Alexander's, Inc. (NYSE:ALX) announced today that it has entered into an agreement to sell its Rego Park I property to Northwell Health, Inc. The gross purchase price is $235.5 million and the net proceeds will be $202 million. The property is unencumbered.
The property is located at the intersection of Queens Boulevard and Junction Boulevard, adjacent to the Long Island Expressway, in Queens, New York. The Rego Park I property is comprised of a vacant, three-story, 338,000 gross leasable square foot structure built in 1959 and a 1,236 space parking garage, located on 5.9 acres. Alexander's 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, of which $48 million was recognized in 2025 and approximately $97 million will be recognized in 2026.
The sale is subject to customary closing conditions and is expected to close by the third quarter of 2026.