New Jersey’s first purpose-built film studio has opened its doors in Jersey City, seeking to capitalize on the state’s efforts to attract and subsidize the television and movie industry.
A buyer has paid nearly $24 million for two Jersey City warehouses, brokerage firm Grid Real Estate said, noting that the company now plans to use the buildings for film studio space.
Developers and property owners in New Jersey are betting that a tax credit for film production will get the cameras rolling in the Garden State, with demand already surging and expected to grow after a recent expansion of the program by Gov. Phil Murphy and lawmakers.
A joint venture has acquired a vacant, 134,500-square-foot warehouse just off the New Jersey Turnpike extension in Jersey City, in a newly announced transaction by HFF.
