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Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued Accounting Literature	In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this update effective December 15, 2025. The adoption of ASU 2023-09 did not have a material impact on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.
Real Estate	Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2025 and 2024, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $630,630,000 and $641,570,000, respectively. Maintenance and repairs are generally expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred.Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset, including an estimated terminal value calculated using an appropriate capitalization rate. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
Revenue Recognition	Rental revenues include revenues from the leasing of space at our properties to tenants, tenant services and parking garage revenues. We have the following revenue recognition policies: •Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). ◦Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. ◦Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. •Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received.
Cash and Cash Equivalents	Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) money market funds, which invest in U.S. Treasury bills. To date we have not experienced any losses on our invested cash.
Restricted Cash	Restricted cash primarily consists of cash escrowed under loan and interest rate derivative agreements, including for debt service, real estate taxes, property insurance, leasing costs and capital improvements, and security deposits.
Deferred Charges	Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest and debt expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the terms of the related leases.
Income Taxes	We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2025 were characterized, for federal income tax purposes, as 48.3% ordinary income and 51.7% of long-term capital gain income. Dividends distributed for the year ended December 31, 2024 were characterized, for federal income tax purposes, as 100.0% ordinary income. Dividends distributed for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 41.5% ordinary income and 58.5% of long-term capital gain income.
Fair Value Measurements	ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.
Stock-based Compensation	We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Development fees	$ 1,903	$ 3,003
Vornado
Development fees	$ 34	$ 346

Segment Information - Schedule of Net Income to NOI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest and debt expense	$ (51,624)	$ (62,818)	$ (58,297)
Interest and other income	14,657	24,429	22,245
General and administrative	(6,555)	(6,519)	(6,341)
Depreciation and amortization	(35,061)	(34,782)	(32,898)
Net income	28,224	43,444	102,413
Reportable Segment
Segment Reporting Information [Line Items]
NOI	106,807	123,134	123,752
Net gain on sale of real estate	0	0	53,952
Interest and debt expense	(51,624)	(62,818)	(58,297)
Interest and other income	14,657	24,429	22,245
General and administrative	(6,555)	(6,519)	(6,341)
Depreciation and amortization	(35,061)	(34,782)	(32,898)
Net income	$ 28,224	$ 43,444	$ 102,413

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Cover - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Jan. 31, 2026

Jun. 30, 2025

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2025

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

001-06064

Entity Registrant Name

ALEXANDERS INC

Entity Incorporation, State or Country Code

Entity Tax Identification Number

51-0100517

Entity Address, Address Line One

210 Route 4 East,

Entity Address, City or Town

Paramus,

Entity Address, State or Province

Entity Address, Postal Zip Code

07652

City Area Code

(201)

Local Phone Number

587-8541

Title of 12(b) Security

Common Stock, $1 par value per share

Trading Symbol

ALX

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Public Float

$ 478,956

Entity Common Stock, Shares Outstanding

5,107,290

Documents Incorporated by Reference

Part III: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 21, 2026.

Entity Central Index Key

0000003499

Document Fiscal Year Focus

2025

Document Fiscal Period Focus

Amendment Flag

false

Related Party Transactions - Summary of Fees to Vornado (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Fees to related party	$ 9,777	$ 15,409	$ 10,729
Company management fees
Related Party Transaction [Line Items]
Fees to related party	2,800	2,800	2,800
Development fees
Related Party Transaction [Line Items]
Fees to related party	842	472	0
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	697	6,084	1,213
Commission on sale of real estate
Related Party Transaction [Line Items]
Fees to related party	0	0	711
Property management, cleaning, engineering, parking and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 5,438	$ 6,053	$ 6,005

