Innovo Property Group Set to Launch Borden Studios in New York's Film and Television Hub

The dynamic landscape of New York's film and television studio sector is about to welcome a significant addition. Innovo Property Group, a prominent real estate investment firm in New York, is gearing up to unveil its latest project, Borden Studios, in the bustling neighborhood of Long Island City, Queens.

Founded in 2015 by Andrew Chung, formerly of the Carlyle Group, and supported by the Hong Kong-based Nan Fung Group, Innovo is poised to complete Borden Studios in the upcoming spring. The project, situated at 23-30 Borden Avenue, is a testament to Innovo's strategic foray into the flourishing studio space market.

Borden Studios is uniquely designed, occupying the upper levels of the expansive Borden Complex industrial development. The studio promises to offer an impressive array of facilities, including approximately 43,000 square feet of office space, a private rooftop terrace sprawling nearly 7,000 square feet, and an expansive 220,000 square feet of studio area.

The studio's operations will be in the capable hands of the MBS Group, globally recognized as the largest studio operation and production services firm. With a track record of managing over 500 sound stages and supporting more than 900 productions annually across North America, the United Kingdom, and Europe, MBS Group brings invaluable expertise to Borden Studios.

The Borden Complex itself is a striking 1 million-square-foot development strategically located within a short commute to midtown Manhattan. In 2022, it secured a significant refinancing loan of $435 million from Starwood Property Trust, spearheaded by Barry Sternlicht, and JPMorgan Chase. While originally envisioned as a multistory logistics and warehouse space, the plan has evolved to incorporate the studio space, though the intended use for the remaining floors continues as planned.

This launch comes amid a surge of development in production spaces within and around New York. Notably, Vornado Realty Trust, in collaboration with Los Angeles-based Hudson Pacific Properties and Blackstone Group, is investing $350 million to establish Manhattan’s first dedicated film-and-television production campus at Pier 94 along the Hudson River.

New York State's extension of the film production and tax credit programs until 2034, with an increased annual funding of $700 million, underscores the region's commitment to bolstering the industry. According to a 2022 CBRE report, the total sound stage square footage in New York’s tri-state area saw a 14% increase from January 2021 through the first quarter of 2022. Brooklyn leads the five boroughs in sound stage inventory, followed closely by Queens, signaling a robust and expanding market for studio spaces like Borden Studios.

Source: CoStar