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The buyers of Silvercup Studios have added another major Queens film complex to their holdings.
A joint venture of Hackman Capital Partners and Square Mile Capital bought Kaufman Astoria Studios, located at 34-12 36th St., this week for an undisclosed price, the investors announced Wednesday. The property, which was the home of Paramount Pictures in the early 20th century, includes 500K SF of production space, including 11 soundstages and 325K SF of office.
“We are beyond thrilled to add Kaufman Astoria to our studio portfolio and excited to further its legacy as a quintessential destination for major motion pictures and television shows,” Hackman Capital founder and CEO Michael Hackman said in a release. “The studio has had a remarkable history over the last 90 years and has been an incredibly active and participating stakeholder in rejuvenating the entire Astoria neighborhood.”
A spokesperson for Square Mile Capital declined to give the price tag, but the property was reportedly being shopped for around $600M. Productions like Sesame Street, Orange is the New Black and The Irishman were filmed at the studio, according to Variety.
Jefferies Financial Group, Olshan Frome Wolosky and Simpson Thacher & Bartlett brokered the deal for the Kaufman Organization, which has owned the studios for decades.
Hackman and Square Mile have been investing in production studio real estate around the country. Last September, the duo paid $500M for Silvercup Studios, which has properties in Queens and the Bronx. As the number of streaming services producing original content has grown, so has the investment appetite for film production real estate. Blackstone has also invested heavily into the space.
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