PHOTOS BY JON CRONIN

(Top): The view from a 16th-fl oor apartment sundeck (Above): One of the model living rooms

RENTING • OWNING • DEVELOPING • INVESTMENT • FINANCE

Real EstateReal EstateVOL. 3 NO. 6 JUNE 8-14, 2017

Real Estate

Sales are almost complete for the 39 redesigned stylish, modern co-op apartments at Lane Towers in Forest Hills.

BY JON CRONIN Editor

Lane Towers is located at 107-40 Queens Blvd., on the corner of 70th Road, right above the 71st Avenue and Continental Avenue subway station with E, F, M and R train access. It is also one block from Austin Street, the neighbor-hood’s major upscale shopping and restaurant hub.

There are currently only six one-bedroom apartments still avail-able and one two-bedroom apart-ment, according to Yael Goldman, a licensed associate broker repre-senting Lane Towers.

The renovated one-bedroom units are priced at $410,000 to $620,000. Two-bedroom units are estimated to cost between $525,000 and $675,000, while three-bedroom co-ops are priced at $770,000 to $822,500.

“Sales have been going very well,” Goldman said.

Matt Muller, a representative for Myles Horn, said that when the developer gets involved in a proj-ect, it aims “to add a lot of value.”

Muller noted that when the de-veloper was researching Lane Tow-ers, the company saw that units were being sold for prices lower than what was comparable in the area. He said that the developer is

RENOVATED UNITS IN LANE TOWERS ALMOST SOLD OUT

MARKETPLACE

looking to sell units in the building “at a price that is unheard of.”

Construction started on the fi rst three units of the building late last summer and was completed in Oc-tober and November.

As part the renovation, Muller said that all of the plumbing and electrical was removed and every-thing was brought down to the studs and replaced.

Most of the one-bedrooms are slightly smaller than 600 square feet.

“People come in and are amazed,” said Goldman of the utilization of space in the units.

Muller said that many of the 39 apartments that the developer pur-chased were formerly studios that are being converted into one-bed-rooms.

The gem of the new renovation is a two-bedroom on the 16th fl oor with a wraparound sundeck that faces east. Each apartment is being given an up-to-date, cleaner and sleeker look with fi ve-inch plank hickory hardwood fl ooring.

The new kitchens will feature white quartz countertops and back-splashes, contemporary Italian cabinets from Lucenti Interiors and recessed stainless-steel sinks. The

developer’s advertising states that the new appliances include a Kitch-enAid fi ve-burner gas range and convection oven, Bosch or Kitch-enAid dishwasher, KitchenAid mi-crowave oven and Liebherr refrig-erators in most units.

The bathrooms will have custom

baths with white Nemo Marvel Calacatta Porcelain surrounds and mosaic fl oor tiles. The oversized, glass-enclosed showers will have Kohler and Grohe fi xtures and a custom vanity with an under-

(continued on page 7)

Page 2 June 8-14, 2017 Tribune/Press Real estate MaRketplace

PHOTO COURTESY OF VINCENT SEYFRIED COLLECTION, GREATER ASTORIA

HISTORICAL SOCIETY

RKO Keith's lobby circa 1940

(continued on page 7)

Since its closure in 1986, the historic RKO Keith’s Theater in

Flushing has been handed off down a long line of developers, each failing to actualize development plans at the site. And as local preservationists have fought to maintain the theater—or even restore it to its former glory— the ornate structure, with its landmarked interior foyer and ticket lobby, has fallen into disrepair.

But in August 2016, JK Equities sold the property to Chinese firm Xinyuan Real Estate for $66 million. Xinyuan is adhering to plans previ-ously brought forward by JK Equi-ties and approved by Community Board 7 in 2015 that call for a 16-sto-ry, 269-unit development with res-toration and preservation of the landmarked portions of the theater. And during a May 16 public hear-ing, the Landmarks Preservation Commission (LPC) approved those plans, potentially clearing the way for the RKO Keith’s development.

