As soon as once more, Maverick Actual Property Companions’ try to public sale the positioning of the previous KRO Keith’s Theater in Queens has been squashed.
The co-founder of Xin Improvement’s guardian firm, which owns the positioning at 135-35 Northern Boulevard in Flushing, put the event website into Chapter 11 chapter safety, PincusCo reported. The chapter transfer got here sooner or later forward of a foreclosures public sale for the positioning.
The judgment lien in opposition to Xin was put at $41.2 million. The chapter submitting, in the meantime, places the worth of the actual property at $90.6 million.
Xin couldn’t be reached for remark by The Actual Deal. Maverick didn’t instantly return a request for remark.
This isn’t the primary go-around for the 2 sides.
Xin paid Jerry Karlik’s JK Equities $66 million in 2016 for the land, the place it deliberate a 17-story mixed-use complicated that would come with 269 condominium items.
In 2019, Madison Realty Capital supplied Xin with a $30 million pre-development mortgage. The mortgage was acquired by Maverick, which later upped the mortgage to $34 million, in accordance with property information.
Maverick alleged Xin initially went into default in January 2023 when it didn’t pay its actual property taxes. It then missed funds on its debt service starting in Might of that yr, in accordance with a lawsuit filed in New York state courtroom. Maverick initiated foreclosures in July 2023.
However an August 2025 public sale date for the positioning was canceled mere months after a gaggle of collectors filed an involuntary chapter in opposition to guardian firm Xinyuan Actual Property. It’s unclear why the public sale was canceled that point.
The Flushing property consists of 81,000 sq. toes of constructed house and 20,000 sq. toes of further air rights, in accordance with PincusCo. The lot is irregular and the zoning permits for as much as 2.43 occasions flooring space ratio for residential improvement.
Xin handled a rash of foreclosure filings in recent times. In October 2024, the Chinese language developer bought 51 items at a Hell’s Kitchen challenge again to lender BH3 Administration for $50 million, ending a chronic struggle over the 92-unit improvement at 500 West forty fifth Avenue.
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Chinese developer faces third NYC foreclosure in recent months
Maverick moves to foreclose on former Flushing theater site
Xin forks over unsold Hell’s Kitchen condo units for $50M
