Alexander’s to sell Rego Park III shopping center in New York for $71M

Alexander’s has entered into an agreement to sell the Rego Park III land parcel adjacent to its Rego Park II shopping center, located in Queens, New York, for $71M 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 $54M. The sale is expected to close in Q2.