Vornado, Hudson Pacific and Blackstone to build $350M TV and film production studio on Manhattan’s Pier 94

Vornado Realty Trust
VNO,
+3.23%,
Hudson Pacific Properties
HPP,
+5.55%
and Blackstone Inc.
BX,
+1.71%
said Tuesday they plan to spend $350 million to build a TV and film production studio on Manhattan’s Pier 94 on the Hudson River at 52nd Street in a public-private partnership with New York City’s economic development arm. The developers billed the project as Manhattan’s first public-private partnership venture to build a purpose-built studio campus. Vornado will own 49.9% of the project and it contributed its long-term leasehold for Pier 94. Hudson Pacific will own 25.6% and Blackstone’s institutional Core Plus Real Estate unit will own 24.5%. Construction is expected to begin later this year on the campus, which is expected to generate 400 permanent jobs plus 1,300 temporary construction jobs.