Bluestone Group spent $85 million to take back a Queens property at a foreclosure auction on Friday morning, according to sources familiar with the deal.
The company purchased 90-02 Queens Boulevard in Elmhurst, a property that used to be part of St. John’s hospital. Ding “John” Wai’s Sentry Operating Corp. bought the property in 2016 for $125 million from Steve Wu and a group of Asian investors.
Eli Tabak’s Bluestone bought the debt on the property from Madison Realty Capital over the summer. As of November, the site had about $79.5 million worth of debt on it, according to court documents and property records.
Bluestone intends to own and operate the site but does not have any other specific plans for it yet.