Contact:
| Sunny Mindel/Curt Ritter | (212) 788-2958 |
| Simon Halls | 212-957-0707 (Tribeca Productions) |
| Wendi Kopsick/Roanne Kulakoff | 212-521-4800 (Vornado Realty Trust) |
| Andrew Stengel | 212-941-3800 (Miramax Films) |
"This is great news for New York City's booming film and television industries," said Mayor Giuliani. "Last year, for the fifth year in a row, direct expenditures from the production of films, television series and specials, commercials and music videos in New York City grew at a record pace. This facility will allow producers to shoot an entire movie, from start to finish, right here in New York City. It will not only encourage new film production in the City; it will also help revitalize an area that has long been under-used. I want to thank Tribeca Productions, Vornado Realty Trust and Miramax Films for their vision to explore this project, which is sure to be the industry's preference, and further solidify New York City's reputation as the Entertainment Capital of the World."
The $150 million project, to be financed primarily from private debt combined with some public financing, is expected to create thousands of construction jobs over the next two years and hundreds of film production jobs upon the studio's completion, as well as thousands of other jobs generated by film companies that will use the planned studios and production facilities.
Tribeca Productions Partner Robert DeNiro said, "This is an exciting time for film in New York and Jane Rosenthal and I are delighted to be working with the City and Vornado Realty to build a facility that will serve as a home for New York filmmakers as we head into the new millennium."
Vornado Realty Trust Chairman Steven Roth said, "We have studied this industry for quite some time and believe there is outstanding potential for a new film and production studio complex in New York City. We are confident we have assembled the right team to make this project a success, both for the entertainment industry and the City of New York."
Miramax Co-Chairman Harvey Weinstein said, "Having been born in Brooklyn and raised in Queens, my brother Bob and I were immediately taken by the idea of converting part of the Brooklyn Navy Yard into film and television production facilities. We are extremely excited about the potential of this project and to have the opportunity to pursue it with Robert DeNiro and Jane Rosenthal at Tribeca Productions and Steve Roth at Vornado Realty Trust."
Filmmaking and television productions have become increasingly important to the economy of New York City. In 1998, for the fifth year in a row, the City sustained record growth in direct expenditures from the production of films, television series and specials, commercials and music videos. Expenditures for 1998 totaled $2.57 billion, compared to 1997, when $2.37 billion was recorded. In addition, the number of feature films shot in the City totaled 221, advancing 1997's record of 213, while television production shooting days totaled 7,680 compared to 7,458 in 1997, an increase of 222 days.
The 264-acre Brooklyn Navy Yard industrial park, located on the Brooklyn waterfront between the Manhattan and Williamsburg bridges, is currently home to more than 200 businesses employing more than 2,700 New Yorkers.
Vornado Realty Trust (NYSE: VNO), based in Saddle Brook, New Jersey, is a fully integrated equity real estate investment trust. Its holdings include over $2 billion of real estate in New York City.