Alexander’s Inc. announced that it has entered into an agreement to sell its Rego Park I property in Queens, New York to Northwell Health for a gross purchase price of $235.5 million, with net proceeds expected to total about $202 million.
The property, located at the intersection of Queens Boulevard and Junction Boulevard adjacent to the Long Island Expressway, consists of a vacant three-story retail structure totaling approximately 338,000 square feet along with a 1,236-space parking garage. The site sits on 5.9 acres and was originally built in 1959.
Alexander’s recently vacated the property by relocating tenants to its nearby Rego Park II shopping center, leaving the asset unencumbered ahead of the transaction.
The company expects to record a financial statement gain of approximately $147 million from the sale. The tax gain is expected to total about $145 million, of which $48 million was recognized in 2025 and approximately $97 million will be recognized in 2026.
The sale remains subject to customary closing conditions and is expected to close by the third quarter of 2026.
Alexander’s is a real estate investment trust that owns five properties in New York City.
