Posted on: May 10, 2019 04:39 PM

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Buy and sell results no update to the building on Queens Blvd

The property formerly St John's Hospital at 90-02 Queens Blvd in Elmhurst across Queens Center Mall has been brought back by Bluestone Group for $85 million in foreclosure auction. It was brought out by Jack Gutman in 2009 for less than $20 million after Caritas Health Care closed the facility during bankruptcy. Then filed for apartment building but sold to Steve Wu and a group of Asian investors for $55 million ncluding Madison Realty Capital that provided $35 million loan. Afterward, Ding Wai's Sentry Operating Corp took over for $125 million. As of November 2018, the property had debt of $79.5 million. As of May 10, Bluestone Group have not disclosed what they plan to do with the property.