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New York & Tri-State  + Outer  + Opportunity Zones  | 

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. 


Inside The Story


About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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