investigation
1888 Studios by London financier Arpad Busson builds studios in Bayonne
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Hollywood has its eyes on Jersey, or at least French financier Arpad “Arki” Busson.
Busson, with Moore Capital and the Rothschild family, is set to build a massive entertainment campus for 1888 Studios on 70 acres of former Texaco land in Bayonne, New Jersey, the Wall Street Journal reported.
The commission will include 23 sound studios, ranging in length from 18,000 to 60,000 square feet, as well as a loading dock and helipad. In total, the assignment will include 17 buildings totaling more than 1. 5 million square feet, according to the company’s website. .
1888 Studios, whose motto is “for filmmakers through filmmakers,” bills itself as “one of the largest entertainment developments in the country” with production facilities near New York City.
Busson, who befriended the likes of Jon Bon Jovi and New Jersey Gov. Phil Murphy, told the Journal that New York was lagging behind in infrastructure without “a campus” and “a combination of film and television sets in one complex. “
Busson chose New Jersey for its favorable tax credits, its proximity to the city and its ease of access to the capabilities of both states. The New Jersey Economic Development Authority has awarded Busson up to 50% of the project prices in the form of tax credits capped at $400 million.
In recent years, the film industry has been eyeing prospects in New Jersey, thanks to its attractive incentives. Netflix is making plans to convert a former military base at Fort Monmouth into a production facility, and Great Point Studios is set to convert Newark’s first public housing complex, the Seth Boyden Court complex, into a massive film studio for its Lionsgate Newark project. of 100 million dollars.
But Hollywood rarely forgets New York entirely. While the state’s annual film tax credits increased this year through lawmakers from $420 million to $700 million, DeNiro and others, in addition to Blackstone and Vornado Realty Trust, are construction production facilities in the city.
—Christina Previte
Correction: An earlier edition of this story called Arpad Busson British. He is French.