Some community leaders are skeptical—Xinyuan is only the lat-est firm to try to develop the prop-erty. And history has not been kind to the theater.

The 1928 movie palace once seated 3,000 guests in an ornate auditorium for both motion pictures and vaude-villian productions until it closed in 1986 after being partially landmarked in 1984. Developer Tommy Huang then purchased the property for $3.4 million with plans to develop a movie complex, shopping mall and hotel, but was accused of damaging parts of the auditorium. He was given five years' probation and a $5,000 fine for a damaging oil leak. The property then passed to developers Shaya Boymel-green, Patrick Thompson and Jerry Karlik, of JK Equities, who all failed to see the property developed as its con-dition worsened. Meanwhile, various efforts, such as the Committee to Save the RKO Keith’s Theatre of Flushing in the 1980s, have been made to re-store the theater.

“I find this to be absolutely mind-boggling, the fact that it has been sold so many times and everybody has made a profit,” said state Sen. Toby Stavisky (D-Flushing). “The

only losers have been the communi-ty because this has been an eyesore greeting people as they come east on Northern Boulevard.”

With the LPC’s approval, that “eyesore” may be one step closer to development. Pei Cobb Freed designed the plans in conjunction with Ayon Studio, which specializes in building preservation. In addi-tion to luxury condo units, the space would include a parking garage and retail component. The proposal, as approved by the LPC, would keep some parts of the landmarked in-terior untouched, but remove or-namental plaster and woodwork for offsite renovation before reincorpo-rating those elements into the new building. Other parts that cannot be salvaged will be replaced.

Councilman Peter Koo (D-Flush-ing) called the LPC’s approval “bit-tersweet.”

“While our community would love to see this theater restored, the economics of such a restoration have been exacerbated by illegal de-molitions from past owners as well as severe deterioration, weather damage and vandalism resulting from decades of inertia,” he said.

The development has drawn some concerns from both historical and practical perspectives. A lingering concern that the LPC raised in its hearing is the possibility that those landmarked spaces would not be sufficiently accessible to the public. Some in Queens shared that concern.

Joe Brostek, trustee for the Queens Historical Society, said it was fascinating that the RKO Keith’s might finally see “light at the end of the tunnel,” but also wondered about what lies ahead.

“I personally wonder about access to the interior landmarked areas and security issues for the proposed residents of the building,” he said. “And let’s not forget the impact on downtown Flushing traffic.”

Stavisky added that she would have preferred to see affordable

RKO Keith’s Cleared For DevelopmentBY JAMES FARRELL Staff Writer

Tribune/Press Real estate MaRketplace June 8-14, 2017 Page 3

Page 4 June 8-14, 2017 Tribune/Press Real estate MaRketplace

BY JON CRONIN Editor

Treasure Island Storage Expands To Glendale

A rendering of the Glendale Treasure Island fa-cility, which will replace the Hansel and Gretel deli supplier (below).

A warehouse and storage facility is coming to Glendale

on Cooper Avenue at the former site of Hansel and Gretel’s deli meat supplier.

The long vacant buildings at 79-40 Cooper Avenue have already been demolished in preparation for a new Treasure Island Storage site.

The two-acre property sits on four lots and the new facility would cover approximately 100,000 square feet, according to Gary Giordano, Com-munity Board 5’s district manager.

Giordano said that James Coak-ley—the CEO of Treasure of Island Storage—met with CB 5’s executive committee and told the board that the facility would have approximate-ly 1,200 storage units. The property grade on the site drops off signifi -cantly from the road. At street level, the storage company plans to have a three-story building with parking that would function as a storefront and offi ces.

The storage site is planned to be open on weekdays from 8 a.m. to 8 p.m. and 9 a.m. to 5 p.m. on week-ends.

Treasure Island, which develops and operates its own sites, plans for

construction to be-gin in early 2018. The Treasure Island site in Glendale is be-ing developed “as of right,” which means that the company would not need any waivers from the city’s Department of Buildings or be required to seek ap-proval from the local community board.

