Landmarked Queens Movie Theater Sold

Plans call for a 389,746-square-foot mixed-use project to replace the RKO Keith’s Theater.  Credit: JK Equities.

NEW YORK CITY — JK Equities has sold the RKO Keith’s Theater, in the Flushing section of Queens. The property, at 135-35 Northern Blvd., was purchased by Xinyuan Real Estate for nearly $66 million. The once celebrated cinema palace has been idle for 30 years and reportedly is ready for redevelopment. Approved and permitted plans call for an approximately 389,746-square-foot mixed-use project featuring residential, retail and community facility components. The project is said to be shovel ready and fully qualified for the 421a real estate tax abatement as its foundation was laid before the program expired. Cushman & Wakefield’s Bob Knakal, chairman, New York investment sales—along with Stephen Preuss, executive director, capital markets and Jonathan Hageman, director, capital markets—exclusively represented JK Equities. Albert Benalloul of RLTY NYC represented the buyer. “The wave of new development occurring in Flushing has truly revitalized the area and the rebirth of this celebrated structure will only continue to drive this growth within the neighborhood,” says Knakal. “Flushing, as much as any other neighborhood in the city, has attracted a massive amount of interest from foreign investors.” The property offers nearly 160 feet of frontage along what is a heavily trafficked pedestrian corridor, allowing for multi-level street retail. In addition, plans call for a curb cut on Northern Boulevard, providing an entrance to the 305 parking space garage. The valet-serviced garage also features an exit curb cut on Farrington Street, creating an efficient parking scenario. Due to the landmarked nature of the asset, the ticket booth lobby and grand foyer are required to be preserved in accordance with Landmarks Preservation Commission approvals, which already have been granted.