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Information - Schedule of Summary of NOI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Rental revenues	$ 213,183	$ 226,374	$ 224,962
Total operating expenses	(106,376)	(103,240)	(101,210)
Reportable Segment
Segment Reporting Information [Line Items]
Rental revenues	213,183	226,374	224,962
Real estate tax expense	(61,665)	(59,256)	(57,722)
Other segment expenses	(44,711)	(43,984)	(43,488)
Total operating expenses	(106,376)	(103,240)	(101,210)
NOI	$ 106,807	$ 123,134	$ 123,752

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Related Party Transactions - Narrative (Details)		8 Months Ended	12 Months Ended
Related Party Transactions - Narrative (Details)	Apr. 30, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) $ / ft²	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 9,777,000	$ 15,409,000	$ 10,729,000
Development fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			842,000	472,000	0
Leasing fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			697,000	6,084,000	$ 1,213,000
Vornado
Related Party Transaction [Line Items]
Management fee agreement value			2,800,000
Other liabilities		$ 1,159,000	$ 134,000	1,159,000
Vornado \| Development fees
Related Party Transaction [Line Items]
Development fee as a percentage of development costs			6.00%
Other liabilities		$ 346,000	$ 34,000	346,000
Vornado \| Leasing fees
Related Party Transaction [Line Items]
Lease fee percentage of rent one to ten years			3.00%
Lease fee percentage of rent eleven to twenty years			2.00%
Lease fee percentage of rent twenty first to thirty years			1.00%
Percentage increase lease fee if broker used	1.00%
Percentage of third-party lease commission		33.33%
Percentage commissions on sale of assets under fifty million			3.00%
Asset sale commission threshold			$ 50,000,000
Percentage commissions on sale of assets over fifty million			1.00%
Other liabilities		$ 171,000	$ 100,000	171,000
Vornado \| Management, property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Other liabilities		$ 642,000		$ 642,000
Vornado \| Retail space \| Rego Park II \| Property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Property management fee, percent fee			2.00%
Vornado \| Office and Retail Space \| 731 Lexington Avenue \| Property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Property management fee agreement price per square foot \| $ / ft²			0.50
Vornado \| Common Area \| 731 Lexington Avenue \| Property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Property management fee escalation percentage per annum			3.00%
Vornado \| Common Area \| 731 Lexington Avenue \| Base management fee
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 387,000
Alexander's Inc. \| Vornado \| Vornado
Related Party Transaction [Line Items]
Parent ownership			32.40%
Alexander's Inc. \| Director \| Mr. Roth, Interstate, David Mandelbaum and Russell B, Wight, Jr.
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners			26.00%
Alexander's Inc. \| Director \| Vornado \| Mr. Roth, Interstate, David Mandelbaum and Russell B, Wight, Jr.
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners			2.30%

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to the current period presentation. Recently Issued Accounting Literature In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this update effective December 15, 2025. The adoption of ASU 2023-09 did not have a material impact on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements. Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2025 and 2024, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $630,630,000 and $641,570,000, respectively. Maintenance and repairs are generally expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred. Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset, including an estimated terminal value calculated using an appropriate capitalization rate. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Revenue Recognition – Rental revenues include revenues from the leasing of space at our properties to tenants, tenant services and parking garage revenues. We have the following revenue recognition policies: •Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). ◦Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. ◦Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. •Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) money market funds, which invest in U.S. Treasury bills. To date we have not experienced any losses on our invested cash. Restricted Cash – Restricted cash primarily consists of cash escrowed under loan and interest rate derivative agreements, including for debt service, real estate taxes, property insurance, leasing costs and capital improvements, and security deposits. Deferred Charges – Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest and debt expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the terms of the related leases. Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2025 were characterized, for federal income tax purposes, as 48.3% ordinary income and 51.7% of long-term capital gain income. Dividends distributed for the year ended December 31, 2024 were characterized, for federal income tax purposes, as 100.0% ordinary income. Dividends distributed for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 41.5% ordinary income and 58.5% of long-term capital gain income. The estimated taxable income attributable to our common stockholders (unaudited) for the years ended December 31, 2025, 2024 and 2023 was approximately $88,726,000, $65,493,000, and $98,555,000 respectively. The book to tax differences between net income and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gains or losses from the sale of real estate and other capital transactions, straight-line rent adjustments, the change in fair value of marketable securities and income from discontinued operations. As of December 31, 2025, the net basis of our assets and liabilities for tax reporting purposes was approximately $125,793,000 lower than the amount reported for financial statement purposes.

