New York, NY, April 16, 2024 (GLOBE NEWSWIRE) -- A New York City Regional Center-managed fund is providing a $44 million loan to assist with the newest project at Steiner Studios, New York City’s largest film and television production complex. The project includes the renovation and conversion of a historic U.S. Navy building into a facility for film and television production. The renovated building will include two new soundstages and production support space totaling approximately 118,000 square feet. The renovation will preserve all of the historic details required by the U.S. Secretary of Interior’s Standards for the Treatment of Historic Properties. The project also includes surrounding infrastructure and site work bringing new utility services to the renovated building and studio complex as well as new surface parking lots. The development continues the expansion of Steiner Studios and further reinforces the 50-acre complex as a central location for film and television production in New York City.
Steiner Studios is located within the Brooklyn Navy Yard, the largest government-owned industrial park in New York City. This is the eighth New York City Regional Center offering in the Brooklyn Navy Yard and the fourth involving a Steiner development.
About New York City Regional Center
The New York City Regional Center (“NYCRC”) was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. The NYCRC was the first EB-5 regional center approved in New York City.
Over the past 15 years, the NYCRC has put over $1.5 billion of EB-5 capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas in need of long-term economic growth. Examples include:
- $813 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including eight projects totaling $385 million in the Brooklyn Navy Yard
- $232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets
- $220 million to finance ground-up construction in the Bronx
- $108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone)
To date, twenty-two projects throughout New York City have utilized NYCRC financing to assist in the construction of approximately 4 million square feet of new development and renovation as well as critical infrastructure initiatives. In addition to fueling economic development, NYCRC offerings enabled over 5,700 individuals to become permanent residents of the United States through the EB-5 Immigrant Investor Program.
Since 2016, a NYCRC-managed entity also received six separate New Market Tax Credit allocation awards totaling $265 million from the U.S. Department of Treasury. These awards afford a unique opportunity for NYCRC to broaden its mission of providing financing to underserved areas of New York City. Tax credit allocations helped fund construction of eight new charter schools in Brooklyn, Harlem, and the Bronx, redevelopment of community healthcare and athletic facilities throughout the city, as well as construction of the National Urban League’s new headquarters in Harlem which includes New York City’s first civil rights museum.
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