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Flushing Development Plan Underway with Purchase of Old Theater

January 12, 2014

RKO Keith will become 17-story tower if plans go well

In a move that many hope will be the beginning of the revitalization of the Flushing neighborhood in Queens, the long-empty RKO Keith’s theater building was purchased for $30 million. The buyer, Jerry Karlik’s JK Equities plans to build a 17-story multipurpose tower at the 135-35 Northern Boulevard location.

The previous owner was investor Patrick Thompson. Thompson had purchased the theater in 2010 for $20 million from the Puerto Rico-based Doral Bank.

Kenneth Zakin, who represented both parties in the sale, said that “the building, vacant for over 20 years, is the development linchpin of northern Flushing, and its rebirth will eventually drive growth for the whole area.”

The development plan has already been OK’d by the city and community leaders. It calls for a 407,000 square-foot building with 357 apartments, 17,000 square-feet dedicated to shopping and a place for senior citizens.

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