Mortgages Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Mortgages Payable

MORTGAGES PAYABLE

On December 5, 2025, we completed a $175,000,000 refinancing of the mortgage loan on our Rego Park II shopping center. The interest-only loan is at SOFR plus 2.00% (5.72% as of December 31, 2025) and matures on December 5, 2030. We paid down by $23,544,000 the previous $198,544,000 loan that bore interest at SOFR plus 1.45% and was scheduled to mature on December 12, 2025.

On December 23, 2025, we entered into an agreement to restructure the $300,000,000 mortgage loan on the retail condominium portion of 731 Lexington Avenue, which previously bore interest at SOFR plus 1.51%. The restructured loan was split into (i) a $132,500,000 senior A-Note that was purchased by a wholly owned subsidiary of Alexander’s, which bears interest at a fixed rate of 7.00% and (ii) a $167,500,000 junior C-Note held by the lenders of the original loan, which accrues PIK interest at 4.55%. In addition, Alexander’s has the right to fund operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which will be junior to the A-Note and senior to the C-Note. The B-Note bears interest at a fixed rate of 13.50%, except for loan amounts above $65,000,000 used to pay interest on the A-Note, which will bear interest at a fixed rate of 7.00%. The restructured loan matures in December 2035.

All future net sales or refinancing proceeds will be distributed through the payment waterfall per the terms of the restructured loan agreement. If such proceeds (or appraised value in such refinancing) are insufficient to cover the C-Note loan balance, any outstanding C-Note indebtedness that remains unpaid shall be forgiven.

The loan restructuring qualifies as a troubled debt restructuring under GAAP. As such, we expensed $607,000 of direct costs incurred in connection with the loan restructuring which is included in “Interest and debt expense” on the consolidated statements of income for the year ended December 31, 2025. Since the debt balances related to the A-Note and B-Note are eliminated in consolidation, the balance presented as mortgages payable for this loan on our consolidated balance sheet as of December 31, 2025 is $167,691,000, which is comprised of the principal balance of the C-Note and the PIK interest due upon maturity.

The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.


			Interest Rate at December 31, 2025	Balance as of December 31,
(Amounts in thousands)		Maturity		2025		2024
731 Lexington Avenue, office condominium		Oct. 09, 2028	5.04%	$	400,000	$	400,000
Rego Park II shopping center(1)(2)		Dec. 05, 2030	5.72%	175,000		202,544
731 Lexington Avenue, retail condominium(3)		Dec. 23, 2035	4.55%	167,691		300,000
The Alexander apartment tower		Nov. 01, 2027	2.63%	94,000		94,000
Total				836,691		996,544
Deferred debt issuance costs, net of accumulated amortization of $5,263 and $7,381, respectively				(7,240)		(8,525)

				$	829,451	$	988,019


(1)	Interest rate listed represents the rate in effect as of December 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)	Interest at SOFR plus 2.00% (SOFR is capped at a rate of 4.50% through December 2026).
(3)	Includes PIK interest of $191 as of December 31, 2025.

