Northwell Health has acquired a 338,000-square-foot abandoned department store at 96-05 Queens Blvd. in Rego Park for $235.5 million from Steve Roth.
The retail property, known as Rego Park I, was most recently home to a Marshalls and a Burlington, before they moved out approximately one year ago. Since then, the site has been vacant. Prior to Marshalls and Burlington, the space was occupied by a Sears. It was also once housed by an Alexander’s, before the department store filed for bankruptcy and closed its 11 locations in 1992.
Northwell Health has not yet gone into detail about its plans for the property, which also includes a parking garage with 1,236 spaces. While Northwell Health’s Long Island Jewish Forest Hills is only one mile away from the property, at 102-01 66th Rd., it is possible that they may transform this space into another hospital that may be more accessible to residents in the area.
Over the last 20 years, Northwell Health has made 20 acquisitions. These property purchases have helped it grow over this period of time into the largest private employer in New York State. Today, it has more than 100,000 employees.
Northwell Health also owns properties across the street from Rego Park I, including the Rego Park Tower at 95-25 Queens Blvd. and a 1-story building adjacent to it.
The property was built in 1959. It was bought by Roth’s real estate firm, Alexander’s Inc., in 1995, one year before a Sears location opened there. Roth and his partners stand to gain more than $140 million from the $235.5 million sale.
Alexander’s Inc. relocated the recent occupants of this property to the adjacent Rego Park II. Both properties are part of the mixed-use Rego Park Center.
