Kaufman Acquires Queens Entertainment Property
The Real Deal, Yahoo! Finance, Queensbeans, REBusiness Online and other media sources reported that Olshan client Kaufman Organization and Forest City Realty Trust finalized the sale of Steinway Street Theaters, known locally as UA Kaufman Astoria Cinemas, an 84,000-square-foot movie theater complex in Astoria, Queens. An affiliate of Kaufman owns and operates the adjacent Kaufman Astoria Studios. Kaufman acquired the property from Forest City and its joint venture partner, Madison International Realty, LLC, for a total purchase price of $45 million. Real Estate attorneys Thomas Kearns and Hyman Kindler acted as counsel on the acquisition and acquisition loan. Mark Limardo and Claudia Dubón handled the joint venture agreements for the purchaser.