Located on the north side of Northern Boulevard at Main Street--the main intersection in Flushing--the RKO Plaza is a proposed development site with plans for a 16-story, 389,016-gross-sf mixed-use building with 200 residential units; 10,175 sf of ground floor retail; a 15,108-sf senior center; 229 parking spaces; and a grand glass entrance facing Main Street, which preserves the interior of the RKO Keith Flushing Theater. The bulk of the theater will be demolished, with the new building constructed over and around the lobby, grand foyer, staircase and ceiling. The adjacent structure will be razed to make way for the garage exit. Additionally, the property contains approximately 35,300 rentable sf.
At 16 stories, the RKO Plaza would, according to a prepared statement, become one of the largest and tallest residential developments in Flushing, with unobstructed panoramic views of Shea Stadium/Citi Field and the Manhattan skyline. Massey Knakal Realty Services has been retained to sell the site.
Massey Knakal broker Greg Corbin, one of the exclusive agents on the sale, tells GlobeSt.com that he cannot disclose the seller nor can he disclose reasons for selling. GlobeSt.com research found that Brooklyn-based Boymelgreen Developers are the owners, however Corbin could not confirm at this time. "Due to its size, location and numerous amenities, RKO will offer condo buyers substantially more than any of the smaller developments in the area," Corbin says. He is also working with partners and managing directors Thomas Donovan and Shimon Shkury. "Additionally, buyers may use a portion of their unit as a home office--a major marketing point in a community filled with small business owners."
Corbin tells GlobeSt.com that they officially started marketing the property a few days ago and have already received great response from both individual investors and "top tier development companies." Concrete bids have already been submitted, he says, noting that meetings are scheduled with "some of the heavy hitters in the industry."
Located in a C2-2 zone, the 158-foot by 278-foot irregular lot lies at the north side of Northern Boulevard between Farrington and Prince streets. The RKO Plaza's entrance is perpendicular to Main Street. The property's proposed 73 loft-style units on floors three to nine average 1,800 sellable sf. Buyers may use a portion of these units as a home office--a major marketing point in a community filled with small business owners, according to the release.
"The availability of a development site of this potential and ideal location is an uncommon occurrence in today's marketplace," Donovan says in a prepared statement. "The entire property is and will be delivered completely vacant, posing a prime opportunity for a developer."
According to Massey Knakal broker Mack Tham, who is not involved in this deal, the neighborhood of Flushing is vibrant, dynamic, and is one of the city's fastest-growing commercial districts. "Very few neighborhoods have as much energy and potential due to its untapped resources, people, waterfront and an unparalleled accessibility to world-class recreational amenities," he says.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
