Foreclosure sale date set for Flushing RKO theater with $41M judgment, Maverick holds note
135-35 Northern Boulevard (Credit - Cyclomedia)
A court-appointed referee set a foreclosure auction date of August 15 for the former RKO Keith’s Theater building at 135-35 Northern Boulevard in Flushing Queens, which has a judgment of $41.2 million. Maverick Real Estate Partners, which holds the note, lent the developer Xin Development Group International $34.4 million in October 2022. Then just nine months later, Xin was allegedly in default and in July 2023 Maverick initiated the foreclosure process.
Court filings represent the position of one party and are not necessarily accurate or complete.
Case 714953/2023 LINK
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The property
According to city public data, the property has received two DOB violations, $1,000 in ECB penalties, and $2,280 in OATH penalties in the last year.
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $2 million money judgment concerning a project management filed on September 29, 2023, by Kuafu Properties against Xin Development Group International.
The neighborhood
In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has near average sales volume among other neighborhoods with $618.1 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has near average amount of major developments among other neighborhoods and is the 2nd highest in Queens. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 22 commercial properties representing 111,789 square feet of the 259,631 square feet. The largest owner is Bryant Sui, followed by Kin Chau Cheng and then Sunlight Development Group. On the tax block, there was one new building construction project filed totaling 96,536 square feet. It is a 96,536 square-foot business (B) building submitted by Orrin Feingold with plans filed December 26, 2018 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Xinyuan Real Estate Co. owned at least one commercial property in New York City with 80,541 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Queens.
The surrounding
Within a 400-foot radius of 35-24 Farrington Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Ken Huang and Linzhong Zhuo borrowed $12 million from Amerasia Bank secured by 40 condo units in the zero-square-foot, 71-unit mixed-use building (RM) on 134-16 35th Avenue on April 26, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.