Move over, Netflix. A new production company is landing in Bushwick and it makes the record breaking streaming giant’s $100 million dollar Bushwick facility look like a DIY space.
The New York City Economic Development Corporation announced in October that Echelon Studios closed $304 million in financing for a 355,000-square-foot production complex at 242 Seigel Street, more than twice the size of Netflix’s 170,000-square-foot Johnson Avenue facility. The deal is the largest clean energy development financing in New York State history.
The six-story facility will house six soundstages with 40-foot ceilings and more than 230 parking spaces below grade. Construction is expected to be starting now with the facility open in June 2027.
“From iconic locations to world-class studios, there’s nowhere to film movies and television shows like New York City,” former Mayor Eric Adams said when the deal was announced in October. “With these two new studios and this $500 million agreement, we’ll bolster that position, create thousands of jobs, and give artists new, high-quality space.”
How It’s Being Financed
The $304 million comes through C-PACE, a program that lets property owners finance clean energy improvements through their property tax bills instead of traditional bank loans. The structure makes it easier to fund sustainability features upfront because the debt stays with the property rather than the developer. It’s the first time C-PACE has been used for ground-up studio construction in New York City.
The facility will operate as 100% all-electric, targeting LEED Gold certification with rooftop solar panels providing over 25% of power needs, green roofs, and rainwater collection systems.
What City Officials and Community Leaders Are Saying
“We are thrilled to support two Brooklyn-based state-of-the-art film studios that will create thousands of jobs, grow New York City’s film and media industry, and continue to diversify New York City’s economy,” NYCEDC President & CEO Andrew Kimball said in the October announcement.
The project is expected to generate 2,400 jobs between studio operations and construction, according to NYCEDC. The agency noted that film industry jobs in NYC average $121,000 annually, roughly 33% higher than the citywide average.
“Film production and related industries that support film and media have become an important driver of Brooklyn’s creative economy over the last two decades,” said Randy Peers, President and CEO of the Brooklyn Chamber of Commerce. “The addition of the two new Echelon Studio facilities in Red Hook and Bushwick will bring on new, state-of-the-art capacity, while creating thousands of jobs for Brooklyn residents.”
Who’s Behind It
Bungalow Projects, a New York-based real estate firm founded in May 2023, is developing the project in partnership with Bain Capital Real Estate and Farallon Capital Management. The financing breaks down to $156 million in C-PACE clean energy financing (the first ever used for ground-up studio development in New York City) and $147 million in traditional construction financing.
Echelon Studios is led by Eric Louzil, who founded the company in 2004 and built a catalog of 5,000+ titles. The development team includes David Simon, founder of BARDAS Investment Group; Travis Feehan, Bungalow Projects co-founder; and Susi Yu, Bungalow Projects founding partner who previously served as Senior Vice President at the Howard Hughes Corporation.
Workforce Development
The developer, Bungalow Projects, is partnering with Reel Works and Hook Arts Media on the MediaMKRS Career Development program and are projecting to generate 2,400 jobs during construction and operations.. The partnership with New York City Housing Authority will recruit out-of-school and out-of-work youth from Bushwick for career-track positions in the entertainment industry with pathways to jobs paying $100,000 or more annually.
“Hook Arts Media is proud to partner with Bungalow Projects to expand access to media education and career pathways for young people in Red Hook and Bushwick,” said Michelle Rivera, Executive Director of Hook Arts Media. “This collaboration allows us to connect talented young adults to the growing film and television industry while strengthening our community’s creative and economic future.”
The Bushwick facility is part of a larger $552 million dual-project that includes a Red Hook location.
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