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 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.