The new film will be set in New York, where Frank Castle runs up against a mobster. Ray Stevenson takes over the Castle roll from Thomas Jane.

New project will mark the third screen incarnation for "The Punisher," which originated in a comic book about Frank Castle, a Marine-turned-vigilante who is driven by a desire to avenge the murder of his family after they witness a gangland killing.

Property was turned into a 1989 film that starred Dolph Lundgren and then into a 2004 pic that starred Thomas Jane.