That’s the big news of the day, but we’ll believe it when we see it. The Post reports that New York-based developers JK Equities snatched up the RKO Keith’s Cinema building in Flushing for $30,000,000, with grand plans of development. The theater, vacant for more than 20 years, will someday be a 17-story, mixed-use apartment building. No word on the construction timeline.
The RKO Keith’s Theater has a long history of controversy and failed development attempts. The infamous Flushing developer Thomas Huang was found guilty of partially gutting the landmarked interior and dumping 10,000 gallons of oil in the basement here. The building then moved on to Shaya Boymelgreen, and the city approved his plans for a mixed-use build. Boymelgreen lost the building during the recession, and the bank sold the building to Patrick Thompson for $20,000,000. Thompson worked out a plan to build as much as 407,000 square feet, 357 apartments, with retail and community facility space. He sold the theater to JK Equities, who plan to follow through on Thompson’s old plans. According to the Post, the company has experience redeveloping historic sites.
$30M Sale for Flushing’s RKO Keith [NY Post]