Alexander’s Sells Rego Park I for $235.5M, Nets $203M Proceeds
ALX•Alexander’s sold its Rego Park I property in Queens to Northwell Health for $235.5 million, receiving $224 million at closing and netting $203 million after costs. The sale generates a $148 million gain in Q2 and produces tax gains of $48 million in 2025 and $97 million in 2026.
1. Sale Details
Alexander’s completed the sale of its Rego Park I office property in Queens to Northwell Health for a gross price of $235.5 million, receiving $224 million at closing after $21 million of costs incurred prior to closing.
2. Financial Gains
The transaction generated net proceeds of $203 million and will result in a $148 million gain recorded in the second-quarter financial statements.
3. Tax Implications
The sale produces total tax gains of $145 million, with $48 million recognized in 2025 and approximately $97 million scheduled for recognition in 2026.
