When Xinyuan Real Estate paid $54 million for a Williamsburg development site in 2012 with plans to build a luxury condominium, the project was heralded as the first go-it-alone venture by a mainland Chinese firm. Two more deals — including last summer’s $66 million acquisition of the RKO Keith’s Theater in Flushing — gave the publicly-traded firm nearly 1 million square feet of New York condo product in its pipeline.
But in recent weeks, the company has dismantled the team running its U.S. development arm, known as XIN Development, several sources told The Real Deal. And following the departure – some were let go, others moved on – of several key executives, XIN has turned over the management of three New York City projects to Kuafu Properties, a four-year-old development firm backed by Chinese private equity.
Precise terms of the deal with Kuafu weren’t disclosed, but Xinyuan said it would retain ownership of the projects.
Sources said that headwinds in the condo market could impact the developer’s other projects — specifically an ambitious plan to redevelop the long-shuttered RKO Keith’s Theater. “The project is stalled and there are landmark issues,” said a broker who has worked with Xinyuan.
After paying $175 per foot for the site in August 2016, plans called for tearing down most of the theater and building a 16-story condominium with 269 luxury units, priced between $1,150 and $1,300 per foot.
But just a few months after announcing the deal, Liang said he saw “danger” in the U.S. real estate market. “With its seven- to eight-year cycle, you get a sense now that it’s peaking,” he told the Wall Street Journal.
31 comments:
twenty years ago congressman Ackerman could have brought federal funds to rebuild the RKO Keith, but he didn't. Meng could do the same, but she's not going to. Don't we have enough high-rise condo buildings in Flushing?
Not sure when the Keith's was destroyed--1970's? 80's? I predict it will never be restored.
More shady deals.
More shady deals for sure !!!
With Da'Blassole re-elected you can bet your ass the original plan has been scuttled. (and by design as planned)
Its going to end up a 80+ floor mega tower just watch, they will bust the zoning and the dam wide open.
Asians are smart, and have plenty of "bag money" In 2017 you have plenty investors in China with an extra $500L lying around to buy a green card to live in front a transportation hub, shopping, countless Asian cuisine and free education for as many kids as they can have.
Remember Da'Blasshole is stupid as democrats are crooked and only want tributes to themselves. Renaming bridges, roads, paths, steps, parks and buildings for example.
Do the $$ math + logistics + mentality = "Long Island City part 2"
All courtesy of the EB5 direct investment green cards and stupid easily fooled -voters.
**HUGE Asian barracks coming**
Collect all the online petition signatures you want. They mean nothing. Keith's will never be restored. Money talks and petitioners walk. All the horses and all the Kings men shall never put Humpty Dumpty together again!
If the Keith's should be restored, who would attend? RIP RKO 2017!
An FBI investigation is needed to investigate money laundering here.
How come CB7 has never demanded a full federal investigation here? Because they hold their positions by bowing to their real estate industry handlers. If these bobble heads protest, they get bounced from the board! Apelian is REBNY's chief honcho!
When Julia Harrison launched investigations, they tried to brand her as anti Asian...she still won a second term , despite the tar and feathering, with a rousing 65% of the vote.
Happy holidays!
The Keith's opened on X-mas day in 1928.
Will what's left of it survive to 2018?
This is worse than a "Chinese fire drill"!
From Huang to worse! Meng has the power to promote NYC taking it through eminent domain. But she won't. Her countrymens' interests come first before the people! CB7 just continues to go through their tou government motions until the remains of RKO crumble into dust! REMOVE CHUCK APELIAN AND GENE KELTY!
And.....what is the source of this private Chinese equity? Hmmmmmm? Smells like a red herring! C'mon, you sharp FBI agents, follow the $$$$$$$ pipeline! It used to run through Canada (Toronto).
So Xinyaun moved money from China to NYC. Wasn't that's what it was all about?
Chinese laundry business has Gone from shirts to money! Koo, Meng , and that notorious Stavisky do nothing dynasty, will ensure Keith's demise.
The China syndrome: move yuan to USA. Buy real estate. Drop project! 5 Chinese owners. Big plans. Little money to follow through.
"If the Keith's should be restored, who would attend"
Easy Guess" Maybee 15-20 whiteheads from the diner for the grand opening. Then nobody.
In the days of cheap Samsung 3D home theater and shitty movies nobody's coming out to spend $10 -$20 a person to sit in a shitty little seat watching "Star Wars XVII with your $12 popcorn, Twizzlers and cokes.
