Contact: JOSEPH MACNOW (201) 587-8541 APRIL 26, 2002 Alexanders, Inc. announces a commitment from HVB [HypoVereinsbank] for a $630 million loan PARAMUS, NEW JERSEY ..........ALEXANDER'S, INC. (NYSE: ALX) announced today that it has received a commitment from HVB [HypoVereinsbank] for a $630 million loan to finance the construction of its previously announced 1.3 million square foot multi-use building at the Company's 59th Street and Lexington Avenue location. The terms of the financing include an interest rate of Libor plus 2.50%, a loan term of forty-two months plus two one-year extensions and maintenance of cash collateral or guarantees of $140 million. The loan is subject to customary closing conditions. There can be no assurance that the loan will ultimately close. 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. ###