The fabled but long-shuttered RKO Keith’s cinema building in Flushing, NY, has been sold to a well-heeled developer for $30 million, The Post has learned.
The deal climaxes a 25-year saga of scandal and failure by previous owners of the Queens building.
New York-based JK Equities, headed by Jerry Karlik, plans to build a 17-story, mixed-use apartment tower on the site at 135-35 Northern Blvd. at the corner of Main Street.
The plans conform to city approvals granted years ago to a prior owner, Shaya Boymelgreen, and later amended for another owner, Patrick Thompson — who sold the property to JK Equities, which is experienced in redeveloping properties with historic character.
Newmark Grubb Knight Frank Capital Markets senior managing director Kenneth Zakin, who worked both sides of the deal, said, “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 85-year-old movie palace’s ornate, “Mexican baroque” lobby and lounges were designated as a protected city landmark in 1983. But the theater closed three years later and was sold to Thomas Huang, who pled guilty to illegally gutting part of it and dumping 10,000 gallons of oil in the basement.
The building was later acquired by Boymelgreen, who received city approval to develop apartments on the site.
But he lost it to Doral Bank in the recession. In 2010, Doral sold it to Thompson for $20 million.
Under revised terms agreed to by Thompson, City Hall and Flushing community leaders, the 407,000-square-foot project can include up to 357 apartments, 17,000 square feet of retail space and a community facility dedicated to seniors.
That is the plan Karlik intends to follow through on. The lobby will be restored under Landmarks Commission supervision.