Toby Klein of Muss Development in front of a model of Sky View Parc, a massive mixed-use development in Flushing.

From the January issue: In the incredibly dense neighborhood of Flushing in northeast Queens, a new crop of luxury condos has quietly sprouted.
Unlike other parts of the city, where developments conceived during
the boom have been converted to rentals, these new condos remain sales
developments. And they seem to be holding up better than other parts of
the borough, thanks, in part, to demand from a vibrant local Asian
community and recession-friendly prices. Although upscale condos still remain a fraction of Flushing’s
housing stock, new developments such as Sky View Parc, Residence 8, and
the Sequoia are slowly starting to reshape the neighborhood, the last
stop on the number 7 subway line.

A Midtown-based real estate investment firm is in negotiations to take control of the troubled RKO Keith’s Flushing Theater from Boymelgreen Developers by the end of the year. Venator Capital has agreed to purchase a $20 million note secured by the Flushing, Queens, property located at 135-27 Northern Boulevard from Doral Bank, said Sam Suzuki, a principal with Venator, ultimately giving the company full control of the theater. Investors affiliated with Venator are active in the Bronx as well, where they are in contract to buy 16 mostly rent-regulated apartment buildings owned by Ocelot Properties, after buying six earlier this year. The RKO Keith note purchase would be followed by a so-called friendly foreclosure in which Boymelgreen would sign over the deed to the new owner without a protracted court proceeding, Suzuki said. [more]