Flushing theater to begin second act

NGKF Capital Markets has completed the $30 million sale of the 85-year-old RKO Keith’s Theatre in downtown Flushing, New York.

The landmark theatreat 135-35 Northern Boulevard, will be redeveloped into a mixed-use residential development that will anchor the continued rejuvenation of downtown Flushing.

The seller was Northern RKO LLC, owned by Patrick Thompson. The buyer was Flushing Square LLC headed by Jerry Karlik. Kenneth L. Zakin, senior managing director of NGKF Capital Markets, represented both parties in connection with the transaction.

In 2011, the property was approved by the Board of Standards and Appeals (BSA) for the development of a 407,173 s/f 17-story, mixed-use complex containing as many as 357 residential units, 385 parking spaces, 17,000 s/f of retail space and a community facility dedicated to seniors.

The theatre’s landmark ornate lobby will be preserved in connection with the redevelopment of the property. The development team intends to redevelop the property in accordance with the plans as approved by BSA and the community.

“The opportunity to redevelop the property into a mixed-use luxury residential development is now in the hands of an experienced and well-capitalized team that has the expertise and experience to redevelop this historic structure,” said Zakin.