Netflix plans to open a new production hub in New York City that it said will bring $100 million in investments and result in hundreds of new jobs, according to New York Gov. Andrew Cuomo.
Continue Reading Below
The expanded office in Manhattan, which will take up approximately 100,000 square feet in the city’s Flatiron District, will create 127 high-paying jobs over the next five years. Netflix currently has 32 employees based in New York.
MORE FROM FOXBUSINESS.COM…
In addition, Netflix — which is based in Los Gatos, California — leased approximately 161,000 square feet in Brooklyn to build six sound stages and support spaces, which will ultimately house thousands of production jobs.
“Netflix is innovative, creative and bold – just like New Yorkers – and the expansion of this cutting-edge company in New York once again demonstrates the Empire State is open for business,” Cuomo said. “We’re proud Netflix chose New York to grow its business, and we look forward to the jobs, economic activity and world-class productions this project will bring.”
In order to woo Netflix, the Empire State Development offered up $4 million in performance-based tax credits over 10 years, which are directly tied to job creation. To receive the full incentive, Netflix is required to create the 127 jobs by 2024 and then retain those new jobs and their existing office jobs for another five years.
Advertisement
CLICK HERE TO GET THE FOX BUSINESS APP
The announcement comes just a few months after Amazon pulled out of New York City, following protests against its plan to build a second headquarters in Long Island City, a Queens neighborhood. Amazon would have received $3 billion in incentives as part of the deal. In return, the e-commerce behemoth said it would create 25,000 high-paying jobs and invest tens of millions of dollars in the local area.
