Lending Real Estate

NYC homes: Costs behind the film industry’s desired location

Film business contributed $8.7 billion to the city’s economy

New York City apartments

As New York City becomes more common than ever to film in, so does the opportunity for New Yorkers to turn their homes into ad hoc film studios, an article in The New York Times by Ronda Kaysen said.

From the article:

Last year, the film business contributed $8.7 billion to the city’s economy, up from $7.1 billion in 2011, according to data provided by the city. A homeowner who rents out a property for a commercial, print advertisement or an episode of a television show for a day could receive a few thousand dollars. That figure could jump to $10,000 or $20,000 for a few days’ work. If the property lands a major feature film that requires the space for several weeks or months, the payout could soar well into the six figures.

However, the new fame also comes with risk. 

All the action could quickly alienate and enrage neighbors who rarely see any of the money, but invariably endure a good dose of the upheaval. Complaints from angry residents and business owners are on the rise, say elected officials and neighborhood associations, particularly in neighborhoods that drip with historic charm, a favorite of film crews.

Source: NYT
Reprints

Services Guide

Comments powered by Disqus