The story follows a married couple (Ben Stiller, Naomi Watts) who begin an unlikely friendship with a free-spirited younger couple (Seyfried, Adam Driver) who make homemade ice cream.
Noah Baumbach is directing from his own screenplay.
Scott Rudin will produce the film.
Production is now set to begin this fall in New York City.
The project has been in the pipeline for years James Franco and Cate Blanchett were set to star back in 2011, before they both dropped out.
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