A Manhattan condo developer paid $20 million for the landmarked RKO Keith Theatre in Flushing. The deal was arranged by the bank that holds the mortgage which was taken out by the former owner, troubled real estate investor Shaya Boymelgreen.
Patrick Thompson said he hasn't decided what to do with derelict property on Northern Boulevard that has stood vacant for nearly 25 years. Options he is considering include building a condo or nursing home on the site. Mr. Thompson said Doral Bank, one of his lenders, contacted him about buying the property after Mr. Boymelgreen defaulted on the loan.
“I picked it up for the price of the loan,” said Mr. Thompson. “I saw a real economic opportunity here.”
Mr. Thompson says he can build a 389,000-square-foot building.
“It is going to be good for the community to have something in the location,” said Craig Price, a lawyer for Mr. Thompson who worked on the deal.