Northwell Health Acquires Former Alexander’s Department Store In Rego Park For $236M

The property asset involved in this transaction is a long-vacant former department store located at 96-05 Queens Boulevard in Rego Park. The retail asset spans 340,000 square feet and was purchased by Northwell Health for $236 million, which translates to a price per square foot of $694.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $236,000,000
• Buyer: Northwell Health
• Seller: Steven Roth - Alexander’s Inc
• Square Footage: 340,000
• Price per Square Foot: $694

This transaction sees Northwell Health acquire the former Alexander’s department store from Steven Roth, marking a significant deal that results in a nearly $150 million gain for Roth and partners. Notably, the property had a historical context, as Donald Trump once held a major stake in Alexander's and had former disputes with Roth over its real estate portfolio during the 1990s.