A renowned actor is reportedly part of a contract to buy a 5.25-acre lot in Astoria.
A report from Commercial Observer says that the site, located at 87 19th Ave., is under contract for $73 million. Those purchasing the space include the development firm Wildflower, actor Robert De Niro, his son Raphael De Niro and business partner Jane Rosenthal.
The lot is being sold by piano manufacturer Steinway.
The site is expected to be turned into a 500,000-square-foot film studio, complete with a pre-production and post-production office and a parking facility.
The whole deal has an anticipated cost of $425 million. Sources told the Commercial Observer that the $150 million in equity and $275 million in debt for the project will be raised by the Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub.
The deal is expected to close by the end of 2019.