Beefed-up facilities for movie and TV production in Times Square are about to surface as part of a $200-million redevelopment plan put forward by production facility the National Video Center.
“Film and TV rake in $10 billion a year for New York, and yet there’s a dearth of studios and facilities,” said Russell Best, VP and G.M. of the NVC.
Best’s plan is to expand the company’s existing production facility in Times Square from 87,000 square feet to at least 200,000 square feet by buying up surrounding property owned by William Condran, who’s using Cushman & Wakefield to negotiate the deal.
Retail expansion, too
In addition to more than doubling its facilities, NVC will also build a hotel and shopping mall, creating a production complex toward the western end of Times Square.
NVC has also signed a deal with XYZ Pictures, an expert in computer animation, to finance improvement in XYZ’s animation technlogy. XYZ already operates out of NVC’s Times Square facility.