Kaufman Astoria Studios Sold To Investors: Reports

ASTORIA, QUEENS — Kaufman Astoria Studios is getting sold to a group of real estate investors who already own another major production studio in Queens.

The Astoria film studio is being acquired by venture capital firms Hackman Capital Partners and Square Mile Capital Management, which bought Silvercup Studios in Long Island City and the Bronx for $500M last year, several outlets reported on Wednesday.

Terms of the Kaufman deal haven't been disclosed, but bids were initially set to the tune of $600M, according to the Hollywood Reporter.

Kaufman Astoria Studios, which was built in 1920, is known as the original home of Paramount Pictures, and the site where, more recently, "Sesame Street," Netflix's "Orange Is the New Black," and "Ocean's 8" were filmed. It is also the only studio in NYC with a studio backlot, Variety reported.

As of late, the studio has become known for sponsoring and donating to local events; this summer, alongside Silverstein Properties and BedRock Real Estate Partners, the studio announced its proposal to develop a $2 billion mixed-use cultural hub in Astoria, known as Innovation QNS.

Kaufman Astoria Studios President and CEO Hal Rosenbluth has said that the widely-celebrate project will "rejuvenate our immediate neighborhood through smart, thought-out development," though some local residents and organizers have criticized the project's neighborhood impact.

Innovation QNS did not immediately respond to Patch's request for comment about how this sale might impact the development.

When Kaufman Astoria Studios began entertaining offers from potential buyers earlier this year, however, a spokesperson told QNS that a sale would not impact the project.

"The studio has long been an anchor for the community, having generated economic opportunity for decades – which it will continue to do well into the future through its ongoing operation and through its development of Innovation QNS," spokesperson Tom Corsillo said.

Following the sale, Michael Hackman, founder and CEO of Hackman Capital Partners, said that the new owners remain committed to Kaufman Astoria Studio's neighborhood involvement.

"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," Hackman said.

"We are excited to work with Hal Rosenbluth and the entire KAS team, as the studio continues to grow and excel as one of the best production facilities in the industry.”