Jerry Karlik spent his

REN T I N G OW N I N G DE V E L O P I N G IN V E S T M E N T FI N A N C E Real Estate VOL. 3 NO. 8 AUG. 4-10, 2016 MARKETPLACE SOLD! Flushing s RKO Keith s changing hands again. Page 2 Also Inside... ALOFT: THE BOROUGH S NEWEST PLACE TO STAY PAGE 4 SUNNYSIDE PROPOSAL STILL IN LIMBO PAGE 6 A LOOK AT LIC S NEWEST RESIDENCE PAGE 6

Page 2 aug. 4-10, 2016 Next Chapter in RKO Keith s Saga Begins By JAMES FARRELL Staff Writer Tribune/Press Real estate MaRketplace A look inside the ornate lobby in 2011. PHOTO BY DOMENICK RAFTER Jerry Karlik spent his childhood in Flushing, and he remembers spending time at the RKO Keith s Theatre, the historic and ornate theatre at 135-35 Northern Blvd. In fact, he used to go on dates there with the woman who would become his wife. The grandeur of the theatre was just amazing, he said, adding that it was a part of the Downtown Flushing area where locals spent most of their time. It was just the center of our social life. His sentimental attachment to the theatre informed his decision to purchase it in 2013, with his private real estate company, JK Equities. At that point, the historic theatre, which opened in 1928, had been vacant for 30 years after changing hands multiple times and falling into disrepair. Its ornate lobby, which is landmarked by the city, has not hosted a crowd since 1986. Last year, Karlik received approval to redevelop the building into luxury condos while preserving its ornate lobby. But when he began receiving unsolicited offers to purchase the property and looked into how its value appreciated, he made the decision to part ways with the project, an experience that was also caked in sentiment. It s a lot of mixed feelings, he said. I would have certainly loved to have built it. It s bittersweet. On Monday, Xinyuan Real Estate, a Beijing-based development firm announced that it purchased the property from JK Equities for $66 million. The development plans put forth by Karlik and architect Pei Cobb Freed, which will create 269 condos as well as a 305-space parking garage, have already been approved, making the site shovelready, according to Karlik. With the announcement, the stage is set for the next phase of the RKO Keith s Theatre s long saga of PHOTO PROvIDED BY PEI, COBB, FREED & PARTNERs LLC Renderings of the proposed redevelopment of RKO Keith s Theatre. fluctuating ownership, stalled developments, illegal construction on landmarked grounds and a strong community effort to preserve the dilapidated piece of Queens history. Today, the theatre is coated in graffiti and hidden by green plywood, an inconspicuous remnant of the social center it once was. The expected development is just one of several major projects going on in Flushing. RKO Keith s is best remembered for its ornate and grandiose architecture. Designed by Scottish architect Thomas Lamb, RKO Keith s is an atmospheric theatre spacious, with high walls that create the illusion of an outdoor space, according to the Landmarks Preservations Commissions 1984 report designating the theatre as a landmark. It was designed in the Spanish Baroque style known as Churrigueresque style, which dates back to the 18th century. The theater was part of a long history of movie palaces large, decorative theatres that housed both motion pictures and vaudevillian productions. Its auditorium sat around 3,000, and over the course of its history, RKO Keith s saw performances from a slew of stars, including Bob Hope, Judy Garland and the Marx Brothers. More recent Queens residents remember it for its movies showings. John Watts, 60, former chief of staff to former Flushing councilwoman Julia Harrison, grew up in Flushing. He describes the theatre as a social hub for the neighborhood s youth. In high school and growing up, you went to the Keith s, he recalled. That s what you did. You didn t go to the mall. He remembers the grand sensation of being seated in a 3,000 seat auditorium to watch a movie. He remembers leaving a showing of The Odd Couple, a classic 1968 film, and hearing everybody buzzing happily in the ornate lobby about a famous comedy scene in which actor Jack Lemmon fights off a sinus attack in a coffee shop. We came out of the theatre, and everyone was talking about it, he said. It was grandeur, it was a grand place to go. The Theater closed in 1986 a common fate for movie palaces as televisions became more popular. Developer Tommy Huang acquired it that year for $3.4 million. But his ownership was marred in controversy. Huang planned to build a movie complex, shopping mall, and hotel, but faced blowback from preservationists after destroying part of the landmarked grand staircase and part of the auditorium. In 1997, Huang was charged with five years probation and slapped a $5,000 fine after allowing 10,000 gallons of heating oil to leak into the building, according to a New York Daily News article. Watts, who was a member of the Committee to Save the RKO Keith s Theatre of Flushing, a group started in the 80s to fight for the restoration the theatre, was also working for Councilmember Harrison s campaign at the time, and was familiar with Huang. He tried everything in his power to destroy that building, Watts said. I was happy when it changed hands away from him. Huang would hold onto the building until 2002, when Shaya Boymelgreen purchased it for $15 million. Boymelgreen planned to turn it into condos, but the plan never came to fruition, and after Boymelgreen defaulted on his mortgage, developer Patrick