Blackstone, Hudson Pacific and Vornado are forming a public-private partnership with the New York City Economic Development Corp. to build a new waterfront film production studio on Manhattan's West Side.
The three partners announced this week they will invest $350M in Sunset Pier 94 Studios, which will rise on Pier 94 on the Hudson River.
Vornado, who contributed its long-term leasehold for Pier 94 to the venture, will own 49.9% of the project; Hudson Pacific will own 25.6%; and Blackstone will own 24.5%, according to a release issued on Tuesday.
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