{"id":1004790975,"date":"2026-03-10T04:51:33","date_gmt":"2026-03-10T12:51:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004790975"},"modified":"2026-03-16T08:07:26","modified_gmt":"2026-03-16T16:07:26","slug":"northwell-health-to-buy-queens-retail-center-for-236m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northwell-health-to-buy-queens-retail-center-for-236m\/","title":{"rendered":"Northwell Health to Buy Queens Retail Center for $236M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Rego-Park-I-in-Queens-NY.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004790980\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rego-park-i-in-queens-ny-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Rego-Park-I-in-Queens-NY-edited.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rego Park I in Queens, NY\" data-image-description=\"&lt;p&gt;Image courtesy of Yardi Matrix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rego Park I has been vacated prior to the sale.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Rego-Park-I-in-Queens-NY-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Rego-Park-I-in-Queens-NY-edited.jpg\" alt=\"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.\" class=\"wp-image-1004790980\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Rego-Park-I-in-Queens-NY-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Rego-Park-I-in-Queens-NY-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">Rego Park I is part of the 1.3 million-square-foot, mixed-use Rego Park Center. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Northwell Health Inc. has entered into an agreement with Vornado-managed Alexander\u2019s to purchase Rego Park I, a 338,000-square-foot retail center in New York City&#8217;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.<\/p>\n\n\n\n<p>The financial statement gain is expected to rise to approximately $147 million and the tax gain to $145 million\u2014out 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-vacated-retail-building-at-rego-park-center\">A vacated retail building at Rego Park Center<\/h2>\n\n\n\n<p>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\u2019s 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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/high-street-retail-regains-traction-in-the-new-downtown\/\">High-Street Retail Regains Traction<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>In December 2025, Alexander&#8217;s secured a <a href=\"https:\/\/www.commercialsearch.com\/news\/alexanders-lands-175m-for-queens-retail-center\/\">$175 million refinancing loan for Rego Park II<\/a>. The note retired a $198.5 million loan issued by Bank of China in 2018.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sustained-retail-activity-in-queens\">Sustained retail activity in Queens<\/h2>\n\n\n\n<p>The borough&#8217;s retail sector continues to see sustained investment activity. Ranking first among January&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-retail-building-sales-january-2026\/\">top five retail sales in New York City<\/a> was the TPG Real Estate and Acadia Realty Trust&#8217;s acquisition of The Shops at Skyview. The 520,838-square-foot shopping center in Queens changed hands for $298 million.<\/p>\n\n\n\n<p>Ranking second on the same list was Imperial Sterling Corp.&#8217;s sale of a 42,002-square-foot retail trio in Queens&#8217; Rego Park for $24.4 million. Similarly, in fourth place was Malachite Group&#8217;s acquisition of a retail duo located in the same neighborhood, for a total of $16.1 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Completed in 1959, the property is now vacant.<\/p>\n","protected":false},"author":3619,"featured_media":1004790980,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21749],"tags":[52400,36639,33030],"class_list":["post-1004790975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-alexanders","tag-northwell-health","tag-vornado-realty-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Northwell Health to Buy Queens Retail Center for $236M - 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