Northwell Health to Buy Queens Retail Center for $236M

March 10, 2026

Retail Investment New York News More Northeast

Completed in 1959, the property is now vacant.

Exterior shot of Rego Park I, one of the retail centers part of the 1.3 million-square-foot Rego Park Center in Queens, N.Y. — Rego Park I is part of the 1.3 million-square-foot, mixed-use Rego Park Center. *Image courtesy of Yardi Matrix*

Northwell Health Inc. has entered into an agreement with Vornado-managed Alexander’s to purchase Rego Park I, a 338,000-square-foot retail center in New York City’s Queens borough. The unencumbered asset will trade for a gross purchase price of $235.5 million, or $685 per square foot, with expected net proceeds of $202 million.

The financial statement gain is expected to rise to approximately $147 million and the tax gain to $145 million—out of which $48 million was recognized in 2025 and roughly $97 million is slated to be recognized this year. The sale is scheduled to close by the third quarter of 2026.

A vacated retail building at Rego Park Center

Completed in 1959 at 9605 Queens Blvd., Rego Park I is a vacant three-story property occupying a 6-acre site, including a 1,236-space parking garage. Alexander’s has recently vacated the premises of the shopping center by relocating tenants to the adjacent 610,000-square-foot Rego Park II. Both retail centers are part of Rego Park Center, a 1.3 million-square-foot, mixed-use property that includes a residential tower.

In December 2025, Alexander’s secured a $175 million refinancing loan for Rego Park II. The note retired a $198.5 million loan issued by Bank of China in 2018.

The vacated retail center is located near the interchange between the Long Island Expressway and Queens Boulevard. Rego Park I and II are across the road from several shopping centers, including the 412,033-square-foot Queens Center and the 239,600-square-foot LeFrak City.

Sustained retail activity in Queens

The borough’s retail sector continues to see sustained investment activity. Ranking first among January’s top five retail sales in New York City was the TPG Real Estate and Acadia Realty Trust’s acquisition of The Shops at Skyview. The 520,838-square-foot shopping center in Queens changed hands for $298 million.

Ranking second on the same list was Imperial Sterling Corp.’s sale of a 42,002-square-foot retail trio in Queens’ Rego Park for $24.4 million. Similarly, in fourth place was Malachite Group’s acquisition of a retail duo located in the same neighborhood, for a total of $16.1 million.