New York Construction Report staff writer
Bungalow Projects and Bain Capital Real Estate have closed $304 million in construction financing to develop two high-end film and television production studios in Brooklyn, the companies announced last week.
The financing includes $156 million in Commercial Property Assessed Clean Energy (C-PACE) funds from CounterpointeSRE, supporting the projects’ sustainable development goals. It represents the largest C-PACE transaction in New York State and the first for ground-up development in New York City. An affiliate of Farallon Capital Management provided $147 million in additional financing.
The developments, known as Echelon Studios, will include about 600,000 square feet of production space across ten soundstages, office space, production support areas, and below-grade parking. The buildings are all-electric, with rooftop solar panels expected to supply more than 25 percent of their energy needs. Both sites aim to achieve LEED Gold certification and meet New York City’s Ultra-Low Energy Building standards.
Echelon Studios Bushwick at 242 Seigel Street will have six soundstages totaling 102,000 square feet, 86,000 square feet of production support space, 76,000 square feet of office space, and 91,000 square feet of below-grade parking for more than 230 vehicles. Echelon Studios Red Hook at 176 Dikeman Street will feature four stages totaling 67,000 square feet, 75,000 square feet of production support space, 49,000 square feet of office space, and 55,000 square feet of parking for more than 185 vehicles.
Both projects are participating in the New York State Department of Environmental Conservation’s Brownfield Cleanup Program and are supported by the New York City Industrial Development Agency.
Construction is expected to be completed by mid-2027, generating approximately 2,400 jobs in studio operations and construction. Productions filming at the studios will be eligible for the New York State Film Tax Credit Program, which provides $800 million in annual incentives through 2036.
Bungalow Projects and Bain Capital formed a joint venture to invest in and develop production hubs in New York City.