The net carrying value of real estate collateralizing the debt amounted to $578,973,000 as of December 31, 2025. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. As of December 31, 2025, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:


(Amounts in thousands)
Year Ending December 31,	Amount
2026	$	—
2027	94,000
2028	400,000
2029	—
2030	175,000
Thereafter	167,691

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 28,224	$ 43,444	$ 102,413
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	38,145	37,897	34,467
Amortization of deferred lease incentives	7,364	4,897	138
Net gain on sale of real estate	0	0	(53,952)
Straight-lining of rents	2,672	13,116	2,631
Stock-based compensation expense	394	450	450
Interest rate cap premium amortization	600	6,483	7,770
Other non-cash adjustments	1,552	(4,403)	(1,559)
Change in operating assets and liabilities:
Tenant and other receivables	1,003	165	(572)
Other assets	(2,860)	(149,445)	14,141
Amounts due to Vornado	(713)	98	(60)
Accounts payable and accrued expenses	(1,417)	(13,695)	3,263
Lease incentive liabilities	(1,500)	115,118	0
Other liabilities	(20)	(19)	(19)
Net cash provided by operating activities	73,444	54,106	109,111
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(20,787)	(19,785)	(4,681)
Proceeds from interest rate cap	0	6,563	5,049
Proceeds from maturities of U.S. Treasury bills	0	0	264,881
Proceeds from sale of real estate	0	0	67,821
Purchase of interest rate cap	0	0	(11,258)
Net cash (used in) provided by investing activities	(20,787)	(13,222)	321,812
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(92,425)	(92,378)	(92,320)
Debt issuance costs	(1,799)	(7,647)	(104)
Debt repayments	(335,044)	(500,000)	0
Proceeds from borrowings	175,000	400,000	0
Net cash used in financing activities	(254,268)	(200,025)	(92,424)
Net (decrease) increase in cash and cash equivalents and restricted cash	(201,611)	(159,141)	338,499
Cash and cash equivalents and restricted cash at beginning of year	393,836	552,977	214,478
Cash and cash equivalents and restricted cash at end of year	192,225	393,836	552,977
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year	338,532	531,855	194,933
Restricted cash at beginning of year	55,304	21,122	19,545
Cash and cash equivalents and restricted cash at beginning of year	393,836	552,977	214,478
Cash and cash equivalents at end of year	128,167	338,532	531,855
Restricted cash at end of year	64,058	55,304	21,122
Cash and cash equivalents and restricted cash at end of year	192,225	393,836	552,977
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	48,192	59,685	53,975
NON-CASH TRANSACTIONS
Write-off of fully depreciated assets	1,113	2,242	8,097
Liability for real estate additions, including $34 and $346 in 2025 and 2024, respectively, for development fees due to Vornado	$ 1,903	$ 3,003	$ 1,969

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We have determined that our properties, which are considered our operating segments, have similar economic characteristics and meet the criteria that permit these operating segments to be aggregated into one reportable segment (the leasing, management, development and redevelopment of properties in New York City). Net operating income (“NOI”) represents total revenues less operating expenses. The Company’s chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI to be the financial measure of segment profit and loss for making decisions on how to allocate resources and assessing the performance of the segment. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions.

Below is a summary of financial information for the years ended December 31, 2025, 2024 and 2023.


		Year Ended December 31,
(Amounts in thousands)		2025		2024		2023
	Rental revenues	$	213,183	$	226,374	$	224,962
	Real estate tax expense	(61,665)		(59,256)		(57,722)
	Other segment expenses (1)	(44,711)		(43,984)		(43,488)
	Total operating expenses	(106,376)		(103,240)		(101,210)
	NOI	$	106,807	$	123,134	$	123,752

(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the years ended December 31, 2025, 2024 and 2023.


