Chances are the newest additions to your real estate portfolio don’t include 161,000 square feet of television and movie production space in Brooklyn, as well as 100,000 square feet of new office space in the Flatiron district in Manhattan.
But they do if you’re Netflix!
The company’s new office space will house about 160 New York-based executives.
According to Variety: Under the deal with Netflix, Empire State Development — the state’s economic development agency — has offered up to $4 million in performance-based tax credits over 10 years, which are directly tied to job creation. To receive the full incentive, Netflix must create the 127 jobs by 2024 at its new executive production office and then retain those new jobs (and their existing 32 office jobs) for another five years.
The building at 888 Broadway is undergoing a major renovation expected to be completed by summer 2019 that will include a new office lobby and the addition of a penthouse and rooftop patio space.