Bluestone Group borrows $50M from Madison Realty Capital for property in Elmhurst

Eli Tabak’s Bluestone Group through the entity 90-02 QB Holdings LLC as borrower signed a loan agreement with lender Madison Realty Capital through the entity 90-02 Queens Blvd Lender LLC valued at $50.0 million for 2 parcels, including the tax class garage with two or more stories (G1) and containing 144 residential units at 87-28 58th Avenue, 90-02 Queens Boulevard in Elmhurst. The deal closed on December 23, 2019 and was recorded on January 9, 2020.

The average loan per unit is $347,222.
Bluestone and Madison Realty Capital acquired control of the defaulted debt in July 2018, and Bluestone took title to the property through a foreclosure, on December 23, 2019.  Ding “John” Wai’s Sentry Operating Corp purchased the property in December 1, 2016 for $125,000,000, but lost it in the foreclosure action. Prior to the foreclosure, the property had about $79.5 million in debt, according to The Real Deal.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $33,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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