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RKO Keith's Theatre
135-35 Northern Boulevard,
Flushing,
NY
11354
135-35 Northern Boulevard,
Flushing,
NY
11354
51 people
favorited this theater
Showing 551 - 575 of 1,324 comments
Every little bit helps. It would be better served it it came from the RKO group, but if you wish to do something on your won, not representing any particular group ,that also helps, I’m sure.
There are Press releases already going out on behalf of the Facebook and RKO Foundation, as well as news articles, so I think it would just muddle the issue. Any thoughts from the mob?
This is the direct link which contains commentary on the Queens Crap website:
View link
As stated in my e-mail, I have experience appealing to community boards, local politicians, and the NYC Landmarks Preservation Commission, as well as writing a press release to further promote the fundraising aspect and preservation ethic. What are your thoughts? Would it be okay to include the Paypal link? I will not proceed without your approval. Your 2 feasibility study proposals has great potential.
This is my appeal dating back to 2006, where I featured my friend and preservation colleague, Thomas Stathes. It contains some history: http://cinematreasures.org/news/14058_0_1_0_C/
Per the article below, the theater is about to be purchased. There si absolutely no constructive mention of the theater in the article. We don’t know if will be destroyed, restored, or incorporated into the new planned development. This story apeared today in The Real Deal (New York’s Real Estate monthly) If anyone else has any additional information, please share with us!
Boymelgreen RKO Keith’s note to sell for less than $20M
October 26, 2009 12:30PM
By Adam Pincus
A rendering of RKO Keith’s 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.
Venator 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’s 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.
“We have an agreement for the note and we just have to get certain due diligence done by the end of the year,” Suzuki said. The agreement was signed last week.
The note would be sold at a discount, but Suzuki would not disclose the price.
A senior vice president at Doral Bank, Kenneth DiGregorio, confirmed that negotiations were underway for the security, but, he too, would not disclose the price. An executive with Boymelgreen did not immediately respond to a request for comment.
The Bronx and Queens agreements are examples of long-awaited distressed sales being negotiated in New York City. Such sales have only trickled into the market despite sharp drops in property values.
Boymelgreen has been trying to sell RKO Keith’s since a dispute with local Community Board 7 in 2007 prevented it from altering approved plans. In the spring of 2008, commercial sales firm Massey Knakal Realty Services listed the parcel for $31.5 million. After not selling, Boymelgreen gave the exclusive to brokerage RE/MAX, which had it listed for $24 million.
Boymelgreen bought the property in 2002 from notorious developer Tommy Huang for $15 million, but by 2008 had borrowed $20 million against the property.
Plans approved by the city allow for the development of 200 residential units, 10,000 square feet of retail and 12,500 square feet of community facility space as well as 229 parking spots, city records show.
Venator plans to partner with a developer to build the project, but would not discuss what would be built or specific numbers of units or square feet.
“I can’t say anything until I get possession,” Suzuki said.
In the Bronx, an entity called BXP 2, an affiliate of Hunter Property Management, a company owned by Venator, is in contract to buy 16 buildings that were part of the 24-building portfolio owned by Ocelot.
That sale is pending approval by Fannie Mae, the mortgage giant that holds mortgages on the 16 properties, Suzuki said.
A Hunter Property entity called BXP 1 paid $13.54 million for six Ocelot properties in May, including 1268 Stratford Avenue, city records show.
Still for sale FAR 7.5 residential and commercial with parking (on paper at least)
The realtor in that ad is apparently the same guy on the banner hanging from the building in the photo posted July 8 by SWCphotography.
Here is a link to a real estate offering at 135-5 Northern Blvd. in Flushing NY:
View link
I had to watch it twice to catch the brief long shot of the Keith’s at the end of the street, at about :48 in. Had completely forgotten about Masters… is that the same store where Alexanders and then Caldor were later located? Also loved the Schaefer Beer train in a parade for kids…
Here’s a parade from 1969:
http://www.youtube.com/watch?v=epUg4uGSt3Y
Do you think the area has changed for the better?
In the basement alone were over 50 rooms, with everything that was needed to support large scale theatre performances. This area on the North side of the building had electricians, carpenters and contractor rooms, an animal room, laundry area, musicians room, band leader’s room, vaults, store rooms, stage ramps, library, stage hand and stage managers rooms. This was the coal delivery area:
In the basement alone were over 50 rooms, with everything that was needed to support large scale theatre preformances. This area on the North side of the building had electricians, carpenters and contractor rooms, an animal room, laundry area, musicians room, band leader’s room, vaults, store rooms, stage ramps, library, stage hand and stage managers rooms.
