Out With The Old and In With The New, Historic RKO Theater in Flushing Is Being Replaced With Condos
RKO theater located on 135-35 Northern Boulevard in Flushing Queens, has been purchased for $66 Million. The buyers, Xinyuan Real Estate, a Chinese based real estate developer plan to transform the theater into a 269-unit residential building with 2 floors of retail. This is not the first time Xinyuan has been in the news, Currently they have the Manhattan Garden Hudson Project and the New York Oosten Project which will be completed later this year.
“We are very pleased to be developing our third major project in the New York residential real estate market. The location for this project in downtown Flushing is ideally situated particularly as there is a shortage of inventory in the higher-end condominium segment,” said Xinyuan Chairman Yong Zhang, quoted by Real Estate Weekly on Monday. “Given the location of this project, we expect it will be appealing to both local and foreign buyers and investors. We believe our new project will become a unique site in downtown Flushing and a successful project for our company.”
RKO Keith’s Theater, a historic movie theater that opened on in 1928, has been a Queens go to spot for many years. Recently it has become an eyesore, with the surrounding neighborhoods developing modern condos, there was no room for the once historic theater. The former owner of the theater. Jk Equities, which purchased the theater in 2013 for an estimate $30 million, has had the theater on the market since last February.
This deal signifies a major push in luxury development in Flushing and especially in downtown flushing where the need for new luxury development is in high demand.