Contact: JOSEPH MACNOW (201) 587-8541 JANUARY 12, 2001 Alexander's, Inc. announced sale of Fordham Road property PARAMUS, NEW JERSEY..........ALEXANDER'S, INC. (New York Stock Exchange: ALX) today announced that it sold its Fordham Road property, located in the Bronx, New York. This vacant property contains 303,000 square feet and was sold for $25.5 million resulting in a gain of $19.1 million. Alexander's, Inc. is a real estate investment trust which has seven properties in the greater New York City metropolitan area. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. ###