Robert De Niro, his broker son Raphael part of dev team planning $425M Queens studio

Partnership plans to build a 500K sf film studio
June 06, 2019 05:15PM

Robert De Niro and 87 19th Avenue in Queens (Credit: Getty Images and Google Maps)

Robert De Niro and 87 19th Avenue in Queens (Credit: Getty Images and Google Maps)

Actor Robert De Niro, alongside his Douglas Elliman broker son Raphael De Niro, development firm Wildflower, and film producer Jane Rosenthal, are in-contract to buy a large development site in Astoria, Queens, for $73 million.

Raphael De Niro (credit: STUDIO SCRIVO)

Raphael De Niro (credit: STUDIO SCRIVO)

The development team plans to build a 500,000-square-foot film studio, 5.25-acre site located at 87 19th Avenue, according to Commercial Observer. Piano manufacturer Steinway is selling the site. The deal is expected to close by the end of 2019.

Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub have been tapped to raise $425 million for the project — $150 million in equity and $275 million in debt. The film studio will likely help meet growing demand for original content from streaming services offered by the likes of Amazon, Netflix, HBO and Netflix.

Robert De Niro was an early investor in Soho, and along with his son has made several hospitality plays before, such as the Greenwich Hotel and the Tribeca Grill. [CO] — Kathryn Brenzel