Rego Park in Queens May Get 250,000 SF Residential Development

regopark_highAlexander’s, Inc., a real estate investment trust managed by New York-based Vornado Realty Trust, is evaluating plans to construct an apartment tower above its Rego Park II shopping center in Queens, NY.

The multi-family asset would contain about 300 units aggregating 250,000 square feet. The funding required for the proposed development will be approximately $100 million to $120 million.

Rego Park II is a 610,000 square foot development adjacent to the Rego Park I Shopping Center, also in Queens. The center is anchored by a 145,000 square foot Costco, which replaced Home Depot as a tenant in 2009.

In the first quarter of 2013, Alexander’s leased 2,328 square feet the Rego Park II shopping center at an average initial rent of $94.41 per square foot for a 10-year lease term.

Alexander’s currently has six properties in the greater New York City metropolitan area.