Photo: Wikimedia Commons
The former RKO Keith's Theater in Flushing was just purchased for $66 million.

As one movie house goes out, a multimillion-dollar condominium is coming to Flushing in the near future.

Xinyuan Real Estate, a New York Stock Exchange-listed real estate developer and property manager, recently purchased the old RKO Keith’s Theater in Flushing for a hefty price of $66 million. The former movie house, located at 135-35 Northern Blvd., will be transformed into a 269-unit residential building.

The condos will be developed at estimated 372,598 square feet and are being designed by architecture firm Pei Cobb Freed. Upon completion, the property will be constructed with retail space at the ground level and second floor.

“We are very pleased to be developing our third major project in the New York residential real estate market. The location for this project in downtown Flushing is ideally situated particularly as there is a shortage of inventory in the higher-end condominium segment,” said Xinyuan Chairman Yong Zhang, quoted by Real Estate Weekly on Monday. “Given the location of this project, we expect it will be appealing to both local and foreign buyers and investors. We believe our new project will become a unique site in downtown Flushing and a successful project for our company.”

The China-based Xinyuan company anticipates the Flushing redevelopment to begin after its Oosten project in Williamsburg concludes later this year.

RKO Keith’s Theater, a historic movie theater that opened on Christmas day in 1928, has been vacant for over three decades. According to Crain’s, the former owner, JK Equities, put the property up for sale last February. The firm originally bought the space for $30 million in 2013.

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wansor August 01, 2016 / 09:55PM
It is about time. No one wanted to fix an old movie theater. No one goes to the movies that much anymore. They stay at home and watch movies at home. It sat there for over 30 years, an eyesore. If somebody, or the community wanted to save it, then you you all should have started an organization to get it done. And if you did, and you could not get the community to care enough to get it done, then so be it. At least now we will have something new. Something that brings revenue to the city.
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wansor August 04, 2016 / 21:38PM
Meli, it was used as a movie theater for quite some time.

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wansor August 04, 2016 / 21:23PM
It was never fixed Meli because no one wanted to pay for the fix: private or public. As for the multiplex in college point, building that was cheap compared to what it would have cost to restore the theater to its former glory.

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Meli August 04, 2016 / 14:55PM
Yes people do go to the movies and if they don't it's because there's a multiplex cinema not too far from there. Also it was never a movie theater it was a theater that produced dramas and plays and it was amazing and it was never fixed due to the townhall about a block away from there

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wansor August 03, 2016 / 17:10PM
I live in Flushing. I have been staring at this eyesore for 25 years. Do you understand the concept of revenue? As in collecting taxes on property? Collecting taxes on business?

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Andre DeSouza August 03, 2016 / 00:51AM
Revenue to the city??? Where do you live?


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Maria Koch August 01, 2016 / 07:34PM
it's great to see that historic landmark buildings can just get sold for millions of dollars and forget about keeping the promise that parts of the theatre would be saved!
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Steven Katz August 01, 2016 / 07:04PM
Excuse me, but that is a landmarked building, which one of the former owners trashed in violation of many laws. How can they NOW just tear it down and build anew?
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DB August 02, 2016 / 18:36PM
It is a shame. An example of rewarding bad behavior. I've noticed that other areas, like Brooklyn, care about their landmarks. Not here. For example, look at the Trylon movie house on QB.

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Gabriel Espinosa August 01, 2016 / 19:00PM
You really think the city cares? As long as their pockets are lined with cash they don't give 2 flying shits.


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