- Deutsche Bank filed a $359M foreclosure suit against Kaufman Astoria Studios over a loan default.
- Hackman Capital Partners and Affinius Capital defaulted on a $340M loan tied to the historic 500KSF Queens property.
- The default comes as Hackman faces similar issues in Los Angeles, turning over Radford Studio Center after a $1.1B default.
- Deutsche Bank also seeks enforcement of an $18.5M recourse guarantee from Hackman Capital affiliates and CEO Michael Hackman.
Foreclosure Hits Historic Studio
Bisnow reports that Deutsche Bank has initiated foreclosure proceedings against Kaufman Astoria Studios, the landmark Queens film studio once home to Paramount Pictures, following a loan default by owner Hackman Capital Partners. The lawsuit seeks to reclaim the property to cover the outstanding $359M mortgage, which includes accrued interest and fees.
Loan Default and Its Roots
The $340M loan originally backed Hackman Capital’s 2021 acquisition of Kaufman Astoria Studios’ 500KSF campus and adjacent Astoria lots. The debt matured in November 2025, with no required payment made, prompting Deutsche Bank’s legal action. Originated by Deutsche Bank, portions of the loan were later sold to affiliates of Goldman Sachs and Starwood, with Deutsche Bank acting as agent for all lenders, adding to a growing slate of large, complex CRE debt situations the bank is navigating in New York, including a recent multibillion-dollar refinancing across the city.
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Broader Distress for Studio Owner
This is Hackman’s second major studio default in recent months, following its 2026 agreement to turn over the Radford Studio Center in Los Angeles to Goldman Sachs after defaulting on a $1.1B mortgage. During the pandemic, Hackman expanded rapidly, acquiring studios in NYC and elsewhere as streaming demand surged. Now, oversupply of soundstages is straining owner portfolios, particularly in the U.S.
What’s Next
The foreclosure suit covers both Kaufman Astoria’s main campus and auxiliary lots. In addition to the property sale, Deutsche Bank is pursuing an $18.5M recourse guarantee from Hackman Capital affiliates and CEO Michael Hackman. Hackman and Affinius have yet to comment on the latest legal development as the market gauges further fallout for studio real estate.