Coakley was re-ported to have said during the meeting with the CB 5 executive commit-tee that his company is seeing more small businesses using self-stor-age—along with private storage—in the area.

At a CB 5 meeting in May, Chair-man Vinnie Acuri said that Coakley agreed to make another presentation to the board’s land use committee when the company is further along in its development of the property.

Treasure Island Storage is an ex-panding company. It currently op-erates fi ve locations in the tri-state area—including two in New Jersey, one in Brooklyn and two in Queens, located in Jamaica and Ozone Park.

In addition to the facility in Glen-dale, the company plans to open three more Brooklyn locations in Bushwick, Remsen, and Brownsville. Treasure Island has two facilities

planned for the Bronx in Hollers and Highbridge.

Reach Jon Cronin at 718-357-7400 x125, jcronin@queenstribune.com or @JonathanSCronin.

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The rapid development of Downtown Jamaica continues to roll

on as the neighborhood is expected to see the opening of three new eating establishments and three retail clothing stores.

At last month’s Community Board 12 meeting, the board an-nounced that a Chipotle, Dallas BBQ, Starbucks, H&M, TJ Maxx

and Burlington Department Store would all be debuting in Southeast Queens’ commercial area.

“Right now, Downtown Jamaica is having a renaissance,” Glenn Greenidge, the economic develop-ment chairman of CB 12, told the Queens Tribune. “It’s going back to what it used to be in the 1970s, which was a major retail district for both big-box and smaller boutique-type shops.”

The locations will be scattered throughout the neighborhood. The H&M, TJ Maxx and Burlington will take up an entire block, opening at

160-08, 160-16 and 161-02 Jamaica Ave. Chipotle will be located near-by, setting up shop on 160th Street and Jamaica Avenue.

The Dallas BBQ will be located on Parsons Boulevard and 89th Avenue, where the former Moda Grill and City Rib were previously located. The restaurant will feature sidewalk seating and parking that is shared with the Moda Apartment Building garage.

Lastly, a Starbucks will be com-ing to the area, although a location has yet to be fi nalized. The new chain store would make it the third in the Downtown Jamaica area. In April 2016, the fi rst one opened on Sutphin Boulevard. A second store, located at 159-27 Jamaica Ave., de-buted in March 2017. The stores have drawn large crowds since they opened in the neighborhood.

The rapid development of Ja-maica has been closely following Borough President Melinda Katz’s Jamaica Now plan. According to Greenidge, the plan has already helped to bring $100 million in de-velopment to the area. Last August, Gov. Andrew Cuomo allocated $10 million towards Jamaica. In April, a mixed-use apartment building that would house a number of retailers as well as homes offi cially broke ground.

When asked about retailers’ sud-

New Businesses Set To Open In Downtown Jamaica

den interest in Jamaica, Greenidge pointed to other parts of the city that have seen similar growth in re-cent years.

“This is the next horizon,” he said. “You look at Harlem, Downtown Brooklyn, Long Island City all being revitalized. They are going further east into the outer boroughs.”

He said that the community board has tried to revitalize the downtown area without displacing residents who live nearby.

“We’ve gotta make sure that lo-cals who have been here for 20 or 30 years don’t get displaced by de-velopment companies,” Greenidge said.

He explained that this is a rea-son why development is being con-tained within Southeast Queens’ commercial strips and out of Jamai-ca’s more residential areas.

Citing the Long Island Rail Road station on Sutphin Boulevard, E and J train lines, Parsons Boulevard bus hub and 165th Street bus terminal, Greenidge said that the neighbor-hood’s multiple transportation op-tions will help draw city residents to the upcoming developments.

“Overall, I think we’re bringing Downtown Jamaica back to what it was,” Greenidge said. “The only thing that’s missing is some white- cloth restaurants and some enter-tainment.”

