Alexander’s, Inc. said Monday it has agreed to sell its Rego Park I property to Northwell Health, Inc. The gross purchase price is $235.5 million, with net proceeds estimated at $202 million. The long-vacant property is unencumbered. It’s not yet clear what Northwell plans to do with the site.
The property is located at the intersection of Queens Boulevard and Junction Boulevard, adjacent to the Long Island Expressway in Queens. The Rego Park I property includes a vacant, three-story, 338,000 gross leasable square foot structure built in 1959 that formerly housed an Alexander’s department store and a 1,236-space parking garage, located on 5.9 acres. The REIT recently vacated the property by relocating tenants to its adjacent Rego Park II shopping center.
The financial statement gain will be approximately $147 million and the tax gain will be approximately $145 million. The sale is subject to customary closing conditions and is expected to close by the third quarter of 2026.
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