Official Site of The State of New Jersey
This Week in NJ - November 1st, 2025
1888 Studios and Paramount Announce Landmark 10-year Lease Agreement to Unlock Access to Newly Enhanced Film and Television Tax Incentives
1888 Studios, a state-of-the-art, 1.6 million square foot film and television production campus in Bayonne, NJ, to be built for movie makers by movie makers, announced today that Paramount, a Skydance Corporation, (“Paramount”) (NASDAQ: PSKY), a leading, next generation global media and entertainment company, has signed a landmark minimum 10-year lease agreement. Paramount has committed to occupy more than 285,000 square feet of the facility, establishing a major production hub in New Jersey. Paramount’s commitment further cements the state as a premier destination for film and television production, backed by a leading tax incentive program.
Through New Jersey’s Film and Digital Media Tax Credit program, 1888 Studios offers tenants competitive incentives comparable to other leading production hubs worldwide. Expanded in 2025, the program empowers the New Jersey Economic Development Authority (NJEDA) to designate three Studio Partners and three Film-Lease Partner Facilities, each linked to large-scale infrastructure commitments. 1888 Studios was designated New Jersey’s first Film-Lease Partner Facility in May 2024 and, on Thursday, October 30, 2025, the NJEDA Board designated Paramount as a Studio Partner. Said Andy Gordon, Chief Strategy Officer and Chief Operating Officer, for Paramount: “Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy. We’re thrilled to invest in the United States and in the region and lean into our creative momentum to spark economic growth. We’re deeply grateful for the support and partnership of Governor Murphy, Senator Raj Mukherji, the New Jersey Economic Development Authority, and 1888 Studios. Thanks to highly competitive tax credit programs like New Jersey’s, the tri-state area is more attractive than ever before for production as we work together to create new jobs and empower more domestic production for America’s creative workforce.”
“With 1888 Studios, we set out to build a cutting-edge facility that would attract the world’s most ambitious storytellers – giving New Jersey true scale and a home for every facet of film and television production under one roof. By keeping American productions at home, the project, which will be constructed by union workers, will generate thousands of jobs and additional opportunities for New Jersey’s small businesses,” said Arpad “Arki” Busson, Chairman, Togus Urban Renewal. “I am grateful to Paramount’s leadership and entire team for recognizing the unique opportunity that 1888 Studios and New Jersey present for future productions. Paramount’s commitment underscores the caliber of our campus, the strategic advantages of our Bayonne location, and the impact of Governor Phil Murphy’s leadership in establishing industry-leading tax incentives and promoting infrastructure that have enabled New Jersey’s entertainment industry to thrive and enshrine the state as a true cornerstone of global production.”
“Paramount’s expansion into New Jersey, utilizing 1888 Studios’ large-scale, full-service production campus in Bayonne, reflects the incredible momentum of our state’s creative sector, solidifying our reputation as a global powerhouse in the entertainment industry,” said Governor Phil Murphy. “By attracting world-class studios and productions, we are not only creating high-quality jobs, promoting infrastructure, and driving economic growth, but are also investing in our communities and elevating New Jersey as a national leader in entertainment.”
Governor Murphy Announces Fifth Round of Medical Debt Relief in Partnership With Undue Medical Debt, Eliminating Over $59 Million in Debt for More Than 48,000 New Jerseyans
Governor Phil Murphy announced that in partnership with national nonprofit Undue Medical Debt (Undue), the Murphy Administration is delivering a fifth round of medical debt relief, impacting over 48,000 New Jersey residents who owed a combined $59 million in medical bills.
By leveraging approximately $500,000 in American Rescue Plan funds from the State’s investment in medical debt abolishment, Undue has purchased this debt from a mix of provider partners and the secondary market, such as collection agencies and debt buyers. Undue-branded letters to those impacted are expected to arrive in the mail in the coming days.
“Far too many New Jersey families have felt the crushing burden of medical debt, often following necessary or life-saving medical care. This debt adds up fast and can significantly impact an individual’s life and choices, even preventing them from seeking out future medical treatment,” said Governor Murphy. “We are committed to continuing our momentum to create a better, more affordable, and accessible health care system for all New Jersey residents through our very last day in office. By partnering with Undue Medical Debt and implementing forward-thinking policies to prevent our residents from falling into debt, we are providing tangible relief to New Jersey families.”
