Deals
Kaufman Astoria, Paramount’s Old NYC Home, Bought by Hackman, Square Mile
- Demand for streaming services is driving sound-stage use
- The two firms also bought Silvercup Studios last year
Kaufman Astoria Studios in the Queens borough of New York.
Photographer: Robin Marchant/Getty Images
Hackman Capital Partners and Square Mile Capital Management acquired Kaufman Astoria Studios, the original New York home of Paramount Pictures, as the two real estate investment firms continue to bet on strong demand for new productions to feed streaming services run by companies including Netflix Inc. and Walt Disney Co.
Financial terms of the agreement weren’t disclosed. The Queens property has 11 sound stages, 500,000 square feet (46,500 square meters) of production space and New York City’s only studio back lot, the buyers said in a statement Wednesday.