Alexander's to sell Rego Park I for $235.5M
Alexander’s, Inc. agreed to sell its Rego Park I shopping center in Queens, New York, to Northwell Health, Inc. for a gross purchase price of $235.5 million, with expected net proceeds of $202 million paid in cash at closing.
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Form Type
8-K
Rhea-AI Filing Summary
Alexander’s, Inc. agreed to sell its Rego Park I shopping center in Queens, New York, to Northwell Health, Inc. for a gross purchase price of $235.5 million, with expected net proceeds of $202 million paid in cash at closing.
The property is a vacant, three-story, 338,000 square foot structure with a 1,236-space parking garage on 5.9 acres, recently vacated by relocating tenants to the adjacent Rego Park II center. The company expects to record an estimated financial statement gain of $147 million and a tax gain of $145 million, with $48 million recognized in 2025 and approximately $97 million in 2026.
The agreement includes customary representations, covenants and indemnities and is subject to customary closing conditions, with closing expected by the third quarter of 2026. Alexander’s remains a New York City-focused real estate investment trust with five properties.
Positive
- Monetization of vacant asset: Alexander’s agreed to sell its vacant Rego Park I property for a gross price of $235.5 million, generating expected net cash proceeds of $202 million payable at closing.
- Significant realized gains: The transaction is expected to produce an estimated financial statement gain of $147 million and a tax gain of $145 million, with recognition across 2025 and 2026.
Negative
- None.
Insights
Large asset sale generates significant cash and gains, pending closing.
Alexander’s, Inc. has arranged a cash sale of its Rego Park I property to Northwell Health for a gross $235.5 million, yielding expected net proceeds of $202 million. The asset is currently vacant, so the transaction monetizes a non‑income‑producing property.
The company anticipates an estimated financial statement gain of $147 million and a tax gain of $145 million, with $48 million recognized in 2025 and about $97 million in 2026. For a REIT with five New York City properties, these gains and cash inflow are substantial in scale.
The agreement contains customary terms and indemnities, and the sale is subject to customary closing conditions, with closing expected by the third quarter of 2026. Actual impact will depend on successful completion of the sale and how Alexander’s ultimately deploys the $202 million in net proceeds.
8-K Event Classification
3 items: 1.01, 7.01, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What property is Alexander’s Inc. (ALX) selling in the Rego Park I deal?
Alexander’s is selling its Rego Park I shopping center in Queens, New York. The asset includes a vacant, three-story 338,000 gross leasable square foot structure, a 1,236-space parking garage, and totals 5.9 acres at Queens Boulevard and Junction Boulevard.
How much cash will Alexander’s Inc. (ALX) receive from the Rego Park I sale?
Alexander’s expects net cash proceeds of $202 million from the Rego Park I sale. The gross purchase price is $235.5 million, payable in cash at closing, and the property is unencumbered, simplifying the transaction structure for both parties.
What gains does Alexander’s Inc. (ALX) expect from the Rego Park I transaction?
Alexander’s anticipates an estimated financial statement gain of $147 million and a tax gain of $145 million. Of the tax gain, $48 million was recognized in 2025, with approximately $97 million expected to be recognized in 2026 upon completion.
When is the Alexander’s Inc. (ALX) Rego Park I sale expected to close?
The Rego Park I sale to Northwell Health is expected to close by the third quarter of 2026. The agreement is subject to customary closing conditions, so the timing ultimately depends on satisfying those conditions and avoiding events that could terminate the agreement.
Who is buying Alexander’s Inc. (ALX) Rego Park I property and on what terms?
Northwell Health, Inc. is buying the Rego Park I property from Alexander’s. The agreement calls for a $235.5 million gross purchase price, paid in cash at closing, and includes customary representations, covenants, indemnification, and standard real estate transaction closing conditions.
How does the Rego Park I sale affect Alexander’s Inc. (ALX) property portfolio?
After the sale, Alexander’s remains a New York City-focused REIT with five properties. The company has already relocated Rego Park I tenants to its adjacent Rego Park II center, meaning it is exiting a vacant asset while maintaining a nearby operating shopping center.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
(State or Other | (Commission | (IRS Employer | ||||||||||||
Jurisdiction of Incorporation) | File Number) | Identification No.) | ||||||||||||
(Address of Principal Executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (201 ) 587-8541
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Item 1.01. Entry into a Material Definitive Agreement.
On March 6, 2026 , Alexander’s Rego Shopping Center LLC, a wholly-owned subsidiary of Alexander’s, Inc. (the “Company”), entered into an Agreement of Purchase and Sale (the “Agreement”) with Northwell Health, Inc. (“Northwell”) to sell its Rego Park I shopping center (“Rego Park I”) located in Queens to Northwell for $235.5 million in cash payable upon closing. The Company expects to receive net proceeds of $202 million.
The sale includes a vacant, three-story, 338,000 gross leasable square foot structure built in 1959 and a 1,236 space parking garage, located on 5.9 acres in Queens, New York. The Agreement contains customary representations, warranties, covenants, and indemnification for breaches of representations and warranties and other matters. The sale is subject to customary closing conditions and is expected to close by the third quarter of 2026.
This disclosure summarizes the material provisions of the Agreement. This summary is qualified in its entirety by reference to the full text of the Agreement which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Item 7.01. Regulation FD Disclosure.
A copy of the Company’s press release announcing the entry into the Agreement is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or under the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||||||||
99.1 | Press Release, dated March 9, 2026. | |||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||||||||
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALEXANDER’S, INC. | |||||||||||
(Registrant) | |||||||||||
| By: | /s/ Gary Hansen | ||||||||||
| Name: | Gary Hansen | ||||||||||
| Title: | Chief Financial Officer (duly authorized officer and principal financial and accounting officer) | ||||||||||
Date: March 9, 2026
3
Exhibit 99.1
March 9, 2026
Alexander’s to Sell Rego Park I for Net Proceeds of $202 Million
PARAMUS, NEW JERSEY..........Alexander’s, Inc. (NYSE: ALX) announced today that it has entered into an agreement to sell its Rego Park I property to Northwell Health, Inc. The gross purchase price is $235.5 million and the net proceeds will be $202 million. The property is unencumbered.
The property is located at the intersection of Queens Boulevard and Junction Boulevard, adjacent to the Long Island Expressway, in Queens, New York. The Rego Park I property is comprised of a vacant, three-story, 338,000 gross leasable square foot structure built in 1959 and a 1,236 space parking garage, located on 5.9 acres. Alexander’s recently vacated the property by relocating tenants to its adjacent Rego Park II shopping center.
The financial statement gain will be approximately $147 million and the tax gain will be approximately $145 million, of which $48 million was recognized in 2025 and approximately $97 million will be recognized in 2026.
The sale is subject to customary closing conditions and is expected to close by the third quarter of 2026.
Alexander’s, Inc. is a real estate investment trust that has five properties in New York City.
CONTACT:
GARY HANSEN
(201) 587-8541
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. There can be no assurance that the actual results of such forward-looking statements, including but not limited to, the consummation of the proposed sale transaction pursuant to the agreement or those pertaining to expectations regarding the Company’s financial performance, expectations as to the likelihood and timing of closing of the agreement, and the anticipated use of proceeds, will not differ materially from those reflected in such forward-looking statements. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement; the inability to complete the proposed sale due to the failure to satisfy the conditions to the agreement; the effect of the announcement of the proposed sale on the Company’s operating results and business generally, and changes in the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2025. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws.