Contact: JOSEPH MACNOW (201) 587-8541 MAY 30, 2002 Alexander's, Inc. announced it has entered into an agreement to sell its property in Flushing PARAMUS, NEW JERSEY..........ALEXANDER'S, INC. (New York Stock Exchange: ALX) today announced it has entered into an agreement to sell its subsidiary which owns the building and has the ground lease for its property in Flushing, New York for $18.8 million which would result in a gain of approximately $15.8 million. This sale is expected to be completed during the third quarter of this year. 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. ###