Alexander’s REIT Under Contract to Sell Rego Park Land Adjacent to Shopping Center
Alexander’s, Inc. has entered into an agreement to sell the Rego Park III land parcel adjacent to its Rego Park II shopping center, located in Queens, for $71 million. The sales price includes consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date.
The property consists of 670,000 buildable square feet located in an Opportunity Zone, vested for the 421a Affordable New York Housing Program and eligible to receive Brownfield tax credits. The REIT expects to realize a financial statement gain of approximately $54 million.
The sale is subject to customary closing conditions and is expected to close in the second quarter of 2023.