		Year Ended December 31,
(Amounts in thousands)		2025		2024		2023
	NOI	$	106,807	$	123,134	$	123,752
	Net gain on sale of real estate	—		—		53,952
	Interest and debt expense	(51,624)		(62,818)		(58,297)
	Interest and other income	14,657		24,429		22,245
	General and administrative	(6,555)		(6,519)		(6,341)
	Depreciation and amortization	(35,061)		(34,782)		(32,898)
	Net income	$	28,224	$	43,444	$	102,413

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Multiemployer Pension Plans
Multiemployer Plans
Multiemployer plan, contributions by employer	$ 276	$ 267	$ 215
Multiemployer Health Plans
Multiemployer Plans
Multiemployer plan, contributions by employer	$ 1,213	$ 1,085	$ 1,005

- Definition

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+ Details

Revenue Recognition - Schedule of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Lease revenues	$ 204,181	$ 217,656	$ 216,468
Rental revenues	213,183	226,374	224,962
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4,941	4,751	4,456
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 4,061	$ 3,967	$ 4,038

- Definition

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Rental revenues	$ 213,183	$ 226,374	$ 224,962
EXPENSES
Operating, including fees to Vornado of $5,965, $6,581 and $6,480, respectively	(106,376)	(103,240)	(101,210)
Depreciation and amortization	(35,061)	(34,782)	(32,898)
General and administrative, including management fees to Vornado of $2,440 in each year	(6,555)	(6,519)	(6,341)
Total expenses	(147,992)	(144,541)	(140,449)
Interest and other income	14,657	24,429	22,245
Interest and debt expense	(51,624)	(62,818)	(58,297)
Net gain on sale of real estate	0	0	53,952
Net income	$ 28,224	$ 43,444	$ 102,413
Net income per common share, basic (usd per share)	$ 5.50	$ 8.46	$ 19.97
Net income per common share, diluted (usd per share)	$ 5.50	$ 8.46	$ 19.97
Weighted average shares outstanding - basic (in shares)	5,135,020	5,132,418	5,129,330
Weighted average shares outstanding - diluted (in shares)	5,135,020	5,132,418	5,129,330

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2025.


		As of December 31, 2025
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Interest rate cap (included in other assets)	$	3	$	—	$	3	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024.


		As of December 31, 2024
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Interest rate derivatives (included in other assets)	$	4,487	$	—	$	4,487	$	—

Schedule of Interest Rate Derivatives

The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of December 31, 2025 and 2024, respectively.


		Fair Value as of December 31,				As of December 31, 2025

(Amounts in thousands)		2025		2024		Notional Amount	Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	—	$	4,117	N/A	N/A	N/A
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	3		370		175,000	(1)	12/26
Included in other assets		$	3	$	4,487

(1)	SOFR cap strike rate of 4.50%.

Schedule of Carrying Amount and Fair Value of Financial Instruments

The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2025 and 2024.


	As of December 31, 2025				As of December 31, 2024
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash equivalents	$	94,978	$	94,978	$	61,889	$	61,889
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	836,691	$	783,004	$	996,544	$	967,941

Revenue Recognition - Components of lease Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 136,521	$ 147,903	$ 147,569
Variable lease revenues	67,660	69,753	68,899
Lease revenues	$ 204,181	$ 217,656	$ 216,468

Fair Value Measurements - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Level 1 \| Carrying Amount
Assets:
Cash equivalents	$ 94,978	$ 61,889
Level 1 \| Fair Value
Assets:
Cash equivalents	94,978	61,889
Level 2 \| Carrying Amount
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	836,691	996,544
Level 2 \| Fair Value
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 783,004	$ 967,941

- Definition

Fair value portion of notes payable.

