A historic New York City film studio that traces its history back to the silent movie era is facing foreclosure.
Deadline reports Deutsche Bank filed a foreclosure complaint against the Kaufman Astoria Studios and its owner Hackman Capital Partners, claiming it defaulted on a $340 million loan that was originated in 2021 and was scheduled to be paid last November. The bank stated it was owed an outstanding balance at $359 million as of March 26 including principal, accrued interest, late payment charges and exit fees.
“In light of the Maturity Default, Agent seeks to enforce the terms of the Loan Documents and to foreclose upon the Mortgage,” the foreclosure filing declaring, adding the bank sought “a deficiency judgment and related relief against Borrower and the guarantors of the Loans … to the extent the proceeds of the sale of the Mortgaged Property are insufficient to satisfy the full amount due and owing to Lender.”
The five-acre property opened in 1920 as the New York City-based production center for Famous Players-Lasky, the forerunner of Paramount Pictures. The studio saw the production of silent and early sound films, most notably the Marx Brothers features “The Cocoanuts” and “Animal Crackers.” Paramount ceased shooting films at the site in 1932, and it transitioned into a studio used by independent producers and by the US military to make training films.
Real estate developer George S. Kaufman acquired the site in 1982 and renamed it Kaufman Astoria Studios. The property’s recent film and television productions include “Sesame Street,” “Orange is the New Black” and “Dickinson.”
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