NEW YORK (AP) — Netflix will expand its operations in New York City, adding 127 jobs in its Manhattan marketing and development office and building six sounds stages in Brooklyn where thousands of productions jobs will be located, New York officials announced Thursday.
Gov. Andrew Cuomo said the San Jose, California-based entertainment video-streaming service will invest up to $100 million in the city by relocating from its Manhattan office to its new corporate offices in the city's Flatiron District and building the sounds stages in Brooklyn's Williamsburg neighborhood.
"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," Cuomo said in a statement.
Empire State Development, the state's main economic development agency, offered Netflix up to $4 million in tax credits over 10 years if it reaches its goal of creating 127 Manhattan jobs and retaining another other 32 by 2024.
Cuomo, a Democrat, said the company has leased about 160,000 square feet to build the sound stages in Williamsburg, where thousands of production jobs are expected within five years.
Netflix has produced several shows and films in New York, including "Orange is the New Black," ''Unbreakable Kimmy Schmidt," ''She's Gotta Have It" and "Russian Doll."
"New York has created a film-friendly environment that's home to some of the best creative and executive talent in the world, and we're excited to provide a place for them at Netflix with our production hub," said Jason Hariton, the company's director of worldwide studio operations and real estate.
The Netflix news comes two months after Amazon pulled out of a deal that Cuomo said would've brought more than 25,000 jobs to Queens. The Seattle-based internet retailer picked the borough's Long Island City section for one of its second headquarters but backed out when stronger-than-expected local opposition emerged after the deal was announced in November.
Much of the opposition focused on the state and city agreeing to give $3 billion in tax breaks to a company owned by the world's richest person, Jeff Bezos. Cuomo has lamented losing the megadeal, which he called the largest job-creation project in state history, and put most of the blame on fellow Democrats who led the opposition.
Before you consider Netflix, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Netflix wasn't on the list.
While Netflix currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
