From The Real Deal:
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.
Ventor 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.