Contact: JOSEPH MACNOW (201) 587-8541 JUNE 04, 2001 Alexander's, Inc. announced today that it has completed a $223 million ten-year mortgage loan PARAMUS, NEW JERSEY..........ALEXANDER'S, INC. (NYSE: ALX) announced today that it has completed a $223 million ten-year mortgage loan collateralized by the Kings Plaza Shopping Center. The note will bear interest at a rate of 7.46%. The proceeds will be used to repay an existing $115 million mortgage loan and for general corporate purposes. 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. ###