“Today’s announcement marks another critical milestone in our ongoing fight against medical debt, a burden that no New Jersey family should have to bear,” said Acting New Jersey Health Commissioner Jeff Brown. “With each round of debt relief, we are reinforcing our commitment that health care is a right, not a privilege reserved for those who can afford it. Medical debt doesn’t just drain bank accounts, it forces impossible choices between prescriptions and groceries, between doctor visits and rent. By eliminating this debt, we’re helping to restore financial stability to New Jersey families, while demanding a new status quo where getting needed health care doesn’t carry the fear of financial ruin.”
Governor Murphy Announces Landmark Memorandum of Understanding Agreement With Ukrainian State of Dnipropetrovsk to Boost Economic Ties
Governor Phil Murphy announced the signing of a Memorandum of Understanding (MoU) between the New Jersey Economic Development Authority (NJEDA) and the State of Dnipropetrovsk in Ukraine to enhance economic collaboration, promote innovation, and contribute to the rebuilding of the Dnipropetrovsk region. The Governor shared this announcement in a video that aired during the Ukraine Action Summit in Washington, D.C. Today’s MoU, which marks the first economic agreement between New Jersey and Ukraine, will promote opportunities for industry partners to enable private sector collaboration, linking the academic and business ecosystems of the Dnipropetrovsk region and New Jersey.
“We are excited to announce this historic partnership with the State of Dnipropetrovsk,” said Governor Murphy. “As the proud home to the second-largest Ukrainian diaspora in America, New Jersey and Ukraine deeply cherish the principles of democracy and self-determination. Today’s MoU will advance our shared goal of sustainable economic growth and encourage innovation across sectors including technology, life sciences, and education. We look forward to a productive and meaningful partnership that strengthens both of our regions.”
“The Dnipro region continues to strengthen its international ties and opens a new chapter of transatlantic cooperation,” said Vladyslav Haivanenko, Acting Head of the Dnipropetrovsk Regional State Administration. “The signing of the Memorandum of Understanding between the Dnipropetrovsk Regional Military Administration and the State of New Jersey lays the foundation for developing economic relations, advancing technology and innovation, and exchanging experience between our regions. I sincerely thank Governor Philip Murphy and Tim Sullivan, Chief Executive Officer of the New Jersey Economic Development Authority, for their support of our country and for this historic step. My special gratitude goes to the Embassy of Ukraine in the United States for its comprehensive assistance and facilitation in establishing contacts and fostering the development of this important partnership. I am confident that through our joint efforts we will create new opportunities for growth and mutual trust.”
NJ TRANSIT Begins Process to Find Marquee Tenant of Newly Renovated Historic Hoboken Ferry Terminal Building
NJ TRANSIT continues to advance the restoration of the 117-year-old Lackawanna Ferry Terminal on the first and second floors of historic Hoboken Terminal as part of the broader Hoboken Connect redevelopment project. The 50,000 square feet of available space within the Ferry Terminal is being restored and re-imagined as a contemporary destination for marquee events and other uses.
NJ TRANSIT is presenting an opportunity to a qualified entity to become the anchor tenant of the transformed Ferry Terminal, which offers exceptional visibility and prime positioning within one of New Jersey’s busiest transit hubs. The entity would activate the building, creating a destination to energize the area and provide an amenity for both NJ TRANSIT customers and the Hoboken community while also generating a dependable revenue stream for NJ TRANSIT.
The agency envisions the second floor as a space to host community, cultural and/or commercial functions, but will consider alternative proposed uses. Qualified parties are invited to register to receive the forthcoming RFQ/P when it is released later this year. Those who register will receive high-level details of the offering, including access to a virtual tour of the space at a dedicated website. Details on registration and additional information are available here.
“Through the release of this RFQ/P, we expect to find a partner who shares our grand vision for the possibilities this unique and historic space provides to transform and revitalize the Hoboken Waterfront district,” said NJ TRANSIT President & CEO Kris Kolluri. “We are seeking an operator with the ability to not just manage, but to create a singular destination for top-tier events accessible to people throughout the metropolitan area and beyond.”