The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
NEW YORK—New York City officials, Vornado Realty Trust, developers Hudson Pacific Properties and Blackstone were joined by community leaders to break ground on Oct. 24 on Sunset Pier 94 Studios—a first-of-its-kind film and TV campus now under construction on Manhattan’s West Side.
Leveraging $350 million in private investment, the project is expected to create more than 1,700 jobs, including more than 1,300 construction jobs, add $6.4 billion to the local economy over the next 30 years, as well as adding new public restrooms, significant public space and bike safety improvements, and a new workforce development program to connect New Yorkers. The start of construction represents major progress on a site sitting vacant, where efforts to advance a project creating jobs and public open space have stalled for more than a decade, city officials noted.
“New York City didn’t set an all-time jobs record by accident—we did it by strategically protecting public safety, investing in public space, and supporting and delivering for working people. This project at Pier 94 will do all three, and we are excited to bring our ‘Working People’s Tour’ to the West Side,” said New York City Mayor Eric Adams. “Sunset Pier 94 Studios will bring a major private investment to this public asset, activating this long-vacant space to create good-paying jobs, vibrant public space, and exactly the amenities this community has been asking for.”
“It was only a few months ago that we announced this exciting new public-private partnership that’s going to bring jobs and a huge economic boon to the film and television industry here in New York City, and we are already breaking ground,” said NYCEDC President and CEO Kimball. “This is a huge milestone for the city and all our partners, and we are looking forward to cutting the ribbon on Manhattan’s first film, television, and content production facility, along with the significant improvements to the public realm and waterfront access on the West Side of Manhattan.”
Sunset Pier 94 Studios will be a first-of-its-kind space, home to state-of-the-art film, television, and content production technology that will make New York City even more competitive with other cities. Sunset Pier 94 will also provide impressive amenities for all New Yorkers to enjoy, including new public restrooms for Hudson River Park, an 1,850-square-foot community amenity space, 25,000 square feet of waterfront open space on the pier, and safety improvements to the existing greenway. There will also be a program to support workforce development and training programs to connect residents to opportunities in film, television, commercial and other media production.
The project represents a total investment of approximately $350 million from Vornado, Hudson Pacific, and Blackstone. The project construction will utilize $183 million in construction financing led by RBC with expected completion by the end of 2025.
“The swift commencement of construction on Sunset Pier 94 Studios is representative of the strength of this public-private partnership and the demand we anticipate for the first purpose-built studio facility in Manhattan,” said Victor Coleman, chairman and CEO, Hudson Pacific Properties. “We know the local entertainment industry is hungry for a modern, ideally located production facility and we look forward to delivering and operating this unique project to meet those needs.”
“Today, alongside our partners, we celebrate breaking ground at Sunset Pier 94 Studios, which will further cement New York City as a leading market in content creation,” said Nadeem Meghji, head of real estate Americas, Blackstone. “We look forward to the productions this project will enable, the jobs it will create, and the benefit it will have on the surrounding area — a win-win-win.”
“Sunset Pier 94 Studios is a tremendous project for New York City that will generate new jobs, while further beautifying the Hudson River waterfront,” said Michael Franco, president and chief financial officer, Vornado Realty Trust. “Our collective willingness and ability to move forward despite the challenging financial markets is a testament to our confidence in the promise of creating such a dynamic new product in Manhattan.”
New York City’s film and TV industry has grown significantly over the last decade, supporting 185,000 jobs, generating over $18 billion in wages, and contributing more than $82 billion in economic impact. After struggling during the pandemic, the city’s arts and entertainment sector continues to show positive momentum in its jobs recovery—growing nearly 16% between May 2022 and May 2023 and recovering nearly 46,000 jobs since the start of the pandemic.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
New York City remains a top market for investment for international groups.
Some of the highlights of the two-day event included the selection of 2024 HGAR award winners, including Realtor of the Year Tony D’Anzica and Affiliate of the Year Richard Haggerty.
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