Alexander’s, Inc Sold Opportunity Zone Queens Land Parcel for $71M 

Alexander’s, Inc., a real estate investment trust, has sold the Rego Park III land parcel in Queens, New York, adjacent to its Rego Park II shopping center. The sale, totaling $71 million, includes consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications, and improvements.  

The property spans 670,000 buildable square feet and is located in an Opportunity Zone. It is also vested for the 421a Affordable New York Housing Program and eligible for Brownfield tax credits. The transaction will result in a financial statement gain of approximately $54 million. Alexander’s has five properties in New York City.