Alexander's to Sell Kings Plaza Mall for $751 Million
ALEXANDER'S, INC. (New York Stock Exchange: ALX) announced today that it has entered into an agreement to sell the Kings Plaza Mall, Brooklyn, New York to The Macerich Company (NYSE: MAC), for $751 million. Net proceeds from the sale will be approximately $481 million after repaying the existing loan and closing costs.
The financial statement gain will be approximately $602 million. The tax gain will be approximately $624 million, which is expected to be paid out to stockholders as a special long-term capital gain dividend.
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