Bungalow Projects Buys More Brooklyn Industrial Space for New Production Studio
By Nick Trombola April 30, 2024 2:12 pm
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Is Brooklyn going Hollywood?
A joint venture between developers Bungalow Projects and Bain Capital Real Estate has acquired an industrial site at 145 Wolcott Street in Brooklyn’s Red Hook neighborhood for $34 million and plans to redevelop it into a 225,000-square-foot production facility, according to buyers. The seller was a JV of Four Points and 20 Lakes Holding.
Plans for the renovated property include four soundstages, each about 18,000 square feet on average, as well as 82,000 square feet of additional production support space, the developers said. David Behin of Newmark (NMRK) brokered the sale for Bungalow and Bain.
Behin did not immediately respond to a request for comment.
The new facility joins a growing portfolio of production spaces for Bungalow in New York City. Earlier this year, the firm paid $26.7 million to Fortress Investment Group for 215 Moore Street in Bushwick. Bungalow plans to transform that property into a 330,000-square-foot production complex with six soundstages and 92,000 square feet of support space.
“We are excited to continue to expand our studio portfolio with Bain Capital and believe [the building], with its market-leading specs and location in Red Hook’s vibrant creative community, will be a great addition to New York’s content production ecosystem,” Bungalow co-founder Travis Feehan said in a statement.
The Wolcott Street studio will join several others spread across Kings County, including a nearby film and TV production studio at 744 Clinton Street being developed by Samson Stages.
Bain Capital, for its part, is also investing heavily in production facilities.
The firm and its other partner, BARDAS Investment Group, won approval last month to build a 510,300-square-foot soundstage and office complex at 5601 Santa Monica Boulevard in Hollywood, which they dubbed Echelon Studios. The companies are also planning a $600 million, 620,000-square-foot production campus at 6311 Romaine Street in Hollywood, about a mile west of the Santa Monica Boulevard project.
Both of Bungalow’s Brooklyn studios will also fall under the Echelon brand.
“There is a pronounced supply-demand imbalance for high-quality infill purpose-built soundstages in New York, and we believe there will be enduring demand growth for best-in-class production space in New York given its robust and growing creative talent base,” Bain Capital partner Joe Marconi said in a statement.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
