“This project has been a long time coming,” Nussbaum said. “We’re hoping that this group will finally put a shovel in the ground.”
Plans to build a 17-story mixed-use apartment tower at 135-35 Northern Boulevard remain the same, Nussbaum said.
The 400,000-square-foot project site still includes 357 rental apartments, 360 parking spaces, stores and a community center.
JK Equities has also committed to restoring RKO Keith’s landmarked lobby.
“The only thing that’s being changed is the ownership,” Nussbaum said. “This will be the tallest building in Flushing when it is completed. That building will just jump right out and give Flushing an incredible landscape.”
The project to transform the long vacant and deteriorated building has been in the works for 25 years.
This is the third title change since 2002, when notorious developer Thomas Huang sold the building he heavily damaged to real estate investor Shaya Boymelgreen.
Boymelgreen later failed to make mortgage payments, allowing Thompson to buy the foreclosed property from the bank for $20 million in 2010.
The theater opened in 1928. Witnessing the end of vaudeville, it closed in 1986.
It is unclear when work will begin, Nussbaum said.