Contact: JOSEPH MACNOW (201) 587-8541 SEPTEMBER 03, 2002 Completion of Sale of Third Avenue Property PARAMUS, NEW JERSEY......ALEXANDER'S, INC. (New York Stock Exchange: ALX) today announced that it has completed its previously announced sale of its Third Avenue property located in the Bronx, New York for $15 million, resulting in a gain of approximately $11.5 million. Alexander's, Inc. is a real estate investment trust which has six 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. ###