Thompson picked up the theater in 2010. Under Thompson, the current development plan s first stages took shape. The initial proposal included plans for 357 rental units and 17,000 square feet of retail space. When Karlik received the property in 2013, he got a revised version of the plan approved by Community Board 7 in 2015 the current proposal, which is being carried into Xinyuan s ownership. This proposal would demolish the surrounding structure while preserving the landmarked lobby and foyer. This project will be Xinyuan s third major New York project. They are also overseeing a major development project on Kent Avenue in Brooklyn, called the Oosten, which will also result in luxury condos. Xinyuan could not be reached for comment, but Karlik said that the company was planning on honoring the history of the theater by following the current development plans, which will preserve the theater s landmarked lobby. The plan that we had is going to be very much adhered to by the buyer, Karlik said. They re very conscious of it [the landmark status]. They did quite a bit of due diligence. But over the years, groups like the Committee to Save the RKO Keith s Theatre of Flushing have advocated heavily for the preservation of the theatre, and many community members still hope to fight off development in order to restore the theater as a performance arts center. (continued on page 4)

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Page 4 aug. 4-10, 2016 Aloft Long Island City Manhattan View Hotel Exclusive Tribune/Press Real estate MaRketplace By ARIEL HERNANDEZ Staff Writer Starwood Hotels & Resorts, one of the leading hotel companies, with over 1,300 properties all over the world, has brought their first Starwood Unique Life Style Brand to LIC with the one of a kind, vibrant and contemporary, Aloft Long Island City Manhattan View Hotel. The 176-room hotel consists of two towers, separated by a 1,200 square foot courtyard. The rooms will average between 230 to 600 square feet. The hotel also houses two penthouse suites with New York City views in addition to several rooms with terraces. The Rooftop City View Terrace provides guests with panoramic views of the NYC Skyline. Aloft surpasses modern technology with their many futuristic features, which includes a robotic butler. Not only can guests request room service using emojis, but Aloft also provides guests with keyless check in, allowing guests to tap their smartphones on their room s lock, gaining entrance. In addition to the modern technology, the hotel has 1,000 square feet of meeting space with its largest space being 700 square feet. The boardrooms have audio visual set up, a 50 inch flat screen TV, DVD player, free WiFi and more. Similar to over 93 of Aloft s properties in the world, this hotel will house WXYZ Bar, providing live music and entertainment for everyone. Both the courtyard and the bar will be open to not only guests, but outsiders as well. Aloft is in close proximity to major LIC corporate organizations and public transportation, which provides a 15 minute RKO Keith (continued from page 2) For instance, Christian Kellberg, 63, started a Facebook page called Save the Flushing RKO Keith s Theatre. He does not want to see the theatre turned into condos and believes that it should be restored as a theatre to continue existing beyond its landmarked lobby. The downside of demolishing something like that is that it can never be brought back again, said Kellberg, citing the unique architectural style. The skill needed to build something like that is forever lost. He also cited two recent major development projects in the works in Flushing: Flushing Commons luxury condos and Skyview shopping center, and argued that the already crowded Flushing area is not in need of any further residential or commercial development. The community is definitely underserved as far as infrastructure goes, he said. There s a lot of problems with it and I don t see how it benefits the community as a group. Comments on the Facebook page seem to agree. Just what commute to Manhattan. Starwood Hotels & Resorts Worldwide, Inc. s brand names include Aloft, St. Regis, The Luxury Collection, W, Westin, Le Meridien, Sheraton, Tribute Portfolio, Four Points, Element and Design Hotels. The Aloft Long Island City Manhattan View Hotel is set to open October 27. Reach Ariel Hernandez at (718) 357-7400 x144 or ahernandez@ queenstribune.com Flushing needs more congestion, one comment wrote, in response to the news that Xinyuan had bought the property. As usual, the only people to lose are the ones who love Flushing, another wrote. Alan Gross, a member of the Facebook Group and a lifetime Mitchell Gardens resident summed up the anti-development feelings. I think people that have been living here and have been witnessing the overdevelopment of Downtown Flushing feel that this is going to be the nail in the coffin, he said. Still, others are ready to see the theater evolve into something new. Watts, for instance, doesn t think the theatre is in good enough shape to be restored into a performance arts center It s sad. I guess this is progress, Watts said of the new purchase. The days of the 3,000 seat theater are gone. With so many fond memories, however, it s hard not to hold onto hope for a renewed past. You went through those brass doors and it was like you were in another world, away from the dayto-day Flushing, Kellberg said. Reach James Farrell at (718) 357-7400, jfarrell@queenstribune. com or @farrellj329.

