Alexander’s Lands $175M for Queens Retail Center
Proceeds retire a loan issued by Bank of China in 2018.
Image courtesy of Yardi Matrix
Alexander’s Inc.—an affiliate of Vornado Realty Trust—has secured a $175 million refinancing loan for Rego Park II, a 615,000-square-foot retail center in New York City’s Queens borough.
The interest-only note bears a 5.8 percent rate and has a maturity date set in December 2030.
Proceeds retire a $198.5 million loan issued by Bank of China in 2018, Commercial Observer wrote at the time, that was slated to mature this December. Alexander’s has already paid $23.5 million on that note.
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Commercial and multifamily mortgage loan originations went up 36 percent year-over-year and 18 percent from the second quarter of 2025. This marks the fifth quarter in a row that registers growth in borrowing activity, according to the Mortgage Bankers Association’s third-quarter survey. Originations for retail properties increased by 100 percent over the year and by 141 percent over the quarter.
A Queens shopping center
Developed by Vornado, Rego Park II came online in 2010 at 61-35 Junction Blvd. The three-story building is part of Rego Park Center, a mixed-use complex of more than 1.3 million square feet that also includes a residential tower.
The LEED-certified low-rise is connected to a five-level car garage. The retail center’s tenant roster includes ALDI, Best Buy, Costco Wholesale, Marshalls, T.J.Maxx and Petco, among others.
The 7-acre property is just off Interstate 495, close to the junction with New York State Route 25. Midtown Manhattan is 7 miles west. Rego Park II is across from Queens Center, a property of almost 1 million square feet that features JCPenney, Foot Locker, Gap, Bath & Body Works and Macy’s.
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