Kaufman Astoria Studios sells property offering 115K sf

Parkoff pays $30M for commercial building across from iconic complex

New York /
Dec.December 15, 2015 10:30 AM

The Parkoff Organization bought a 69,000-square-foot commercial building across the street from Kaufman Astoria Studios, the property’s longtime owner, for $30 million, sources said.

After 33 years, the iconic movie studio, led by Chair George Kaufman and CEO Hal Rosenbluth, parted ways with the three-story building at 37-11 35th Avenue. The property is a mix of office and retail, with the latter tenants including Uno Pizzeria & Grill and gym Life, Health & Fitness.

Parkoff, a Great Neck-based investment firm led by Richard Parkoff, is planning to hold the property for now, but eventually redevelop it, sources said. The site offers 115,000 buildable square feet, bringing the deal’s price to about $260 per buildable square foot. The retail rents are below market rate, in the low $30s a foot.

Moshe Majeski, who runs the Moshe Group, brokered the transaction. He could not be reached for comment.

George Kaufman took over the five-acre studio complex in 1982, renaming it Kaufman Astoria Studios. That was also the same year he bought the 35th Avenue property.

Recently, Kaufman Astoria Studios has shifted its focus to more ambitious projects. The studio is developing the Marx, a 33-unit condominium at 34-32 35th Street, in partnership with the Procida Companies. The property will be the Kaufman Arts District’s first new apartment building in years.

The studio also announced plans last year to build an additional soundstage by 2016. Productions such as “Sesame Street,” “Orange is the New Black” and “A Very Murray Christmas” were shot at the studio this year.

Over the summer, Parkoff bought a Citibank-anchored retail building in Forest Hills with plans to redevelop it.


Related Articles

arrow_forward_ios
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Mayor Eric Adams and Governor Kathy Hochul with Innovation QNS (Getty, Innovation QNS)
Will Innovation QNS happen without 421a?
Will Innovation QNS happen without 421a?
Silverstein Properties' Marty Burger, City Council Speaker Adrienne Adams, BedRock Real Estate's Tracey Appelbaum, City Council member Julie Won and Mayor Eric Adams with rendering of Innovation QNS (Silverstein Properties, Getty, New York City Council, Innovation QNS)
5 lessons from Silverstein’s Astoria deal
5 lessons from Silverstein’s Astoria deal
From left: BedRock’s Chuck Berman and Tracey Appelbaum, Kaufman Astoria Studios' Hal Rosenbluth, and Larry Silverstein with Innovation QNS
Silverstein, Council strike deal on Queens megaproject
Silverstein, Council strike deal on Queens megaproject
Silverstein Properties' Larry Silverstein, BedRock Real Estate Partners’ Tracey Appelbaum, City Council member Julie Won and a rendering of Innovation QNS (Getty, Innovation QNS, BedRock, NY City Council)
New twist in $2B drama between Silverstein, City Council
New twist in $2B drama between Silverstein, City Council
Reed Hastings (Getty)
Netflix nears deal for huge Jersey Shore studio
Netflix nears deal for huge Jersey Shore studio
NYC Council District 26 Representative Julie Won (NYC Council District, Innovation QNS)
Lines being drawn for $2B Queens development
Lines being drawn for $2B Queens development
Hackman Capital Partners's Michael Hackman, Square Mile Capital's Craig Solomon and Kaufman Astoria Studios (Hackman via  Jim Newton, Square Mile Capital, ONstate Kaufman)
Hackman, Square Mile venture nabs Kaufman Astoria Studios
Hackman, Square Mile venture nabs Kaufman Astoria Studios
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...