Perhaps lost in the blockbuster news Friday that Netflix was buying Warner Brothers for
$82 billion was this huge nugget for New Jersey: Netflix has closed on its purchase of
the former Fort Monmouth property where it is in the process of building a huge mega-
studio that will anchor its East Coast productions.
The announcement Friday came a day after Oceanport approved a 30-year PILOT
(payment in lieu of taxes) for the 289-acre property, which spans both Oceanport and
Eatontown. (Eatontown approved a pilot on Oct. 22).
The giant streaming service landed the property for approximately $55 million.
Anne Kelly, Netflix’s VP of studio management and services, obviously was thrilled by
the milestone moment.
“With this acquisition, we are excited to move forward with Netflix Studios Fort
Monmouth—a state-of-the-art production facility that will bring new jobs and economic
opportunities to New Jersey,” she said in a statement.
The studio campus will feature 12 soundstages totaling approximately 500,000 square
feet, as well as production and office buildings, a cafeteria, retail shops, trailer parks for
crews, a hotel and more.
More so, the close of the sale is another huge step in the state’s suddenly thriving
film/TV production sector, one that spent a record $833 million in 2024.
N.J. Economic Development Authority EDA CEO called it a win-win and then some.
“This is about as big as it gets in terms of long-term economic impact and reviving a former jewel in Fort Monmouth,” he said.
The growth of the industry, which recently had another big moment in the state when
Paramount announced it will anchor 1888 Studios in Bayonne, clearly will be one of the
legacies of Gov. Phil Murphy’s eight years in office.
One of the reasons: The incredible impact it will have on local communities.
As a result of the PILOTS, Oceanport will receive approximately $65 million over 30
years. Last month, Eatontown approved a similar PILOT, which included an immediate
$47 million payment.
The first phase of the project began in May and is expected to be completed by 2028.
Kelly said Netflix is eager to get going.
“While there is still work ahead before we open our doors, we look forward to continuing
our close partnership with this remarkable community as we transform this historic site
into a world-class studio and vibrant community hub,” she said.
