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Former RKO Keith’s Theater Receives $30M in Financing

Xinyuan Real Estate has approval to redevelop the Flushing, Queens property into a retail and condominium project and is reviewing its options.

Former RKO Keith's Theater at 135-35 Northern Boulevard in Flushing, Queens Former RKO Keith’s Theater at 135-35 Northern Boulevard in Flushing, Queens

NEW YORK CITY—The former RKO Keith’s Theater at 135-35 Northern Boulevard in Flushing, Queens, has received a $30 million financing loan from Madison Realty Capital. In July 2016, Xinyuan Real Estate acquired the property for $66.1 million from JK Equities, according the Real Capital Analytics. The online database notes the two-building, three-story structure totals 77,348 square feet and was originally built in 1928.

Xinyuan refinanced and cashed out equity on the unencumbered land to optimize its capital structure prior to beginning construction. The site is currently approved for an approximately 350,000-square-foot retail and condominium project. But the developer states it is currently weighing several options to further improve its business plan to meet the current demands of the Flushing market.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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