FOR BREAKING NEWS VISIT WWW.QNS.COM MAY 23, 2019 • THE QUEENS COURIER 3
Rotting body washes
ashore in Whitestone
Police are still investigating the death of a
man who was found washed up on the beach
in Whitestone on Sunday aft ernoon.
Authorities say that at 5:45 p.m. on May
19, police responded to a 911 call regarding
an unconscious man at Little Neck Bay
Beach, in the vicinity of 162-21 Powells Cove
Blvd., near the Cryder Point co-op complex.
Upon their arrival, offi cers from the 109th
Precinct found the man unresponsive near
the shoreline.
EMS responded to the location and
declared the victim dead at the scene. Th e
identity of the victim is being withheld
pending proper family notifi cation.
Sources familiar with the investigation say
that the body was badly decomposed and
emergency personnel could not detect any
obvious signs of trauma.
Th e medical examiner will determine the
cause of death.
Emily Davenport
Mayor’s cuts threaten
library operations
Facing possible cuts in the city budget,
leadership from Queens Public Library, New
York Public Library and Brooklyn Public
Library joined elected offi cials on the steps
of City Hall Tuesday to warn of a dramatic
impact should funding to the library systems
be reduced.
Th e lost funding may result in the loss
of weekend service, smaller collections,
reduced programming and delayed revitalization
projects. Th e lack of inclusion of the
city’s libraries in City Hall’s 10-year capital
plan is also likely to compound the problem.
Th e three library systems are asking for
$150 million to compensate, and to help with
ongoing maintenance of branches across the
city that are in need of new roofs, boilers, air
conditioners and other upgrades.
“Libraries are the great equalizers in our
society, and the most-equipped vehicle to
a fairer and stronger city,” Queens Public
Library President and CEO Dennis M.
Walcott said. “We need increased funding,
not less. We need additional dollars to maintain
our current level of service, meet rising
costs, repair and upgrade our aging buildings
and provide the collections and programs
our customers deserve and expect.
Cutting the budgets of libraries will undermine
our commitment to opportunity for all
New Yorkers.”
Libraries across the city are doing more
than ever before, from traditional services
like storytime to key civic initiatives including
support for new Americans. Of particular
concern is the 2020 Census; libraries
expect to play a central role in helping New
Yorkers with the Census, but fear that they
will not be provided additional fi nancial
support from the city to do this crucial civic
work that will help determine federal funding
to New York City for the next 10 years.
“When it comes to libraries, this proposed
budget is a disgrace,” Councilman Jimmy
Van Bramer said. “You cannot be the fairest
big city in the country and tell all these people
we are cutting programs and services that
are meant to lift you up.”
Bill Parry
Courtesy of Madison Capital Realty
BLOCKBUSTER DEAL
$30M loan gets 17-story Flushing RKO project off ground
BY CARLOTTA MOHAMED
cmohamed@schnepsmedia.com
@QNS
A new, 17-story, mixed-use residential
development is coming soon at the
former site of the landmark RKO Keith’s
Th eater in Flushing.
Th e developer, Xinyuan Real Estate
(XIN), will proceed with its plans to
build the condominium aft er receiving
a $30 million fi nancing loan from
Madison Capital Realty (MRC), a New
York City-based real estate private equity
fi rm.
“Th is well-capitalized sponsor has
done a fantastic job assembling and
planning this shovel-ready site and the
deal was particularly attractive at a less
than $100 per square foot loan basis
and less than 50 percent of cost,” said
Josh Zegen, co-founder and managing
principal of MRC. “MRC continues to
fi nance high-quality real estate projects
and we are confi dent this will be a standout
property in the Flushing submarket,
which is growing rapidly and stands
to benefi t from a very healthy development
pipeline.”
Th e 269-unit condo will feature
17,000 square feet of retail space across
the property’s fi rst and second fl oors,
15,000 square feet of community space
across the third fl oor, and 305 parking
spaces at 135-35 Northern Blvd., where
the RKO Keith’s Th eater currently sits
vacant.
Th e property has received press attention
as a rare, one-time, former lavish
movie theater. In April, Th e New
York Times reported that although it
was closed in 1986 and deteriorating,
4,000 people signed a petition to restore
and preserve the historic theater. Th e
Landmarks Preservation Commission
had only designated three areas inside
the theater: the lobby, grand foyer and
ticket booth.
Josh Zegen, co-founder and managing
principal of MRC.
Th e developer plans to include
restored interior portions of the landmarked
former theater.
Marcus and Millichap Capital Corp.
(MMCC), a leading provider of commercial
real estate fi nancing and capital
markets expertise, had arranged for
$30 million in refi nancing for the former
theater, according to Senior Vice
President and MMCC National Director
Richard Katzenstein. Th e refi nancing
was led by Gary Sefcik, one of the fi rm’s
New York offi ce, with a team including
Rick Lechtman and Dan Lisser.
“We utilized Madison Realty Capital
in the private non-recourse market
which off ers much more fl exible capital
than bank fi nancing,” said Sefcik,
regarding the lender.
XIN, the owner of the site since August
2016, chose to refi nance and cash out
on equity on the unencumbered land
in order to optimize its capital structure
prior to commencing the development
of the site, which is entitled for
an approximately 350,000-square-foot
project.
Th e roughly 42,000-square-foot development
site allows for a total zoning
fl oor area well over 300,000 square feet.
Xin plans to complete the demolition
of the existing two-story structure surrounding
the theater by February 2020
and commence construction shortly
thereaft er.
Th e property is one of the most
high-profile development sites
in Flushing and all of Queens.
Development of the site had been historically
held back due to complexities
presented by its landmark status, particularly
on the existing structure’s interior.
However, the Landmark Preservation
Commission approvals have been
obtained.
Th e site is currently approved for a
retail and condominium project, though
the developer is currently weighing several
options to further improve the business
plan to meet the current demands
of the Flushing market.
According to Sefcik, the transaction
and future development of the site represents
a signifi cant evolution in the
approach typically taken by Chinese
developers which have historically
joint-ventured with local New York
developers.
Xinyuan will execute on the RKO
site with its own team consisting of
staff from headquarters and local New
York real estate veterans in addition
to third-party project manager, Kuafu
Properties, a fellow Chinese fi rm.
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