Having just received the final approval from the Board of Standards and Appeals, developer Patrick Thompson is moving ahead with plans to turn the landmarked RKO Keith’s Theater in downtown Flushing, Queens into a 17-story, 357-unit residential rental complex, according to Crain’s.
“I am very delighted and look forward to starting construction,” Thompson said.
At the close of last year, Thompson submitted his plans to the board, which included a modification of plans that had been submitted by its previous owner. The new proposal included increasing the number of units from 200, increasing parking spaces inside the building to 385 from 229 and increasing the retail square footage to 17,000 from 11,000, according to Crain’s. [more]
Posts Tagged ‘rko keith’s theater’
-
-
The Manhattan developer who has plans to turn Flushing’s landmarked RKO Keith’s Theater into a mixed-use apartment building is looking to bulk up his proposal with nearly twice as many units and parking spots as originally announced, according to the Daily News. While he has yet to file an application to adjust his plans with the city’s Board of Standards and Appeals, Patrick Thompson, who bought the 389,000-square-foot property for $20 million earlier this year, is said to be considering upwardly revising his proposal from 200 to 370 apartments and using car “stackers” in the planned garage in order to increase its usable parking space. A revision would mean more delays for the long-vacant theater, which closed in 1986. It had previously belonged to embattled developer Shaya Boymelgreen. who purchased it in 2002 with the intent of converting it to condos but lost it in a friendly foreclosure last year. [NYDN]
-
Flushing’s landmarked RKO Keith’s Theater, which Shaya Boymelgreen lost in a so-called friendly foreclosure last year, sold this week for $20 million to Manhattan condo developer Patrick Thompson, Crain’s reported. Thompson, who hasn’t yet decided on the future of the long-vacant but once-famous theater on Queen’s Northern Boulevard, said he paid the price of Boymelgreen’s loan for the 389,000-square-foot building. Potential uses include a condominium or a nursing home, he said. Boymelgreen bought the building in 2002 for $15 million with the intent of converting it to condos. [Crain's]
-
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]
