Developer JK Equities is moving forward with plans to build atop the landmark RKO Keith’s Theater in Flushing. Except the 350 apartments are now destined to become condominiums, instead of the rentals originally planned.
The theater at 135-35 Northern Boulevard, which was built in 1928 and landmarked in 1983, has been empty since 1986, despite a couple failed development projects. JK Equities, which has a track record of redeveloping historic properties, acquired the building in December for $30 million. Construction is expected to start next year, Crains reported.
In addition to the apartments, plans call for the 17-story building to contain 23,000 square feet of retail space and 385 parking spaces. The decision to turn the building from rental to condos was motivated by Flushing’s shifting terrain.
“The market in Flushing has changed from three or four years ago,” a spokesperson for JK Equities told Crain’s. [Crain’s] — Sasha von Oldershausen