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Page 6 aug. 4-10, 2016 Aurora Offering Bright Views of New York s Skyline By MATT SHORTALL Tired of going on vacation only to have it end too soon? Well, now it doesn t have to. Aurora, a 132-unit luxury building will open next month atop of the 30-story high Courtyard by Marriott Hotel in Long Island City. Leasing is now open for the 123 apartments, which are available to immediate move-ins. The first residents move in Aug. 1. Located on the 15th to 29th stories of the glassy 160-room Courtyard by Marriott hotel that opened this spring on Queens Plaza North and 29th Street, Aurora will offer a mix of one, two and three-bedroom homes ranging in monthly rent from $2,570 to $5,575. All apartments are complete with floor-to-ceiling windows, wide plank oak flooring, By ARIEL HERNANDEZ Staff Writer The Queens Tribune, who has been following Phipps Houses proposal for The Barnett, a 10-story, 209- unit affordable housing development on 50-25 Barnett Ave. in Sunnyside, since early May, has learned that the project is still on hold due to Councilman Jimmy Van Bramer s opposition. Although the project has received support from Mayor Bill de Blasio, it was voted down by Van Bramer, Borough President Melinda Katz and Community Board 2. Earlier this month, the Daily News released an editorial on the topic, saying Councilman Jimmy Van Bramer, a progressive stalwart, is vowing to block affordable housing slated for white quartz countertops and stainless steel appliances. Douglas Elliman Development Marketing, which is leasing space on behalf of G. Holdings, building residents will have their own private lobby separate from the hotel. Aurora is a fantastic new addition to Long Island City, which has seen extreme growth in the past several years, said Jason Hill, marketing director at Douglas Elliman. With exquisite finishes, highly-designed interiors, a wonderful suite of lifestyle amenities and a prime location, Aurora is a truly special place to live and stands out amongst the typical New York City glass towers. Aurora is marketed as more than just an apartment building it s presented to potential buyers as a social community. The building s top floor, known as Aurora Sky Lounge, is equipped with a fitness center, private residents lounge and a rooftop sun deck offering panoramic views of the Manhattan and Long Island the area s fringe. After stating Van Bramer s reasoning for opposing the project, they concluded with, spin all the councilman wants, he is guilty of NIMBYism that would deny desperately needed homes to working families. When the Queens Tribune asked Van Bramer about the editorial he said, I m dismayed that the Daily News would disparage our community with allegations of hypocrisy and NIMBY-ism. We have clearly supported numerous affordable housing projects in Western Queens, but not every project is right for every site. The Daily News Editorial Board conveniently left out a number of facts: that union labor would not be used to staff or build the development, that Phipps made no changes to the plan in response to community opposition, and that the Community Board, the Borough President and the local Assembly Member all oppose the project. In fact, he added, the Community Board explicitly asked for my opinion on the project before they City skylines. A 24-hour attended lobby, communal laundry room, catering kitchen, private storage, bicycle storage, and a parking garage are just a few of the amenities being offered to residents at Aurora. This site is a really dynamic urban environment, serving as a gateway to Manhattan at the threshold of the Queensboro Bridge, and we are thrilled to be contributing to the continued growth and vitality of the Queens Plaza area, said Michael Arad of Handel Architects, the building s designer. Phipps Houses Proposed Development Still on Hold voted. I have consistently supported building additional affordable housing in Western Queens and across the city, but given all of the problems with this project, I simply could not support it. A spokesperson from Phipps Houses said, The Queens Borough President provided serious, constructive comments which we are thinking about carefully. We appreciate the feedback we ve received from the community so far and will decide which modifications we can reasonably accommodate as part of the City Council s review of the project. We remain hopeful that we can work alongside Council Member Van Bramer to address the genuine affordability crisis faced by so many in Sunnyside and its surrounding neighborhoods. Overall, it doesn t seem like the Phipps Houses Development will be moving forward until Van Bramer and the Sunnyside community see a change. The City Planning Commission will vote on August 10. Reach Ariel Hernandez at (718) 357-7400 x144 or ahernandez@queenstribune.com Tribune/Press Real estate MaRketplace A rendering of the Aurora apartments, now leasing at Queens Plaza in Long Island City Quontic Bank Among Nation s Healthiest Quontic Bank has been named one of the Top 200 Healthiest Banks in America by DepositAccounts.com, a