Northwell Health to Acquire Vacant Mall Site in Queens

Paul, Weiss is advising Northwell Health on its acquisition of approximately 6 acres in Rego Park, Queens, from an affiliate of Vornado Realty Trust. Under the purchase and sale agreement Northwell will pay $235.5 million for the property, which historically housed retailers such as Alexander’s, Sears, Bed Bath & Beyond and Ikea. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Northwell, the largest health system and private employer in New York State, is considering various redevelopment options for the site.

The Paul, Weiss team includes real estate partner Peter Fisch and counsel Barry Langman.