Queens property purchased for $125M by Chinese firm headed to foreclosure

Auction will be on May 10 for the former St. John’s hospital building

TRD New York /
Apr.April 19, 2019 01:30 PM
90-02 Queens Boulevard in Elmhurst (Credit: Google Maps)

90-02 Queens Boulevard in Elmhurst (Credit: Google Maps)

An Elmhurst building that was formerly part of St. John’s hospital is now in foreclosure and will be auctioned off next month, where it could fetch a price of more than $81 million, according to court documents and sources familiar with the deal.

The property is located at 90-02 Queens Boulevard, which Ding “John” Wai’s Sentry Operating Corp. bought in 2016 for $125 million. Steven Wu and a group of Asian investors sold the property to Sentry after buying it in 2014 for $55 million and turning it into a mixed-use building with 144 apartments and 120,000 square feet of community and retail space.

Eli Tabak’s Bluestone Group purchased the debt on 90-02 Queens Boulevard from Madison Realty Capital over the summer, and the site had approximately $79.5 million in debt on it as of November, according to court documents and property records.

The foreclosure auction is scheduled for May 10 at 10 a.m. in Courtroom 25 of the Queens County Supreme Court at 88-11 Sutpin Boulevard, court documents show.

Representatives from Sentry could not be reached for comment.

Related Articles

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

Clockwise from left: 5203-5207 Church Avenue in Brooklyn, 119-40 Metropolitan Avenue in Queens, 855 East 217th Street in the Bronx and 31-35 Steinway Street in Queens (Credit: Google Maps)

Going once, Going twice! Rent-stabilized portfolio hits auction block

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Home foreclosures dropped nearly 20% in Q3, report shows

Home foreclosures dropped nearly 20% in Q3, report shows

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight