13
QUEENS WEEKLY, MAY 26, 2019
RKO Rendering courtesy of
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‘Brew Cruiser’ from LIC to Rockaways
Ethan Long.
The Brew Cruiser, a 28-person coach
bus, will run a total of six loops every
Saturday starting June 1. The bus from
Long Island City will leave at 9:45 a.m.,
12:15 p.m. and 2:30 p.m. The return trips
back to LIC from the beach location will
leave at 4, 6:15 and 8:30 p.m.
The size of the bus may expand with
demand. The shuttle is slated to run weekly
from June 1 to Aug. 31. Without traffic, the
trip will take in 45 to 50 minutes.
Passengers will be able to enjoy
Rockaway Brewing Co. beer on the cruiser
and the brewery plans to offer a special
beach pack to those that want to purchase
beer at the LIC location, before they board
or at the Rockaway location when they
disembark. The cruiser will offer storage
Photo courtesy of Rockaway Brewing Co.
for beach chairs, blankets and surfboards
underneath in addition to air conditioning
in the cabin. The bus will operate rain
or shine.
The Long Island City location’s address
is 46-01 5th St. and the Rockaway location’s
address is 415 Beach 72nd St., Arverne.
Tickets for a round trip ride are
$20 and kids who can sit on a parent’s
lap go free. Tickets will be for sale in
advance through Eventbrite at http://
bit.ly/BrewCruiserRockawayShuttle.
Additional information can be found
at rockawaybrewco.com.
Reach reporter Max Parrott by
email at mparrott@schnepsmedia.com
or by phone at (718) 224-5863, ext. 226.
Continued from Page 13
restored interior portions
of the landmarked former
theater.
Marcus and Millichap
Capital Corp. (MMCC),
a leading provider of
commercial real estate
financing and capital
markets expertise, had
arranged for $30 million in
refinancing for the former
theater, according to
Senior Vice President and
MMCC National Director
Richard Katzenstein. The
refinancing was led by
Gary Sefcik, one of the
firm’s New York office,
with a team including Rick
Lechtman and Dan Lisser.
“We utilized Madison
Realty Capital in the
private non-recourse
market which offers much
more flexible capital
than bank financing,”
said Sefcik, regarding
the lender.
XIN, the owner of
the site since August
2016, chose to refinance
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 SF project.
The roughly 42,000-
square-foot development
site allows for a total zoning
floor 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 thereafter.
The 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.
The 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
significant 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 firm.
Continued from Page 1
Madison Capital Realty
link
/BrewCruiserRockawayShuttle
/BrewCruiserRockawayShuttle
/rockawaybrewco.com
link
