create 127 jobs by 2024 to get the incentive, per Crain’s. It has to retain those jobs, as well as the 32 workers it already employs in the city, for another five years.
The growth in the city will see Netflix leasing 100K SF at Normandy Real Estate Partners’ 888 Broadway in the Flatiron District.
It has also taken 161K SF at 333 Johnson Ave. in Bushwick, where it will build six soundstages over five years. Amazon’s decision to abandon its plans to build a headquarters in Queens earlier this year raised concerns that the city is not viewed as a business-friendly environment.
But many have argued the city is still an attractive destination for established companies and tech startups because of its highly educated workforce.