Queens’ Rego Park I Acquired by Northwell Health for $235.5M
Real Estate Investment Trust (REIT) Alexander’s Inc, which is managed by Vornado Realty Trust, has agreed to sell its vacant 3-story, 338,000-square-foot Rego Park I building to Northwell Health for $235.5 million expected to close by the third quarter of 2026. The property spreads across 5.9 acres and includes a 1,236 square-foot parking garage. According to city records, the healthcare provider signed a Memorandum of Contract on March 6 for the property located at 96-05 Queens Boulevard, situated at the intersection of Junction Boulevard, adjacent to the Long Island Expressway. Built in 1959, the property was originally the only Queens location of the former Alexander’s department store chain that according to Wikipedia had included 16 stores at its peak in 1981, but subsequently in 1992 filed for bankruptcy. The last two retailers occupying space within the building include Marshalls and Burlington, which relocated last May and September respectively to the REIT’s adjacent 950,000-square-foot Rego Park II, which opened in 2010. According to Alexanders’ press release, the sale of the unencumbered property will generate net proceeds of $202 million. 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