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

Partnership plans to build a 500K sf film studio

New York /
Jun.June 06, 2019 05:15 PM
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


Related Articles

arrow_forward_ios
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)

CoStar to acquire Homesnap for $250M

CoStar to acquire Homesnap for $250M
From top: Park Place Mall in Tucson, AZ with Brookfield Property Partners CEO Brian Kingston; Westfield Countryside in Clearwater, FL with Unibail-Rodamco-Westfield CEO Christophe Cuvillier; and The Mall at Tuttle Crossing in Dublin, OH with Simon Property Group CEO David Simon (Google Maps, Westfield, Simon, Getty)

These are the biggest malls landlords ready to hand over to CMBS lenders

These are the biggest malls landlords ready to hand over to CMBS lenders
(iStock)

Ski resorts gear up for tough season in the shadow of pandemic

Ski resorts gear up for tough season in the shadow of pandemic
From left: 555 California Street in San Francisco, Vornado CEO Steven Roth and 1290 Sixth Avenue in Manhattan (Photos via Wikipedia Commons; Getty; Trump Org)

Vornado halts sale of office towers co-owned with Trump

Vornado halts sale of office towers co-owned with Trump
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
The Grace Building at 1114 Sixth Avenue (Photo via Wikipedia Commons)

Here’s what tenants are paying at Brookfield & Swig’s Grace Building

Here’s what tenants are paying at Brookfield & Swig’s Grace Building
arrow_forward_ios

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

Loading...