Netflix is about to get a brand new subsequent door neighbor. Paramount has signed a 10-year lease to occupy a large quantity of studio house in New Jersey, which has not too long ago been dwelling to a extremely profitable and aggressive manufacturing tax credit score.
Paramount will decide to taking on house inside 1888 Studios in Bayonne, NJ, which is a 1.6 million sq. foot movie and TV manufacturing campus at the moment being constructed out and is about to be the biggest manufacturing facility within the Northeast. Paramount particularly will occupy 285,000 sq. ft of that footprint, giving Paramount-Skydance a giant dwelling in The Backyard State and making it more and more enticing as an East Coast manufacturing hub.
Again in Might, Netflix broke floor by itself 500,000 sq. foot facility in Fort Monmouth, NJ, investing $1 billion within the mission, and Lionsgate has a lease at a 270,000 sq. foot campus in Newark. The advantage of the Bayonne location is that 1888 Studios boasts that it’s half-hour from downtown Manhattan and is broadly accessible even by boat or by helicopter.
In Might 2024, 1888 Studios was one in all three studios designated as New Jersey’s first Movie-Lease Companion Facility, that means that anybody who’re tenants there may have entry to New Jersey’s Movie and Digital Media Tax Credit score program.
New Jersey’s tax credit score program was accepted in 2018 and is funded till 2049, and it gives productions that shoot within the state a tax credit score of as much as 40 p.c. Whereas it has a cap on how a lot of that credit score can go to above-the-line prices (these prices aren’t even eligible in California), the tax credit are transferrable, and this system has a $100 million annual allocation for legacy movie initiatives particularly, so all the above make it one of many extra enticing and aggressive filming tax credit score applications within the nation.
“Paramount’s growth into New Jersey, using 1888 Studios’ large-scale, full-service manufacturing campus in Bayonne, displays the unbelievable momentum of our state’s artistic sector, solidifying our repute as a world powerhouse within the leisure business,” stated Governor Phil Murphy. “By attracting world-class studios and productions, we’re not solely creating high-quality jobs, selling infrastructure, and driving financial development, however are additionally investing in our communities and elevating New Jersey as a nationwide chief in leisure.”
In a press release, Paramount chief technique officer and chief working officer Andy Gordon stated “scaling our manufacturing and increasing our slate” is “central to our long-term technique,” so with the ability to scale back prices and shoot in an inexpensive new location goes to be key.
Movie historians will know that Thomas Edison as soon as used to shoot movies in New Jersey, nevertheless it was a mix of patent points and naturally the California climate that lured what would turn out to be Hollywood out West. However with all the pieces rather more international, New Jersey is again on the map for filming, and 1888 Studios is even named after the yr Edison patented the movement movie digicam.
