Friday, May 30, 2008

RKO Keith's of Flushing has $31.5M pricetag

Massey Knakal Realty Services has taken over the exclusive listing of the historic RKO Keith's Theater in Flushing from rival brokerage Eastern Consolidated, offering the site with approved development plans for $31.5 million.

The RKO Keith's Theater at 135-35 Northern Boulevard is owned by Boymelgreen Developers, which purchased the site in 2002 for $15 million.

Flushing City Council Member John Liu, a Democrat, said the owners have been pricing the site too high. He said potential developers have sought him out to determine if additional variances could be applied to make the property more valuable, which he opposes.


Massey Knakal lists RKO site in Flushing for $31 million

The site has approved plans for a 16-story, 390,000-square-foot residential and commercial high-rise with 200 apartments, 229 parking spaces, 10,175 square feet of ground-floor retail and 15,100 square feet of community space for a senior center.

Boymelgreen took out an additional $13.4 million mortgage against the property in April, according to city property records. The company did immediately not return calls for comment.

The building's lobby and the grand foyer were designated as interior landmarks by the city Landmarks Preservation Commission in 1984.

12 comments:

Anonymous said...

maspeth mom says

thats a lovely depiction of the RKO - but it looks more like Oz than Flushing. Where are the half million individuals who live there and the signs all in foregein language that looks like some deranged doodler took over.

Anonymous said...

The whole freakin boro has a pricetag.

Anonymous said...

Just what the 7 train needs. Thousands more people in Flushing so that the trains are jammed when they LEAVE Main Street.

jerry rotondi said...

Tommy Huang originally paid 3.4 million dollars for the theater
back in 1986.

Boymelgreen later paid Huang approximately 14 million dollars to buy the theater from him.

In this economy Boymelgreen
would be lucky to get an even return on his original investment.

Most likely, he'll get far less.

I hope that CB#7 and Councilman Liu's office will be wary of any attempts to have the partial landmark designation of the Keith's overturned on the Boymelgreen
organization.

The Commmittee to Save the RKO Keith's Theatre of Flushing Inc. will certainly be carefully watching as we have for the past quarter of a century, in continuing fulfillment of our original commitment!

Anonymous said...

The plans that are being spoken of
as "pre-approved"(if in fact they actually are and not the usual
real estate broker's babble)
have got to be the EXACT SAME ONES
that Boymelgreen submitted before he wanted an additional variance
for an increased FAR.

Otherwise it goes back to the drawing board...community board review....LPC review....the whole ball game!

CB#7 voted down the additional changes and Boymelgreen chose not to go to the Board of Standards and appeals for his increased FAR.

He then, shortly afterwards, bailed out of the project due to a faltering economy.

Anonymous said...

So,
potential developers are seeking out Liu!

Johnny will "do his best" in helping to obtain a "variance" for this site so that one of his Taiwanese builder/buddies can complete the job of destroying what's left.

And how much will they be contributing to his run for NYC comptroller in exchange for selling out the Keith's?

Anonymous said...

May 31 anonymous - Do you mean to say you support destroying what remains of a wondrous theater, so people such as Boymelgreen and Liu can have their way? Then Huang will also have his dream come true.

I say groups should collaborate, restore and rebuild the Keith's, and reopen it as a performing arts venue. They can also build above. Remember, this was designed by the Thomas Lamb.

jerry rotondi said...

Correction:

12th line down should read,
"...overturned on the basis of hardship by the Boymelgreen organization"."

Anonymous said...

The estimate for restoring the Keith's ticket lobby and grand foyer alone comes to about 20 million dollars!

Boymelgreen estimated about 80 million dollars for their entire project.

Does the anonymous poster
who wants the theater fully restored and turned into a performing arts center
have access to the mega funds required for such a Herculean undertaking?

Put up or shut up!

I'm totally in sympathy with your cause but money talks and bullshit walks!

Where were you in 1986
when the Committee to Save Flushing Keith's Theater proposed the same
goal...when it was far more financially feasible?

Let's face it, the community got screwed with a raw deal
and a partial designation.
The remains of the Keith's are in shambles.

I guess you weren't present at the Boymelgreen hosted tour as I was.
I was sickened by the sight.

It's now time to move forward with something realistic before the
landmarked areas crumble as well.

jerry rotondi said...

I'm still waiting for Tom States to call me regarding the Keith's.

You asked for and were given my telephone number over a year ago.

Anonymous said...

The Flushing Historical Ass-occation is at fault for this UuckFp. Now it's time to tear down the eyesore, it's not the RKO Keith's anymore.
As was said "Money talks and Bullshit walks" Nothing is forever and that goes for the Keith's. It will never look like the artist rendering.

Anonymous said...

Now that Keith Theatre need some donations to restore its original structure. Any haters want to spare some change? I know all the haters talk alot about crappy buildings. Now its your time for you to make some action.