Dummy! Now it's too late for the Keith's but the original idea in 1996 was to make it a performing arts conference venue. Nobody ever said return it as a movie house!
CB7 sits around doing as little as possible RE Keith's! Crocodile tears are their specialty. Or it's their usual, "as of right" mantra. They are AS OF WRONG on most ALL issues.
C'mon. When they remake Rambo and goodfellas with an all female cast dont ya wanna see it on the big screen? There's nothing like the big screens
"democrats are crooked and only want tributes to themselves"
No shit, just like the current fiasco up in New York with re-naming Tappen Zee Bridge "The Coumo Bridge"
Didn't tax payers vote and pay for this build project, and will continue too through toll taxes? Didn’t a big chunk of the funding come from a FEDERAL grant?
That Tappen Zee (a Dutch name) is OUR fucking bridge. America’s bridge. New York’s bridge and history since 1952 why the suddenly need to change now ?
Last I checked, Dur Kommissar Mario Cuomo and his family did not personally contribute hundreds of millions to its construction.
-Ned
www.nra.org
""There's nothing like the big screens"'
What big screens?
The partition the space into 4, 6, 8 rooms with a small screen and a DLP projector. The contrast ratio outright SUCKS, so does the sound (and surroundings) You cant have booze or breathing space.
The Warriors was great, old B&W 50s Monster flicks, as the farewell Black Sabbath Concert. Margo Robbie was good in Suicide Squad (but that was about it for that movie).
My 65 inch Samsung LED TV and 5.1 sound blows anything I can get in a movie theater away. I can stay home in my lazyboy, bean bag chair, floating sofa love seat and drink with a date or friends, make special mushroom movie tea and do whatever we want.
Its the only way to watch today's lousy movies.
Other Bonus points:
One doesn't have to risk being shot, bringing home Mexican TB, Hong Kong flu, lice & bedbugs, screw that! Include boycotting all the dozens of Harvey Weinstein's & liberals in Hollywood.
It's gonna be left to rot until there is nothing to save and the only thing to be done is condemn it and tear it down.
Big screen at Lorws Jersey, Journal Square Path stop. About $10.....feature silent film (35mm projected) accompanied on theatre pipe organ. 50 foot screen! They saved the Lorws as a performing arts center. Could have had it in Queens if it weren't for some crooked Democratic clubhouse pols. Blame Claire Shulman! 1986 SHE REFUSED to support the reinstatement of the FULL ORIGINAL INTERIOR landmark designation that her boss Donald Manes scuttled!
Stop your griping and sit on the hands of Koo, Meng and CB7 to move their lazy fat asses into finding money to restore the Keith's lobby and grand foyer! Squeeze the nuts ((except for Meng, that is) of your politicians to do something instead of posting and collecting USELESS petition signatures!
AMEN!
Grace Meng....are you or one of your stooges reading these posts?
It's nice that you were on stage last night at the OSQ holiday concert promoting culture(and yourself). WTF do you intend to do about this three decade RKO Keith's debacle? Hmmmm... We're not holding our breath. With a crooked convicted felon like your father, what can we expect of you?
No use prodding Chuck Apelian or Gene Kelty to do anything! Those lazy butt do nothing's can be counted upon doing as little as possible as usual. CB7 is corrupt!
Let's call upon only Stavisky to the rescue. Yawn. Just like hubby Leonard. All show and no blow! Flushing is finished.
RKO might've been nice at one point, but the ship has sailed and energy should be focused elsewhere. The group that'll eventually plonk a glass box on top of the site said they'd keep the ground floor and facade intact (maybe)- that's as good as you'll get. It really was a beautiful building but Huang and a few hundred gallons of waste oil put an end that.
The real issue - foreign interests might be pulling out of an overheated market! A crash in prices and end to speculation (at least temporarily) would be absolutely fine by me. Unfortunately it always seems to come back.
BTW the Oosten (WTF kind of name is that?) actually looks pretty swank. Yay for all the rich wastes of air who'll live there. Better than the burnt out crack houses of yesteryear.
Did you ACTIALLY LIVE OR WORK IN FLUSHING BACK IN THE DAY YOU SAY IT WAS LITTETED WITH BURNT OUT CRACK HOUSES? Hmmmm! We doubt it monkey boy.
The shpre crash came back after years and s lot of dead bodies....financially speaking
^was referring to wmsburg waterfront area
Dump the dancing monkey. It makes you look like a doofus.
Then be more clear, Tommy E. Very muddled run on posts.
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