A major new production hub for film and television is on its way to Red Hook.
Bungalow Projects and Bain Capital Real Estate have partnered to buy the development site at 145 Wolcott St. in the waterfront Brooklyn neighborhood for $34 million. They plan to build a production facility spanning 225,000 square feet, the companies announced Monday. The project will include four soundstages that each span about 18,000 square feet as well as outdoor terraces for shoots with views of the Statue of Liberty, the Manhattan skyline and New York Harbor.
The facility will include about 82,000 square feet of space for production support services and 200 underground parking spots.
Bungalow Projects is a real estate investment firm founded in May 2023 and based in Lower Manhattan’s Woolworth Building. Newmark’s David Behin represented the company in its off-market purchase of the Red Hook property.
A limited liability company linked to W-G Capital Advisors had previously bought the site for $21.5 million in 2019, property records show.
The production studio will replace an extremely ambitious project for the site that Alexandros Washburn, the city’s former chief urban designer, had filed plans for in 2020. Washburn’s mixed-use project would have been a 15-story building spanning 300,000 square feet with 210 residential units, along with commercial and manufacturing space.
It is unclear why Washburn’s project did not move forward. He did not respond to a request for comment by press time, and a representative for W-G Capital could not be reached.
Bungalow is planning another production studio at 215 Moore St. in Bushwick, which it bought in late 2023 for about $26.7 million, property records show. The company bought the site from Fortress Investment Group shortly after Fortress bought it out of foreclosure from the Williamsburg-based real estate firm Heritage Equity Partners for $25.5 million. That project will span about 330,000 square feet with six soundstages.
Eddie Small , 2024-04-29 18:56:54
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