1 month ago
Lender Deutsche Bank has revenge a foreclosure title against Kaufman Astoria Studios and its proprietor Hackman Capital Partners alleging nan historical sound shape is successful default connected a indebtedness that was owed to beryllium paid successful afloat past fall.
The loan, from 2021, was for $340 million. Deutsche Bank’s complaint, revenge successful New York State Supreme Court for Queens County, puts nan outstanding equilibrium astatine $359 cardinal arsenic of March 26 including principal, accrued interest, precocious costs charges and exit fees.
The maturity day was Nov. 9, 2025 but nary costs was made, it said.
“In ray of nan Maturity Default, Agent seeks to enforce nan position of nan Loan Documents and to foreclose upon nan Mortgage,” nan filing says. It besides asked for “a deficiency judgement and related alleviation against Borrower and nan guarantors of nan Loans … to nan grade nan proceeds of nan waste of nan Mortgaged Property are insufficient to fulfill nan afloat magnitude owed and owing to Lender.”
Hackman Capital declined to comment. The firm’s laminitis and CEO Michael Hackman is besides named arsenic a defendant.
Hackman Capital pinch Square Mile Capital Management acquired Kaufman Astoria successful 2022 amid a sound shape buying spree that included nan acquisition of New York City’s Silvercup Studios successful 2020 and nan Radford Studio Center successful LA successful 2021. Hackman defaulted connected nan Radford field early this year, Goldman Sachs took it complete and and Netflix is talks to bargain it.
Kaufman Astoria and Radford are some historical properties. Kaufman, which opened successful 1920, was nan original location of Paramount Pictures. Sesame Street started filming location successful 1992. Productions connected its 11 sound stages person included Netflix’s Orange is nan New Black, Showtime’s Nurse Jackie and The Affair, HBO’s The Undoing, Apple TV’s Dickinson. . Feature movie productions include Deliver Us from Evil, The Secret Life of Walter Mitty, Men successful Black 3, The Bourne Legacy and The Irishman.
The foreclosure title comes astatine a challenging infinitesimal for nan business pinch accumulation good disconnected its highest and galore projects continuing to movie overseas wherever costs are little and incentives higher. Hackman’s portfolio includes, among different sites, Eastbrook Studios successful London, Cardington Film Studios successful Bedford, UK. and Ardmore Studios and Greystones Media Campus successful Ireland.
Stateside, location seems to beryllium a increasing disagreement among workplace complexes. Earlier this week, Hudson Pacific Properties’ Quixote Studios said it’s exiting each of its leased sound shape accommodation successful Los Angeles isolated from for Griffith Park.
Hudson Pacific called its separately owned Sunset Studios much “resilient.” The existent property spot said. Sunset’s flagship Hollywood stages are 96% leased and a caller Manhattan installation is 100% leased arsenic “best-in-class, purpose-built workplace existent property successful premier locations continues to pull beardown tenant liking moreover amid much mean accumulation levels.”
Next doorway to New York, New Jersey, a rising unit successful U.S. production, is holding its 2nd yearly Film Expo today, an all-day arena astatine nan Meadowlands Arena successful East Rutherford. Governor Mikie Sherrill will present nan keynote address this afternoon.
