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

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.

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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.