NJEDA Designates Paramount as Studio Partner, Locking in Major Investment for Bayonne
the staff of the Ridgewood blog
Bayonne NJ, New Jersey just secured a massive win for its burgeoning film industry! Following the announcement of a landmark 10-year lease agreement at the sprawling 1888 Studios campus in Bayonne, NJ, the NJEDA (New Jersey Economic Development Authority) board officially designated global media giant Paramount as a Studio Partner under the state’s Film and Digital Media Tax Credit program during its October 30 meeting.
This designation is the key to unlocking major financial incentives, making New Jersey a magnet for film and television production:
- 40% Base Tax Credit: Paramount is now eligible for a 40% base tax credit on qualified production expenses for future film and television projects filmed in New Jersey.
- Economic Boom: Governor Phil Murphy hailed the decision as a “tremendous investment into Bayonne,” promising to create “good-paying careers, support small businesses and local vendors, and drive meaningful economic growth.”
1888 Studios: The Largest Production Hub in the Northeast
Paramount’s long-term commitment validates the vision behind 1888 Studios, developed by Togus Urban Renewal, LLC. This campus is not just another soundstage—it is set to become the largest and first campus-style film and television studio facility in the Northeast, occupying 58 acres just minutes from Manhattan.
The future facility, expected to be operational by late 2028, will feature world-class resources designed to attract top-tier global production:
- 23 Mega-Powered Smart Sound Stages
- Over 350,000 square feet of dedicated production support space
- Outdoor backlots, offices, mills, and lighting/grip facilities
- A publicly accessible waterfront park and promenade
NJEDA CEO Tim Sullivan noted that this commitment is “a testament to our rising position as a national leader in film and television production,” a position built on the back of Governor Murphy’s successful effort to reinstate and enhance the competitive state tax credit program.
Why New Jersey is Winning the Studio War
The decision by Paramount, a Skydance Corporation, to anchor the facility is a direct result of New Jersey’s aggressive and competitive incentive structure, which is fully funded through 2039.
“Thanks to highly competitive tax credit programs like New Jersey’s, the tri-state area is more attractive than ever before for production,” stated Paramount Chief Strategy Officer Andy Gordon. The Studio Partner status, reserved for companies with long-term lease commitments to large facilities (Paramount’s lease is for a minimum of 10 years), also grants access to a separate pool of incentives and the ability to capture additional “above-the-line” salaries in the tax credit calculation.
This landmark partnership cements New Jersey’s status as a burgeoning global film powerhouse, poised to generate thousands of union jobs and hundreds of millions in local economic activity.
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