Contact: JOSEPH MACNOW (201) 587-8541 SEPTEMBER 23, 2003 Alexander's leases 83,000 square feet at its 59th Street and Lexington Avenue Development to the Home Depot to be Operated as an "Urban Neighborhood" Store PARAMUS, NEW JERSEY..........ALEXANDER'S, INC. (New York Stock Exchange: ALX) announced today that it has entered into a lease with The Home Depot U.S.A., Inc. for an 83,000 square foot store at the Company's 59th Street and Lexington Avenue development property. The initial term of the lease is for 20 years with a ten-year renewal option. The Home Depot will operate this location as a pedestrian-oriented “urban neighborhood” store, with a product assortment geared specifically for the Manhattan neighborhoods it will serve. The store's entrance will be on Third Avenue leading to a 73,000 square foot floor on the lower level. The Company's 59th Street development will contain approximately 1.3 million square feet of retail, office and residential space. Previously, Alexander's signed leases for this development with Bloomberg L.P. for 700,000 square feet of office space and Hennes & Mauritz (“H&M”) for a 45,000 square foot retail store. H&M relinquished 18,000 square feet on the lower level of their store to accommodate The Home Depot lease and will now occupy 27,000 square feet. There can be no assurance that this development will be completed. If the project is not completed on a timely basis, the leases may be cancelled and significant penalties may apply. 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. ###