Maverick blocked from auctioning former Flushing theater site

Once again, Maverick Real Estate Partners’ attempt to auction the site of the former KRO Keith’s Theater in Queens has been squashed. The co-founder of Xin Development’s parent company, which owns the site at 135-35 Northern Boulevard in Flushing, put the development site into Chapter 11 bankruptcy protection, PincusCo reported. The bankruptcy move came one day ahead of a foreclosure auction for the site. The judgment lien against Xin was put at $41.2 million. The bankruptcy filing, meanwhile, puts the value of the real estate at $90.6 million. Xin could not be reached for comment by The Real Deal. Maverick […] This article originally appeared on The Real Deal. Click here to read the full story.