The empty lot located on 160th Street between Jamaica and Archer av-enues will soon be home to a Chipotle, TJ Maxx, H&M and Burlington.

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housing planned for the site, as op-posed to the luxury condos, but said she recognized that, given the price tag of the spot, that was “not going to happen.” She also had concerns about congestion and infrastruc-ture, adding that the neighborhood needed a community facility, but she remained “cautiously optimis-tic” and was pleased that the site could finally be cleaned up.

“It’s not the best possible result, but it’s a result I think we can prob-ably live with,” she said.

For John Choe, executive director of the Flushing Chamber of Commerce, the best possible scenario would have been to preserve the theater. He cit-ed the example of the historic Kings Theater in Brooklyn, which was re-vitalized as a performing-arts center after the city invested millions in it.

“It shows our lack of political power when it comes to how re-sources are allocated, and I think it’s a sad story for us,” he said. “I’m hoping this will be the last time that the city will allow this type of com-munity treasure to be derelict and fall into disrepair.”

And while he’s not yet convinced the project will be completed, Choe said the new development is the lat-est example of the city’s failure to

keep up with Flushing’s infrastruc-ture needs as it continues to ap-prove new developments.

“Right now, the private sector is building and developing things and we need more leadership on the part of government to help us plan these developments better and ad-dress these issues around conges-tion,” he said.

Chuck Apelian, vice chairman of CB 7, said that the community board had worked hard to reduce congestion as much as possible for the project by fighting for a pre-dominantly residential—rather than commercial—development.

“This isn’t a destination retail or a destination office building,” he said. “There’s a lot of development in downtown Flushing, so this is not outside the norm.”

As to whether the project is com-pleted, Apelian said that there’s no way to know.

“I’m a betting man and I’m not betting on anything,” he said. “[The developers] seem sincere, they seem like their intent is in the right place.”

Demolition of the nonland-marked parts of the building could begin in the fall, according to the presentation given to the LPC.

Christian Kellberg, a mechanical

RKO Keith’s(continued from page 2)

engineer who started a Facebook page titled “Save the Flushing RKO Keith’s Theater” that has more than 2,000 members, said he’s skeptical that Xinyuan has the funding to complete the project as big money has yet to be spent on any construction. He’s hold-ing on to hope that the theater could still be revitalized in its entirety.

“We’ve heard this before, many times,” he said. “Technically, the RKO can be saved, and there’s been so many examples of theaters that have been saved.”

Reach James Farrell at (718) 357-7400 x 127, jfarrell@queenstribune.com or @farrellj329.

mount basin and white quartz tops. The Lane Towers entrance will

have limestone tiles, new lighting, and landscaping incorporating the building’s “existing porcelain mosaic, a rare mid-century detail.”

Muller said that he expects all of the unit construction and hall-way renovations to be completed by Nov. 15. The exterior and the lobby will be finished in either September or October, he said.

The design team is still working on the precise measurement of the building’s exterior tile design,

Muller said. During the first two weeks of June, the developer will prep the exterior for the addition of the tiles.

“We have a unique niche, which is helping to reinvent preeminent pre- and post-war buildings in New York City and help them compete in design, finishes and amenities with new development, all the while still affording buyers a more competitive price point,” developer Myles Horn said. “I was raised in Queens and I take great pride in bringing new life to many of the borough’s stately co-op buildings, which have rich his-tories and are in prime locations in

Lane Towers Almost Sold Out(continued from page 1) their respective neighborhoods.”

Forest Hills residents have a 20-minute commute into Mid-town Manhattan via the subway. The new property will be a few blocks from the neighborhood’s Long Island Rail Road station.

Flushing Meadows Corona Park and Forest Park are both within walking distance, and sports and entertainment venues such as For-est Hills Stadium, Citi Field and the USTA Billie Jean King Nation-al Tennis Center are all nearby.

Reach Jon Cronin at 718-357-7400 x125, jcronin@queenstribune.com, or @JonathanSCronin.