Representatives from Apple and the Vietnamese foreign ministry didn’t respond to requests for comment.Īpple’s most recent supplier list, released this year, showed that Foxconn and Luxshare both manufactured for Apple in Bac Giang province. The American company has moved recently to increase production of tablets, laptops and other devices in Vietnam. It wasn’t known whether Apple production was affected. “Too many electronics manufacturers have expanded production in the area during the past year, and power consumption is simply skyrocketing," one of the people said. Netflix also has taken over ABQ Studios in Albuquerque, N.M., which it acquired for less than $30 million, and earlier this year signed leases for a total of nearly 250,000 square feet of studio and office space in Toronto at Cinespace Studios and Pinewood Toronto Studios.Those people said the power supply got tight in mid-May and local government officials told them to prepare for power shortages lasting at least through late June. In L.A., the subscription-streaming company last fall signed a lease to fully occupy all 327,913 square feet of the 13-story EPIC building in Hollywood, adding to its footprint at nearby buildings ICON (325,757 square feet) and CUE (91,953 square feet) located on the Sunset Bronson Studios lot.
#Production hub money back series
Amazon was set to get a $1.525 billion tax credit contingent on the creation of 25,000 jobs but bailed on the plan this February after political opposition to the ecommerce giant’s move into Queens.įor Netflix, the expanded NYC outpost is the latest in a series of recent real-estate moves beyond its headquarters in Los Gatos, Calif. The tax breaks Netflix is receiving from New York State come under the same program it offered Amazon to open a major East Coast office in Long Island City, Queens. Netflix and its studio partners have already produced numerous originals in New York, including “Orange Is the New Black,” “Unbreakable Kimmy Schmidt,” “She’s Gotta Have It, Martin Scorsese’s “The Irishman,” “Someone Great,” “Private Life” and “Russian Doll.” The Brooklyn location Netflix has leased, in the borough’s Bushwick section, is owned by real-estate developer Steel Equities, which acquired the warehouse property for $53 million last year from Normandy Real Estate Partners, Princeton Holdings and Royalton Capital, according to trade publication The Real Deal. Netflix’s existing New York City office is located in the Chelsea neighborhood at 245 West 17th St. According to Normandy, the building is undergoing a major renovation expected to be completed by summer 2019 that will include a new office lobby and the addition of a penthouse and rooftop patio space. The building at 888 Broadway (located at 19th Street and Broadway) is owned by Normandy Real Estate Partners.
Jason Hariton, Netflix’s director of worldwide studio operations and real estate, said in a statement, “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.” “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.” “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 in a statement.
#Production hub money back full
To receive the full incentive, Netflix must create the 127 jobs by 2024 at its new executive production office and then retain those new jobs (and their existing 32 office jobs) for another five years. Under the deal with Netflix, Empire State Development - the state’s economic development agency - has offered up to $4 million in performance-based tax credits over 10 years, which are directly tied to job creation.
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