Alexander’s to Sell Rego Park III
08 März 2023 - 10:41PM
Alexander’s, Inc. (NYSE: ALX) announced today that it has entered
into an agreement to sell the Rego Park III land parcel adjacent to
its Rego Park II shopping center, located in Queens, New York, for
$71 million inclusive of consideration for Brownfield tax
benefits and reimbursement of costs for plans, specifications and
improvements to date. The property consists of 670,000 buildable
square feet located in an Opportunity Zone, vested for the 421a
Affordable New York Housing Program and eligible to receive
Brownfield tax credits. There will be a financial statement gain of
approximately $54 million.
The sale is subject to customary closing
conditions and is expected to close in the second quarter of
2023.
Alexander’s, Inc. is a real estate investment
trust that has six properties in the New York City
metropolitan area.
CONTACT:GARY HANSEN(201) 587-8541
Certain statements contained herein constitute
forward-looking statements as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are not guarantees of performance. They represent
our intentions, plans, expectations and beliefs and are subject to
numerous assumptions, risks and uncertainties. Our future
results, financial condition and business may differ materially
from those expressed in these forward-looking statements. Many of
the factors that will determine the outcome of these and our other
forward-looking statements are beyond our ability to control or
predict. Currently, some of the factors are the increase in
interest rates and inflation and the continuing effect of the
COVID-19 pandemic on our business, financial condition, results of
operations, cash flows, operating performance and the effect that
these factors have had and may continue to have on our tenants, the
global, national, regional and local economies and financial
markets and the real estate market in general. For further
discussion of factors that could materially affect the outcome of
our forward-looking statements, see "Item 1A. Risk Factors" in Part
I of our Annual Report on Form 10-K for the year ended December 31,
2022. For these statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. All subsequent
written and oral forward-looking statements attributable to us or
any person acting on our behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to in
this section. We do not undertake any obligation to release
publicly any revisions to our forward-looking statements to reflect
events or circumstances occurring after the date of the Annual
Report on Form 10-K.
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