website that monitors and informs consumers of how well financial institutions perform. Quontic Bank made the list at No. 88 of the 6,199 federally insured banks in the United States, according DepositAccounts.com. The website also gave Quontic Bank an A+ health grade for its overall financial strength. The Astoria-based financial institution stood out in all of the primary evaluation categories, including capitalization, deposit growth and loan to reserve ratios, DepositAccounts.com said. This ranking shows that despite our relatively small size, Quontic Bank ranks among the top 2 percent of all federally insured banks in the entire country, said Steven Schnall, chairman and CEO of Quontic Bank. We are proud of this distinction. Each year, DepositAccounts. com evaluates the financial health of every federally insured bank in the United States. From the list of 6,199 banks, DepositAccounts. com recognizes those who have shown exceptional fiduciary responsibility in its Top 200 Healthiest Banks in America. rendering courtesy douglas elliman

Tribune/Press Real estate MaRketplace aug. 4-10, 2016 Page 7 Metropolitan Movie Houses See A Renaissance Now is the perfect time BY MICHAEL STOLER The metropolitan region is finally seeing the return of movie theaters. With a population of over 8.5 million - as well as nearly 60 million visitors - one retail venue, which is in need of improvement, is the state of the movie theater presence in the metropolitan region. In February, Ziegfeld Theater at 141 West 54th St., closed its doors to reopen next year as an event space that caters to galas and corporate functions. The cinema opened in 1969 and served as popular venue for Hollywood film premiers and a favorite of local film buffs. The number of seats in New York City was reduced due to the installation of large reclining seats. The increase in size of the average seat from 44 inches to 60 inches resulted in a reduction of approximately 40 percent of the seats in the theater, while the theater operator was able to increase the ticket price between a $1 and $2 more than a traditional theater. Finally a number of new theaters are opening in the city and nearby New Jersey. In March, the Metrograph cinema opened at Number 7 Ludlow St. on the Lower East Side of Manhattan. The two screen theater features both new films and repertoire fare. The Metrograph offers movie goers a book store, a candy store and a restaurant. January marked the opening of Syndicated, a movie theater, bar and restaurant opened at 40 Bogart St. in the Bushwick section of Brooklyn. As reported in the New York Times, the facility, is located around the corner from Roberta s pizzeria. It is not your typical cinema or indie art house. Tucked in the back, past the bar and cavernous restaurant, is a 50-seat theater and a 280-inch screen that shows film classics, along with food and drinks served by waiters. Serving seasonal American Cooking and elevated bar snacks created by Chef Bret Marcis, the theater menu rotates based on the movies theme and the season. Last month, Mark Cuban s Landmark Theaters, a company with 56 theatres, 288 screens in 27 markets around the nation, announced it will open a 30,000 sq. ft. cinema, at the Durst Organization, residential rental building Via57 West, located at 625 West 57th St., between West 57 & West 58th streets and 11th and 12th avenues. The theater which is expected to open in the spring of 2017, will have eight screens. Landmark currently owns and operates the Sunshine Cinema, at 143 East Houston St., between 1st and 2nd avenues. Later this summer, Austin based Movie Theater plus restaurant chain, Alamo Drafthouse will celebrate its grand opening in Downtown Brooklyn at City Point mixed use complex at Flatbush Avenue and Fulton Street. The theater will feature seven screens and a full food and drink menu, including cocktails and local beers. The company website states cold beer, hot movies, and delicious snacks and meals: The Alamo Drafthouse is dinner, drinks, movies and events, all under one roof. The chain has 23 other locations around the nation. It will be the chains first location in New York City, though the chain once intended to open on the upper west side at the former, Metro Theater at 2626 Broadway. On the other side of the Hudson, nearby to the George Washington Bridge, is the Hudson Lights, a mixed use development located at 2023 Hudson St. in Fort Lee. One of the large retail tenants in the complex is the eight-screen, 533-seat ipic Theater, one of the fastest growing luxury cinema chains in the country featuring a full service restaurant. The cinema will offer reclining chairs encapsulated in movie watching seating pods which come with courtesy pillows and blankets. At the push of a button, guests will be able to summon personal servers to deliver gourmet dishes and handcrafted cocktails. SPECIAL FIRST-TIME HOMEBUYER PROGRAMS* Buying a home may seem * First-time homebuyers only. Income limits and location restrictions may apply. Robin Mykoo (NMLS #: 410105) 516-535-8352

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