Alexander’s Inc Sells Queens Opportunity Zone Land Parcel for $71M

Alexander’s, Inc., a real estate investment trust, recently sold the Rego Park III land parcel in Queens, New York for $71 million. This 670,000 buildable square foot property is located in an Opportunity Zone and is vested for the 421a Affordable New York Housing Program and eligible for Brownfield tax credits. The sale includes consideration of Brownfield tax benefits as well as reimbursement of costs related to plans, specifications and improvements. As a result of this transaction Alexander’s will gain approximately $54 million on their financial statement. With five properties currently located in NYC this marks another successful venture by Alexander’s Inc..