Contact: JOSEPH MACNOW (201) 587-8541 MAY 01, 2001 Alexander's Leases 700,000 square feet at its 59th Street and Lexington Avenue Development to Bloomberg L.P. PARAMUS, NEW JERSEY..........ALEXANDER'S, INC. (NYSE: ALX) announced today that it has entered into a lease agreement with Bloomberg L.P. under which Bloomberg will lease approximately 700,000 square feet at the Company's 59th Street and Lexington Avenue development property. The initial term of the lease is for 25 years, with a ten-year renewal option. The development will contain approximately 1.4 million square feet of retail, office and residential space. The funding required for the proposed building will be in excess of $650 million. Alexander's is exploring various alternatives for financing the project, including equity, debt, joint ventures and asset sales, which may involve arrangements with Vornado Realty Trust. There can be no assurance that this project will be ultimately completed, completed on time or completed for the budgeted amount. If the project is not completed on a timely basis, the lease may be cancelled and significant penalties may apply. Bloomberg L.P., founded in 1981, is a global, multi-media based distributor of information services, combining news, data and analysis for financial markets and businesses. Bloomberg provides real-time pricing, historical pricing, indicative data, analytics and electronic communications 24 hours a day over 157,000 BLOOMBERG(TM) systems used by over 250,000 financial professionals in over 100 countries world-wide. In addition, Bloomberg operates a syndicated news service; publishes books and magazines; and disseminates business information via its TV, radio networks and the Worldwide Web. Alexander's 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. ###