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A new future for RKO Keith’s Theater, by Xinyuan Real Estate

The RKO Keith’s Theater in Flushing

A new life for a classic

After many years of planning, the RKO Keith’s Theater in Flushing, Queens, is changing. Developers will transform it into a multifamily property.

Back in August 2016, Xinyuan Real Estate acquired the site for $66 million. Xinyuan Real Estate is the last in a series of seven owners since 1984. That was an important year for the theater, since it was designated as a historical landmark.

Furthermore, all of those owners tried to redevelop the property and update it into a condo or apartment buildings, but Xinyuan is the first to actually start construction

As of right now, the project Xinyuan has will contain 269 condos, retail spaces on the ground floor and several community areas. The contractor for this whole operation will be Gilbane Construction Co.

From the RKO Keith’s Theater, Xinyuan will preserve the ticketing lobby and the grand foyer. Everything else will be brand new.

Further Xinyuan plans

This is not the only current project in the city for the Chinese developer. The firm also has a condo development in Hell’s Kitchen. The first project the company had in New York City was the Oosten in Brooklyn. Furthermore, this building was in the top five best-selling ones in all five boroughs last year. [Bisnow]