Elizabeth Olsen, Peter Sarsgaard, Dustin Hoffman and Sissy Spacek are also in the cast.
CAA handled the financing with Prescience and is handling North American sales (in association with Ealing Metro).
The coming-of-age story stars Dakota Fanning, Elizabeth Olsen, Peter Sarsgaard, Dustin Hoffman and Sissy Spacek.
Naomi Foner (Running on Empty) wrote the screenplay and will direct.
Producers are Gale Anne Hurd and Hawk Koch.
The story is about two recent high school graduates who try to lose their virginity during one summer in New York City. Their friendship is tested when they both fall for the same charasmatic guy.
The film will shoot in September.