Hosted by the Queens Historical Society:
1957 night veiw from LIFE, View link
After seeing a show at the RKO Keith’s you could stand under the marquee and look out at Flushing with renewed imagination. Main Street and Northern Blvd, July 1, 2009.
Stores on the East side of the landmarked RKO Keith’s Lobby, from July 3, 2009. The black marble tile around the store entrance still intact from the original Hyde’s clothing store:
Wow, the building looks SOOO bad. Such a shame.
Aside from the for sale sign this view shows that the partnership of Jason and Sergio were the last team to work on the building
I must concur. They are marvelous photographs. Even though the RKO Keith’s Theatre had already been divided at the time of the photographs the building was still a sight to behold. The damage that has been done to this theatre is inexcusable.
George
Great photos posted on April 14. Thanks, Lost Memory. Photo 3 was a special kick, because I saw “Time Bandits” at this theater.
I wish this current owner would at least allow a photo session so we can all go in and take as many pictures are possible!
davebazooka, thanks for that link — great story. Nice to see the mainstream press giving it some attention. I think the text deserves to be posted here to be part of the record, in case that link ever disappears:
Queens preservationists hoping for reel deal on RKO Keith’s movie theater
BY Nicholas Hirshon
DAILY NEWS WRITER
Friday, May 1st 2009, 10:52 AM
Preservationists who want to buy a shuttered Queens movie palace are hoping its debt-saddled owner will lower the $24 million asking price to cut his losses – or even donate the structure to them for a tax break.
Representatives of Brooklyn developer Shaya Boymelgreen insisted he “would not consider a sizable reduction” on the price tag nor making a donation of the historic RKO Keith’s theater in Flushing.
But far-flung fans of the landmark movie house – who want to transform it into a multicultural performing arts center – think Boymelgreen may change his mind, given a host of publicized financial woes.
The Israeli business newspaper Globes reported Monday that Boymelgreen was nearing a debt-rescheduling deal with his firm’s largest creditor, Mizrahi Tefahot Bank, because he can’t afford an upcoming $2.4 million interest payment.
Globes also reported that Boymelgreen investors are expected to convert part of their bonds into shares, diluting Boymelgreen’s 89.8% stake in the company.
Boymelgreen brass told Globes that a bondholders' agreement was pending, but wouldn’t disclose details. Boymelgreen’s daughter, Bassie Deitsch, who is the group’s marketing director, refused to discuss the Globes story with the Daily News.
“He’s got so many problems,” said Flushing-raised comedian Ed Tracey, founder of the Friends of the RKO Keith’s Flushing. “If you look at what he owes, it’s almost better for him to donate it.”
Jerry Rotondi, a preservationist who is advising Tracey, figured the cash-strapped Boymelgreen would drop the price for the theater, which opened in 1928 and closed in the late 1980s.
“I don’t think he particularly cares who he sells it to as long as he gets the money,” Rotondi said. “My gut feeling is right now – it’s more than a gut feeling – is that it’s overpriced.”
ReMax broker Erez Daniel, who is representing the RKO Keith’s with colleague Kwan Cheung, said the two have fielded calls from potential buyers hoping to turn the perennial eyesore into everything from a mall to a 200-unit condo to a movie theater.
Daniel questioned the legitimacy of Tracey’s group, which plans to incorporate and earn nonprofit status. But Daniel said he remains “open-minded to all ideas.”
“If the right person will be coming in and will be interested in restoring the theater, nothing would make us happier,” he said.
Boymelgreen bought the theater from scandal-plagued landlord Tommy Huang in 2002.
View link
Yes, I do remember it was still open in the early 80.s Great photos. While the marquee didn’t look all that impressive in the daytime, it sure looked nice at night. Nice to see it still with movies on the marquee. Sad what just 10 more years did to the place.
Make that the 3rd floor windows, they may have been gone as early as ‘61 View link
Great find LM if you look closely you’ll notice that the cast iron enframement above the second floor windows has been removed. I wonder what year that was done?
Yes, as Ed Solero posted above on Feb. 16, 2003, the theater survived until 1986.