NETFLIX GROWS IN CITY
New office, studio space
Forget Amazon, the Big Apple is binge-worthy.
Streaming behemoth Netflix is broadening its presence in the city with an expanded Manhattan office and six new sound stages in Brooklyn, Gov. Cuomo announced Thursday.
The production hub will include an office in the Flatiron District that will directly create 127 high-paying executive content, marketing and production development jobs by 2024. Netflix has also leased approximately 161,000 square feet to build six sound stages in Brooklyn with the capacity to hold thousands of production crew jobs within five years.
“Netflix is innovative, creative and bold — just like New Yorkers — and the expansion of this cutting-edge company in New York once again demonstrates the Empire State is open for business,” Gov. Cuomo said.
The Empire State Development Corp. has offered the company up to $4 million in performance-based Excelsior Tax Credits over 10 years tied to the job numbers. The company currently has 32 New York-based employees.
“New York has created a film-friendly environment that’s home to some of the best creative and executive talent in the world, and we’re excited to provide a place for them at Netflix with our production hub,” Jason Hariton, director of worldwide studio operations and real estate at Netflix.
The expansion is a big win for Cuomo after online retailer Amazon backed out of a deal to set up a second headquarters in Queens. While the Netflix numbers pale in comparison to the projected 25,000 jobs Amazoln was slated to bring in exchange for $3 billion in tax incentives, film productions employ hundreds and sometimes thousands of workers at a clip.
Boosting the state’s movie credits, Albany lawmakers renewed the state’s controversial $840 million film and television tax credits for two years in the state budget earlier this month.
The program began as a $25 million budget item in 2004 and served as a 10% refundable credit on “below the line” production costs. It has since ballooned to a $420 million recurring for a credit that has tripled in size.
Supporters say the economic benefits of large productions filming in the state more than make up for the tax incentives.
Several Netflix original shows already film in the Empire State, including “Orange is the New Black,” “Unbreakable Kimmy Schmidt” and “The Punisher.”
The project drew praise from union leaders.
“There are few companies in our industry that are as forward thinking as Netflix. With this news, we’ll continue to add solid, middle class jobs to already record employment,” said Tom O’Donnell, the president of Theatrical Teamsters Local 817.