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
By Eddie Small | April 19, 2019 01:30PM

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.