Northwell Health pays $229.6M to Vornado for mixed-use in Rego Park

Northwell Health paid $229.6 million to Vornado Realty Trust through the entity Alexander’s Rego Shopping Center, Inc. for the mixed-use building (K3) at 96-05 Queens Boulevard in Rego Park, Queens. The expected use is owner-occupied.
The deal closed on May 27, 2026 and was recorded on June 3, 2026. The property has 860,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $267 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on March 24, 2005, for $58 million. The signatory for Vornado Realty Trust was Steven J. Borenstein . The signatory for Northwell Health was Kevin Beiner . The contract date was May 27, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Northwell Health purchased two properties in two transactions for a total of $18.7 million and has no record it sold any properties over the past 24 months.
The seller Vornado Realty Trust purchased six properties in five transactions for a total of $390.1 million and sold 17 properties in seven transactions for a total of $1.8 billion over the same time period. The 860,000-square-foot property generated revenue of $25.6 million or $30 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on March 9, 2026 that Northwell Health paid $235.5 million to Alexander’s Inc. for 96-05 Queens Boulevard, Queens, NY.

The property

The mixed-use building in Rego Park has 860,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 549 feet and is 456 feet deep with a total lot size of 256,031 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $113.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,805 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $287.6 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 841,561 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 860,000 square feet of the 860,000 square feet. The identified owner is Vornado Realty Trust.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 860,000 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Vornado Realty Trust owned at least 69 commercial properties with four residential units in New York City with 22,406,323 square feet and a PincusCo-determined asset value of $15.6 billion. The portfolio has $8.2 billion in debt, with top three lenders as JPMorgan Chase, Goldman Sachs, and Bank of China respectively. Within the portfolio, the bulk, or 53 percent of the 22,406,323 square feet of built space are office properties, with condo properties next occupying 27 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 9 percent of the space.

The buyer

The PincusCo database currently indicates that Northwell Health owned at least eight commercial properties in New York City with 1,433,097 square feet and a PincusCo-determined asset value of $969.5 million. Within the portfolio, the bulk, or 96 percent of the 1,433,097 square feet of built space are specialty properties, with office properties next occupying 3 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Queens next at 20 percent of the space.

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