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Subsidy Tracker Individual Entry

Company: Vornado Realty Trust
Parent Company: Vornado Realty Trust
Subsidy Source: multiple
Location: New York
City: New York City
County: New York
Address: Pier 92/94 W 55th Street
Project Description: A film production studio
Year: 2023
Major Industry of Parent: real estate
Specific Industry of Parent: real estate
Subsidy Value: $380,000,000
Subsidy Value in 2023 Dollars: $380,000,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 400
Wage Data: $50,000
Wage Data Type: Average annual salary
Capital Investment: $350,000,000
Source of Data: Subsidy value numbers are based on Reinvent Albany, June 23, 2023, " Pier 94 Film Studio Subsidy 5x Higher than Times Reported," (click here). Job numbers and investment data are based on NYC Economic Development Corporation, August 29, 2023, "New York City Economic Development Corporation and Private Partners to Create Public-Private Partnership and First Purpose-Built Studio Campus in Manhattan at Pier 94," (click here). Company information is based on David Hayes, August 29, 2023, "New York Studio Project Adds Blackstone and Hudson Pacific Properties; $350M Pier 94 Site Will Have Manhattan's First Purpose-Built Film and TV Stages," Deadline, (click here). Developer partnership agreement and project details based on Nick Garber, May 22, 2023, "Vornado drops Pier 92 plan, angering neighbors; The developer will instead build a film studio next door; critics call it a "sweetheart deal" at the city's expense," Crain's New York Business, via LexisNexis. Project details based on Kevin Smith, August 29, 2023, "Sunset Pier 94 Studios planned for Hell's Kitchen," New York Business Journal, via LexisNexis. Job and wage estimations based on Matthew Haag and Dana Rubinstein, June 11, 2023, "A Pier Deal Is Full of Developer Perks, but Is It Good for the City?," The New York Times, (click here).
Notes: The New York City Economic Development Corporation (EDC) entered into a public-private partnership with Vornado Realty Trust (50% stake), Hudson Pacific (25% stake), and Blackstone (25% stake) to partner on transformation of Pier 94 into, "Sunset Pier 94," a 266,000 sq. ft. private film studio and public use amenity space. Construction was planned to start Q3 2023 and is expected to complete by 2025. Job projections include 1,300 construction and 400 permanent positions. Private partners will receive subsidy of $215,000 per job from the city in rent savings, maintenance fees, and other tax savings over 15 years, or $86 million. There is also an expected subsidy contribution from the state's Empire State Development subsidy program of $735,009/job over 11 years, or $294 million. Overlaps with the main data: none
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.