Alexander’s, Inc. announced that its wholly-owned subsidiary entered into an agreement on March 6, 2026, to sell Rego Park I shopping center to Northwell Health, Inc. for $235.5 million gross ($202 million net proceeds), with closing expected by Q3 2026. The transaction will generate a financial statement gain of approximately $147 million.
Key takeaways
Agreement signed March 6, 2026, by Alexander’s Rego Shopping Center LLC with Northwell Health, Inc.
Sale of Rego Park I: 338,000 sq ft vacant structure (built 1959), 1,236-space garage on 5.9 acres in Queens, NY.
Gross purchase price: $235.5 million cash; net proceeds: $202 million.
Financial gain: ~$147 million; tax gain: ~$145 million ($48M in 2025, $97M in 2026).
Property unencumbered; tenants relocated to adjacent Rego Park II.
Closing subject to customary conditions, expected by Q3 2026.