Alexander’s, Inc. has completed its previously announced sale of its Rego Park I property in Queens to Northwell Health, Inc. The gross sales price was $235.5 million, and the net proceeds were $203 million. Before the closing, Alexander’s already paid $21 million of costs and accordingly, it received $224 million of proceeds at closing.
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. The property originally housed the only Queens location of the former Alexander’s department store chain that filed for bankruptcy in 1992.
The last two retailers occupying space within the building included Marshalls and Burlington. The REIT relocated the two tenants last year to its adjacent 950,000-square-foot Rego Park II. Alexander’s said there will be a financial statement gain of approximately $148 million from the sale.
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