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'Cleaned up' De Niro studio hits the market at $25m.

One Point Street in Yonkers, NY, a 14 acre waterfront property which includes the world renowned Hudson River Stage, previously owned by Robert DeNiro and Miramax, is for sale at offers around $25 million.

The once polluted site, bordering the Hudson River, was cleaned up by environmental remediation specialists Blackacre Partners Ops LLC, based New York City, and is now on the market as a film studio with an East Coast address.

Movies shot there include Kate and Leopold, The Stepford Wives and Zoolander.

For nearly a century, the property housing the world-renowned studio and soundstage--as well as the portion of the Hudson River that borders it--was used as an industrial use site by companies such as Phelps Dodge and BICC Cables Corp.

Making the site environmentally sound was a challenge, but one that Blackacre's Paul Adler and Debra Rothberg were able to overcome.

"Cleaning up the property and the adjacent portion of the Hudson wasn't easy, given its former life as an industrial site and the high levels of pollutants in the river," says Paul Adler, co-managing director of Blackacre. "But environmental challenges such as this are our forte. We thrive on them."

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"With remediation now near completion, we look forward to realizing Miramax's and Mr. DeNiro's initial dream of creating a destination property where the film industry can thrive, attracting rookies and vets within and outside the film industry who cherish culture and the arts" says Adler.

In addition to the Hudson River Stage, there are 14 acres available to develop a state-of-the-art, full service pre-and-post production studio facility, along with housing, shops, and restaurants.

The property is eligible for tax credits for the remediation and for development.

Blackacre Partners Ops, LLC, was founded by commercial real-estate expert Adler and environmental lawyer Debra Rothberg.

By keeping in mind the geo-political balance that must be struck with local government regulators and the community, Blackacre's clean-up and redevelopment efforts meet all legal requirements for development and, in turn, may be eligible for tax credits.

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Title Annotation:Energy
Comment:'Cleaned up' De Niro studio hits the market at $25m.(Energy)
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Jan 27, 2010
Words:336
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