Beijing-based Xinyuan Real Estate has acquired the dilapidating RKO Keith’s Theatre, of which the interior is an individual landmark, at 135-35 Northern Boulevard, in downtown Flushing, for $66 million. Xinyuan plans to redevelop the property into a 16-story, 269-unit mixed-use building dubbed Flushing Square, Real Estate Weekly reported. The project will encompass 372,598 square feet and will host retail space on the ground and second floors. Pei Cobb Freed & Partners will be responsible for the design. Although redevelopment plans were first filed as far back as 2003, the new architect will likely file new permits with the Buildings Department. Regarding the landmarked interior, Pei Cobb Freed will also have to seek approval from the Landmarks Preservation Commission if the firm’s vision differs from those previously approved plans. The site was placed on the market earlier this year after the previous owners, JK Equities, acquired it in 2013 for $30 million.
Xinyuan Real Estate
XIN Development, the American arm of Chinese builder Xinyuan Real Estate, is pushing forward with its second major condo project in New York City. The Beijing-based firm filed plans for a seven-story apartment building at 615 Tenth Avenue, between West 44th and West 45th streets in Hell’s Kitchen.
Back in November, XIN Development, the U.S. branch of Beijing-based Xinyuan Real Estate, entered into contract to purchase the development site at 615 Tenth Avenue, between West 44th and 45th Streets in Hell’s Kitchen. Now, the developer has closed on the site for $57.5 million, and a mixed-use building with up to 90 condominium units is planned, according to The Real Deal. It will include mostly one- and two-bedroom residential units, as well as 20,000 square feet of retail space. The property is currently home to a Hess Express gas station, which must first be removed.