Monday, May 4, 2009

Will developer donate the RKO Keith's?

From the Daily News:

Representatives of Brooklyn developer Shaya Boymelgreen insisted he "would not consider a sizable reduction" on the price tag nor making a donation of the historic RKO Keith's theater in Flushing.

But far-flung fans of the landmark movie house - who want to transform it into a multicultural performing arts center - think Boymelgreen may change his mind, given a host of publicized financial woes.

The Israeli business newspaper Globes reported Monday that Boymelgreen was nearing a debt-rescheduling deal with his firm's largest creditor, Mizrahi Tefahot Bank, because he can't afford an upcoming $2.4 million interest payment.

Globes also reported that Boymelgreen investors are expected to convert part of their bonds into shares, diluting Boymelgreen's 89.8% stake in the company.


jerry rotondi said...

Just like the walls of Jericho...Boymelgreen's asking price for the RKO Keith's will come tumblimg down!

poltergeist said...

If his company winds up in receivership Boymelgreen's only options might be to donate the Keith's for a tax write off or watch it go for peanuts on the auction block!

Ever notice how those who wished ill for that theater wound up with bad luck?

Maybe the place is haunted like
many have said!

It only goes to show you...don't ever try and f---k with those venerable vaudeville spirits!

Anonymous said...

One thing for sure a cheap "REMAX" banner hanging on the building, like it's a used car lot, indicates a degree of desperation on the part of the owner...wouldn't you say?