New York City Economic Development Corporation, New York City Industrial Development Agency and real estate investor Bungalow Projects have closed on two transactions totaling $552 million to support construction of high-end film and television production studios in Brooklyn.

The sites at 176 Dikeman Street in Red Hook and 242 Seigel Street in Bushwick will be branded as Echelon Studios and, the city estimated, serve as economic and industry drivers generating 2,400 jobs between construction and operations.

The 600,000 square feet of facilities will accommodate big-budget productions “and fill New York City’s undersupply of purpose-built stages critical to industry growth,” the announcement said. The news follows an expansion of New York’s film and television production incentives this

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