Contact: JOSEPH MACNOW (201) 587-8541 OCTOBER 05, 2001 Alexander's Leases Paramus, N.J. Property PARAMUS, NEW JERSEY,..…......ALEXANDER'S, INC. (NYSE:ALX) announced that it has entered into an agreement to ground lease its Paramus, N.J. property to a major retail tenant. The lease has a 40-year term with an option to purchase at the end of the 20th year for $75 million. Further, Alexander's has obtained a $68 million non-recourse mortgage on the property from a third party lender. The triple net rent will be the sum of $700,000 plus the amount of interest on the mortgage. 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 Companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. ###