Kaufman Astoria Studios, the century-old film complex at 34-12 36th St., sold for $225 million this week to Hackman Capital Partners and Square Mile Capital. The new owners aim to expand the soundstage capacity, with plans to start work later in 2024.

The sale of Kaufman Astoria Studios marks the largest film studio deal in New York City since the pandemic, closing Monday according to city property records. The 500,000-square-foot complex has been a fixture in Astoria since 1920, hosting productions for NBC, Netflix, and Martin Scorsese.

Hackman Capital Partners, which owns Silvercup Studios in Long Island City and the massive Radford Studio Center in Los Angeles, confirmed to NYC Pulse that they see “tremendous growth opportunity” in Queens. Michael Hackman, the firm’s founder, said in a statement, “We want to make Astoria a destination for the next century of filmmakers.”

Sources familiar with the deal say the new owners plan to build at least two additional soundstages behind the current main lot, with construction expected to begin this fall, pending city approval. The expansion is designed to meet surging demand for production space as streaming giants look to film locally.

The deal comes as film and TV production in New York recovers from the 2023 strikes, with the state extending its film tax credits through 2034. Local Council Member Tiffany Cabán told NYC Pulse, “This keeps hundreds of jobs in western Queens and puts Astoria back in the director’s chair.”

Frequently Asked Questions

Who bought Kaufman Astoria Studios and for how much?

Hackman Capital Partners and Square Mile Capital Management jointly purchased Kaufman Astoria Studios for $225 million. The deal closed on June 10, 2024, making it one of the priciest film studio transactions in New York City this decade.

What are the expansion plans for the studio?

The new owners plan to add at least two new soundstages to the Astoria property, starting construction later in 2024. These expansions will support increased demand for film and TV production in NYC, particularly from streaming services seeking local space.

How will this affect the Astoria neighborhood?

Local officials expect the expansion to safeguard and create hundreds of jobs in the area, bolster nearby restaurants and crew businesses, and reinforce Astoria’s reputation as a media production hub. The owners have pledged to work with the community on hiring and programming.

Frequently Asked Questions

Who bought Kaufman Astoria Studios and for how much?

Hackman Capital Partners and Square Mile Capital Management bought Kaufman Astoria Studios for $225 million.

What are the expansion plans for Kaufman Astoria Studios?

The new owners plan to add at least two new soundstages to the Astoria property, with construction expected to begin in fall 2024.

When did the sale of Kaufman Astoria Studios close?

The sale closed on June 10, 2024, according to city property records.

How large is the Kaufman Astoria Studios complex?

The studio complex is 500,000 square feet and has operated in Astoria since 1920.

How will the sale and expansion affect the Astoria neighborhood?

The expansion is expected to safeguard and create hundreds of jobs in the area and reinforce Astoria’s reputation as a media production hub.

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