First Citizens Bank to invest $42.2 million in financing for a new entertainment production facility in Yonkers.
On Wednesday, July 12th, First Citizens Bank announced that its Real Estate Finance business has partnered with National Resources and Great Point Studios for a joint venture located at 1050 North Broadway.
About the investors
First Citizens Bank’s Real Estate Finance division, operating within the CIT umbrella, specializes in originating and underwriting real estate ventures. National Resources has previously partnered with Great Point on other developments in Yonkers. Last December, this partnership purchased the 28-acre campus of Leake & Watts at 463 Hawthorne Avenue for $52 million. This iPark expansion will include a film studio and performing arts school.
These new studios add to our growing Yonkers property portfolio that empowers us to stay at the forefront of the increasing demand for film production real estate
Joseph Cotter – President of National Resources
The new facility
This new investment funds a sprawling 112,400 square feet facility consisting of studio, office, warehouse, and mill space. Located in a now-vacant lot between North Broadway and Odell Terrace and Executive Blvd, the facility has already been 100% pre-leased to MediaPro Studios.
MediaPro is a prominent Spanish multimedia communications group that was founded in 1994 in Barcelona. With various branch office locations worldwide, the company has a vast reach in movie and television production. It has gained media rights in Canada and France, partnering with TF1 Group to create Téléfoot. In Argentina, MediaPro acquired Fox Sports from Disney after government approval.
This new entertainment production studio grows the footprint of tv and film industry in Yonkers. Once complete, it further secures the city’s self-proclaimed moniker of, “Hollywood on the Hudson.”
