Kaufman Astoria Studios in Astoria has been sold for $170 million, surprising local insiders as the 34-12 36th St property changes hands for the first time in decades. The deal closed during the first week of June 2024, sending ripples through the Queens real estate and film communities.

The sale of Kaufman Astoria Studios marks a historic shift for the landmark site at 34-12 36th St, which has anchored Queens’ film industry since its founding in 1920. Hackman Capital Partners—a major Hollywood player known for owning Culver Studios and Silvercup—quietly closed the deal last Friday, shocking some tenants who only learned the news through city filings.

Sources close to the deal told NYC Pulse that the $170 million price tag far exceeded recent offers from local developers. “We didn’t see this coming, especially not during the strike slowdown,” said Maribel Torres, a 35th Ave set designer who’s worked on Netflix’s ‘Russian Doll.’

Kaufman Astoria Studios has been a cornerstone for New York production, home to ‘Sesame Street,’ ‘The Irishman,’ and countless commercials. The sale includes all seven soundstages, offices, and the iconic outdoor gate on 36th St. Longtime tenants have been promised “business as usual,” but Hackman’s reps say upgrades and potential expansion are on the table for later this year.

For Astoria, the deal is likely to spark new development pressure. Steven Gianaris, the local state senator, called for protections to keep jobs and productions local: “Kaufman is part of Astoria’s DNA. We need guarantees this won’t become just another luxury condo site.”

Frequently Asked Questions

Who bought Kaufman Astoria Studios and when did the sale close?

Hackman Capital Partners, a Los Angeles-based real estate investment firm, acquired Kaufman Astoria Studios. The sale officially closed on June 7, 2024, after several months of off-market negotiations, according to city property records and two tenants familiar with the transaction.

What does the sale mean for existing productions and tenants?

Hackman Capital Partners has stated that all existing productions and tenant leases will continue uninterrupted for now. Future plans may include renovations or expansions, but no immediate layoffs or shutdowns have been announced. Most tenants learned of the sale through official filings last week.

Is there a risk of redevelopment or conversion into condos?

While Hackman Capital Partners specializes in media real estate and has invested in production facilities nationwide, some local officials and union representatives have voiced concerns about potential redevelopment. As of mid-June, the buyer insists the campus will remain dedicated to film and TV production.

Frequently Asked Questions

Who bought Kaufman Astoria Studios?

Hackman Capital Partners, a Los Angeles-based real estate firm, bought Kaufman Astoria Studios.

How much did Kaufman Astoria Studios sell for?

Kaufman Astoria Studios sold for $170 million.

When did the sale of Kaufman Astoria Studios close?

The sale officially closed on June 7, 2024.

Will Kaufman Astoria Studios remain a film and TV production site?

Hackman Capital Partners says the campus will remain dedicated to film and TV production, though some local officials have expressed concerns about possible redevelopment.

What happens to existing productions and tenants at Kaufman Astoria Studios after the sale?

All existing productions and tenant leases will continue uninterrupted for now, with no immediate layoffs or shutdowns announced.

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