One of Queens' most prominent empty corners is finally getting a new life. Real-estate heavyweight Steven Roth has agreed to sell the long-vacant former Alexander’s department store site in Rego Park to Northwell Health for roughly $235.5 million, the companies disclosed Monday. The deal hands a three-story retail block and its sizable parking garage at a busy Queens Boulevard intersection to the region’s largest health system, marking the latest big repurposing of underused retail space in the borough.
In a press release via Alexander's, Inc., the REIT said the gross purchase price is $235.5 million and that net proceeds are expected to be about $202 million, with an estimated $147 million financial statement gain. The company said the agreement was signed March 6 and is subject to customary closing conditions.
What Northwell Is Buying
The Rego Park I property covers roughly 5.9 acres at Queens Boulevard and Junction Boulevard and includes a three-story building of about 338,000 square feet, plus a 1,236-space parking garage, according to market summaries. MarketScreener notes that Alexander’s moved tenants into the neighboring Rego Park II center last year, leaving the site empty.
Roth's Windfall
For Roth and his partners, the numbers add up to a sizable payday. The company’s figures translate to a roughly $147 million gain on the books, which Crain's New York Business characterized as “nearly $150 million.” The same outlet reports Roth acquired the property in 1995 and controls roughly 20 million square feet of commercial space in the New York area.
What This Means For Queens
For Northwell, the acquisition continues a stretch of expansion and underscores how health care providers are increasingly eyeing retail-zoned land. In a statement to Crain's New York Business, Northwell said it has “a long-standing commitment to ensuring our neighbors and patients across Queens can access world-class health care regardless of their zip code or their ability to pay.”
What's Next
Alexander’s said the sale is expected to close by the third quarter of 2026, pending the usual conditions in the purchase agreement. Until Northwell submits formal plans or permit applications, local officials and residents are left to watch and wait for specifics on how the site will be reused, and what a medical conversion could mean for traffic, parking and jobs in Rego Park.
