Alexander’s Completes Sale of Rego Park III

PARAMUS, N.J., May 19, 2023 (GLOBE NEWSWIRE) — Alexander’s, Inc. (NYSE: ALX) announced today that it has completed the previously announced sale of the Rego Park III land parcel adjacent to its Rego Park II shopping center, located in Queens, New York, for $71 million inclusive of 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.   There will be a financial statement gain of approximately $54 million.

Alexander’s, Inc. is a real estate investment trust that has five properties in New York City.