Vornado Realty Trust, Hudson Pacific, Blackstone, New York City Economic Development Corporation Team on Pier 94 Studio Campus
variety.comBrent Lang Executive Editor Vornado Realty Trust has lined up partners in both the private and public sector for its plans to redevelop Pier 94 on Manhattan’s West Side as a film and TV studio.
The company announced that Hudson Pacific Properties and Blackstone will back the project, as well as the City of New York, and New York City Economic Development Corporation.
Vornado, which has struggled for years to demolish the old pier and to transform it into various different venues such as a giant trade show facility, contributed its long-term leasehold to the venture.
In return, it will own 49.9% of the studio. According to a press release announcing the venture, Hudson Pacific will own 25.6% and Blackstone’s institutional Core+ Real Estate strategy will own 24.5%.
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