Hackman Capital Partners And Square Mile Capital Acquire Film Studio In Long Island City For $500M
42-22 22nd St, Long Island City, NY 11101, USA
$500,000,000
$24,038/SF
Building Size
20,800 SF
Asset Type
Other
Closing
Jan 9, 2020
About this deal
AI
Located at 42-22 22nd Street in Long Island City, this film studio in the market was recently sold in a closed transaction. The property, known as Silvercup Studios, was sold by Stuart & Alan Suna. The buyer of the film studio is Hackman Capital Partners, represented by Michael Hackman, and Square Mile Capital, represented by Craig Solomon. The transaction took place on January 10, 2020, with a total price of $500,000,000.
Summary of transaction details
- Property Type: Film studio
- Transaction Amount: $500,000,000
- Address: 42-22 22nd Street
- Market: Long Island City
This significant deal involved key individuals and companies in the industry. Michael Hackman, representing Hackman Capital Partners, and Craig Solomon, representing Square Mile Capital, played crucial roles in the transaction. Founded in 1983, Silvercup Studios has become a prominent name in the film industry, and this sale marks a milestone in the company's history.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93