$28.2M foreclosure sale set for Shirokia Tower in January

A state court has set an auction date of January 12, 2024, for the mixed-use condominium building Shirokia Tower at 142-28 38th Avenue in Flushing, Queens, with 23 residential units, one retail unit and three community facility units. The approximate judgment is $28.2 million.

The property has been in and out of bankruptcy and foreclosure for much of the past eight years.

In March of 2016, the lender at the time filed a pre-foreclosure action 703179/2016, and later that summer of 2016, there was a UCC auction scheduled for the property, but the state pre-foreclosure was stayed by a December 2016 bankruptcy. That litigation was resolved with a $25 million bankruptcy sale in 2017.

The new owners fell into default and in December 2020, the lender BK 38TH Lender LLC filed a pre-foreclosure action, 725426/2020. To halt an impending sale set for May 26, 2023, the owners including Jinwu Yu, filed what would be the second bankruptcy for the property. That case remains active but the bankruptcy judge signed an order allowing the lender to pursue the state court auction.

Direct link to the property’s ACRIS page.