Bungalow Projects, Bain Capital acquire Red Hook Property for $34m

Bungalow Projects, a real estate development firm focused on creating production hubs for episodic, film and digital content creation, and Bain Capital Real Estate (Bain Capital) announced the expansion of their production studio portfolio with the acquisition of 145 Wolcott Street in the Red Hook neighborhood of Brooklyn, N.Y., for $34 million.

The planned 225,000-square-foot production facility will feature four state-of-the-art soundstages averaging approximately 18,000 square feet each, with clear heights of approximately 40 feet to the grid, that will cater to all types of episodic and film production. The facility, which is centrally located near other creative hubs in Brooklyn as well as Manhattan, will include approximately 82,000 square feet of ancillary production support spaces as well as 200 below-grade parking spaces. 145 Wolcott will also feature several outdoor terraces that can also serve as shoot locations with panoramic views of Manhattan, the Statue of Libe