ALX News & Events

Alexander's entered into an agreement to sell its Rego Park I property to Northwell Health, Inc. The gross purchase price is $235.5M and the net proceeds will be $202M. The property is unencumbered. The property is located at the intersection of Queens Boulevard and Junction Boulevard, adjacent to the Long Island Expressway, in Queens, New York. The Rego Park I property is comprised of a vacant, three-story, 338,000 gross leasable square foot structure built in 1959 and a 1,236 space parking garage, located on 5.9 acres. Alexander's recently vacated the property by relocating tenants to its adjacent Rego Park II shopping center. The financial statement gain will be approximately $147M and the tax gain will be approximately $145M, of which $48M was recognized in 2025 and approximately $97M will be recognized in 2026. The sale is subject to customary closing conditions and is expected to close by the third quarter of 2026.

Reports EPS 74c vs. $2.39 last year.

Alexander's restructured the $300M mortgage loan on the retail condominium of 731 Lexington Avenue in Manhattan. Under the terms of the restructuring, the existing loan was split into a $132.5M senior "A-Note" accruing current interest at 7.00% per annum and a $167M junior "C-Note" accruing interest at 4.55% per annum, with a new maturity date of December 23. At the closing of the restructuring, an affiliate of Alexander's purchased the $132.5M senior A-Note from the existing lenders at par. The Alexander's affiliate also entered into a new "B-Note" with the borrower, pursuant to which funds that are loaned to the borrower, for capital and re-leasing expenses, and to fund interest on the A-Note, accrue interest at 13.5% per annum, except for loan amounts above $65M used to pay interest on the A-Note, which accrue at 7.00%.

Alexander's completed a $175M refinancing of its 615,000 square foot Rego Park II shopping center located in Queens, New York. The interest-only loan is at SOFR plus 2.00%, currently 5.82%, and matures in December 2030. Alexander's paid down by $23.5M the prior $198.5M loan that bore interest at SOFR plus 1.45% and was scheduled to mature on December 12, 2025.