Fereydoun Khalili pays $3.4M for former RKO Keith’s theater in Richmond Hill

Fereydoun Khalili through the entity Hillside 2618 LLC paid $3.4 million to Helene Gross through the entity 117-07 Hillside Ave. Realty Corp. for the former RKO Keith’s movie theater location at 117-07 Hillside Avenue in Richmond Hill, Queens. The property is not a city landmark.
The deal closed on January 21, 2022 and was recorded on February 8, 2022.
The property has 24,676 square feet of built space and 16,742 square feet of additional air rights for a total buildable of 41,340 square feet according to PincusCo analysis of city data. The sale price per built square foot is $138 and the price per buildable square foot is $82 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Helene Gross was Helene Gross. The signatory for Fereydoun Khalili was Khalili Fereydoun.
Prior to this transaction, the buyer Fereydoun Khalili purchased one property in one transaction for a total of $2.3 million and sold one property in one transactions for a total of $2.7 million over the past 24 months.
The seller Helene Gross had not purchased any other properties and had not sold any properties over the same time period.

In Richmond Hill, the majority, or 51 percent of the 14 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 12 percent of the space. In sales, Richmond Hill has the 39th highest sale turnover among other neighborhoods in Queens with $16 million in sales volume in the last two years. For development, Richmond Hill has had very little major development activity relative to other neighborhoods.It had 177,095 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 46 percent of the 94,086 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 28 percent of the space.
Within a 400-foot radius of 117-07 Hillside Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on November 17, 2021 for the $2.8 million renovation of 39,723-square-foot R-2 building with 36 residential units at 86-20 116th Street.

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