Bungalow Projects Unveils Plans for $49M Movie Studio in East Williamsburg

Bungalow Projects, under the leadership of Susi Yu and Travis Feehan, is moving forward with a significant new project in East Williamsburg, Brooklyn. The firm filed plans on August 22, 2024, to develop a movie studio at 242 Seigel Street. The proposed building will encompass a total construction area of 307,443 square feet, including 181,747 square feet designated for zoning purposes. The building is set to reach a height of 74 feet. COOKFOX Architects is the architect of record for this project.

Previous Development in Red Hook

This announcement follows closely behind Bungalow Projects' earlier plans for another film and television production studio in Brooklyn. In June 2024, the firm, in collaboration with Bain Capital, filed for a 155,069 square-foot studio at 145 Wolcott Street in Red Hook. These plans were submitted to the New York City Department of Buildings under a different job number.

Details of the East Williamsburg Property

The Seigel Street property features a frontage and depth of 100 feet each, with a total lot size of 9,999 square feet. The site is zoned M1-1, which permits a floor area ratio (FAR) of up to 1. The city's assessed market value for the property in 2022 was $198,000. Additionally, Axos Bank provided the most recent loan of $17.4 million for the property on October 2, 2023.

Recent Transactions and Acquisitions

Bungalow Projects acquired the majority of the site from Fortress Investment Group and Aview Equities in December 2023, with the total purchase price amounting to $41.5 million. More recently, in August 2024, Bungalow purchased an adjacent parcel at 246 Seigel Street for $7.8 million, consolidating its holdings in the area for the new development.