Friday, January 3, 2014
Former site of St. John's Queens Hospital sold
The former St. John's hospital building on Queens Boulevard near the Queens Center Mall has been acquired for more than $50 million by a developer who plans to convert the bulk of the property into apartments. A group of Asia-based investors led by the New York builder Steven Wu purchased the property for roughly $55 million and plans to spend as much as $45 million more to convert the former medical facility into rental housing and medical office space as well as to add ground-floor retail space.
The deal included the roughly 260,000-square-foot hospital building at 90-02 Queens Blvd. in Elmhurst, Queens, and also a five-story parking garage across the street at 87-28 58th Ave. that the buyer will use to provide parking space for future tenants at the property.