Alexander's to Sell Rego Park I Property for $202 Million

Real estate investment trust to sell vacant New York property to Northwell Health

Published on Mar. 9, 2026

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Alexander's, Inc., a real estate investment trust, announced that it has entered into an agreement to sell its Rego Park I property in Queens, New York to Northwell Health, Inc. for a gross purchase price of $235.5 million. The net proceeds from the sale will be $202 million, and the company expects to recognize a financial statement gain of approximately $147 million and a tax gain of approximately $145 million.

Why it matters

The sale of the Rego Park I property is part of Alexander's strategy to focus on its core assets and redeploy capital to more profitable ventures. The transaction will provide the company with significant financial resources to potentially invest in new projects or return capital to shareholders.

The details

The Rego Park I property is a vacant, three-story, 338,000 gross leasable square foot structure built in 1959, along with 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 sale is expected to close by the third quarter of 2026.
  • Alexander's recognized $48 million of the tax gain in 2025, and the remaining $97 million will be recognized in 2026.

The players

Alexander's, Inc.

A real estate investment trust that owns five properties in New York City.

Northwell Health, Inc.

The buyer of the Rego Park I property, a healthcare organization based in New York.

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What they’re saying

“Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties.”

— Alexander's, Inc. (bakercityherald.com)

What’s next

The sale is subject to customary closing conditions and is expected to close by the third quarter of 2026.

The takeaway

The sale of the Rego Park I property will provide Alexander's with significant financial resources to potentially invest in new projects or return capital to shareholders, as the company focuses on its core assets and redeploys capital to more profitable ventures.