The novel is set in 1920s New York City and follows a group who must use their amazing gifts to stop a rash of occult-based murders which have rattled the city. Libba Bray will adapt the screenplay herself and executive produce.
The book is the first in a planned four-part series, which will be published in September by Little Brown Books.
Josh Schwartz and Stephanie Savage's Fake Empire production company is best known for their TV shows such as Chuck and Gossip Girl. Josh Schwartz makes his feature directorial debut later this year with the comedy Fun Size, arriving in theaters October 26.