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Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022		5,173,000
Beginning balance, value at Dec. 31, 2022	$ 236,499	$ 5,173	$ 33,865	$ 172,243	$ 25,586	$ (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	102,413			102,413
Dividends paid	(92,320)			(92,320)
Change in fair value of interest rate derivatives and other	(9,385)				(9,385)
Deferred stock unit grants	450		450
Ending balance (in shares) at Dec. 31, 2023		5,173,000
Ending balance, value at Dec. 31, 2023	237,657	$ 5,173	34,315	182,336	16,201	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,444			43,444
Dividends paid	(92,378)			(92,378)
Change in fair value of interest rate derivatives and other	(12,314)				(12,314)
Deferred stock unit grants	$ 450		450
Ending balance (in shares) at Dec. 31, 2024	5,173,450	5,173,000
Ending balance, value at Dec. 31, 2024	$ 176,859	$ 5,173	34,765	133,402	3,887	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,224			28,224
Dividends paid	(92,425)			(92,425)
Change in fair value of interest rate derivatives and other	(3,896)				(3,896)
Deferred stock unit grants	$ 394		394
Ending balance (in shares) at Dec. 31, 2025	5,173,450	5,173,000
Ending balance, value at Dec. 31, 2025	$ 109,156	$ 5,173	$ 35,159	$ 69,201	$ (9)	$ (368)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2025 USD ($)
All Risk Property And Rental Value
Insurance
Insurance maximum coverage per incident	$ 1,700,000,000
Terrorism Coverage Including NBCR
Insurance
Insurance maximum coverage per incident	1,700,000,000
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Insurance
Federal government responsibility (in percentage)	80.00%
NBCR \| FNSIC
Insurance
Insurance deductible	$ 348,000
Self insured responsibility (in percentage)	20.00%
General Liability
Insurance
Insurance maximum coverage per property	$ 300,000,000
Insurance maximum coverage per incident	$ 300,000,000

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

LEASES

As Lessor

We lease space to tenants under operating leases in an office building and in retail centers. The rental terms range from approximately 5 to 25 years. The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. We also lease residential space at The Alexander apartment tower which generally have a 1 or 2 year lease terms.

Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ending December 31,
2026	$	136,291
2027	129,760
2028	137,236
2029	52,793
2030	126,724
Thereafter	1,065,582

These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales.

Bloomberg accounted for revenue of $129,317,000, $125,349,000 and $120,351,000 in the years ended December 31, 2025, 2024 and 2023, respectively, representing approximately 61%, 55% and 54% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

In May 2024, Alexander’s and Bloomberg entered into an agreement to extend the leases covering approximately 947,000 square feet at our 731 Lexington Avenue property that were scheduled to expire in February 2029 for a term of eleven years to February 2040. Upon execution of this lease extension, we paid a $32,000,000 leasing commission, of which $26,500,000 was to a third-party broker and $5,500,000 was to Vornado.

In connection with the lease extension, Bloomberg is entitled to a $113,618,000 tenant fund which is accounted for as a lease incentive under GAAP. Accordingly, during the second quarter of 2024, we recorded a deferred lease incentive asset of $113,618,000, which is amortized as a reduction to rental revenues over the remaining term of the lease, and a corresponding liability. These amounts are included in “Deferred leasing costs, net” and “Lease incentive liabilities,” on our consolidated balance sheet as of December 31, 2025.

7. LEASES - continued

On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030. The lease included a right to terminate effective no earlier than March 16, 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term. On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerated its lease termination date to April 1, 2024. In the fourth quarter of 2023 and the first quarter of 2024, IKEA paid its remaining rent obligation through March 16, 2026 and the $10,000,000 termination payment.

As Lessee

We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2037. In January 2022, New World Mall LLC, the subtenant at the property, exercised its one remaining ten-year extension option through January 2037. As a result of the subtenant exercising its extension option, we were required by GAAP to remeasure our ground lease liability based upon an estimate of lease payments to be made during the ten-year extension period of our ground lease resulting in an incremental right-of-use asset and lease liability of approximately $16,000,000. The discount rate applied in the remeasurement of the lease liability was based on the incremental borrowing rate (“IBR”) of 5.86% at the time of the remeasurement. We considered the general economic environment and factored in various Company specific adjustments to arrive at the IBR. As of December 31, 2025, the remaining right-of-use asset of $15,644,000 and lease liability of $21,295,000, are included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet.

Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ending December 31,
2026	$	800
2027	2,707
2028	2,880
2029	2,880
2030	2,880
Thereafter	17,520
Total undiscounted cash flows	29,667
Present value discount	(8,372)
Lease liability as of December 31, 2025	$	21,295

We recognize rent expense as a component of “operating” expenses on our consolidated statements of income on a straight-line basis. Rent expense was $2,161,000 in each of the years ended December 31, 2025, 2024 and 2023, respectively. Cash paid for rent expense was $800,000 in each of the years ended December 31, 2025, 2024 and 2023, respectively.

Leases

LEASES

As Lessor

Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ending December 31,
2026	$	136,291
2027	129,760
2028	137,236
2029	52,793
2030	126,724
Thereafter	1,065,582

These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales.

7. LEASES - continued

As Lessee

Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ending December 31,
2026	$	800
2027	2,707
2028	2,880
2029	2,880
2030	2,880
Thereafter	17,520
Total undiscounted cash flows	29,667
Present value discount	(8,372)
Lease liability as of December 31, 2025	$	21,295

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 20,649	$ 22,380
Preferred stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Preferred stock: authorized shares (in shares)	3,000,000	3,000,000
Preferred stock: issued shares (in shares)	0	0
Preferred stock: outstanding shares (in shares)	0	0
Common stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Common stock: authorized shares (in shares)	10,000,000	10,000,000
Common stock: issued shares (in shares)	5,173,450	5,173,450
Common stock: outstanding shares (in shares)	5,107,290	5,107,290
Treasury stock: shares (in shares)	66,160	66,160

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Below is a summary of financial information for the years ended December 31, 2025, 2024 and 2023.


		Year Ended December 31,
(Amounts in thousands)		2025		2024		2023
	Rental revenues	$	213,183	$	226,374	$	224,962
	Real estate tax expense	(61,665)		(59,256)		(57,722)
	Other segment expenses (1)	(44,711)		(43,984)		(43,488)
	Total operating expenses	(106,376)		(103,240)		(101,210)
	NOI	$	106,807	$	123,134	$	123,752

(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the years ended December 31, 2025, 2024 and 2023.


		Year Ended December 31,
(Amounts in thousands)		2025		2024		2023
	NOI	$	106,807	$	123,134	$	123,752
	Net gain on sale of real estate	—		—		53,952
	Interest and debt expense	(51,624)		(62,818)		(58,297)
	Interest and other income	14,657		24,429		22,245
	General and administrative	(6,555)		(6,519)		(6,341)
	Depreciation and amortization	(35,061)		(34,782)		(32,898)
	Net income	$	28,224	$	43,444	$	102,413

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The following is a summary of revenue sources for the years ended December 31, 2025, 2024 and 2023.


	Year Ended December 31,
(Amounts in thousands)	2025		2024		2023
Lease revenues	$	204,181	$	217,656	$	216,468
Parking revenue	4,941		4,751		4,456
Tenant services	4,061		3,967		4,038
Rental revenues	$	213,183	$	226,374	$	224,962

The components of lease revenues for the years ended December 31, 2025, 2024 and 2023 are as follows:


	Year Ended December 31,
(Amounts in thousands)	2025		2024		2023
Fixed lease revenues	$	136,521	$	147,903	$	147,569
Variable lease revenues	67,660		69,753		68,899
Lease revenues	$	204,181	$	217,656	$	216,468

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.

Financial Assets and Liabilities Measured at Fair Value


		As of December 31, 2025
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Interest rate cap (included in other assets)	$	3	$	—	$	3	$	—


		As of December 31, 2024
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Interest rate derivatives (included in other assets)	$	4,487	$	—	$	4,487	$	—

Interest Rate Derivatives

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of December 31, 2025 and 2024, respectively.


		Fair Value as of December 31,				As of December 31, 2025

(Amounts in thousands)		2025		2024		Notional Amount	Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	—	$	4,117	N/A	N/A	N/A
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	3		370		175,000	(1)	12/26
Included in other assets		$	3	$	4,487

(1)	SOFR cap strike rate of 4.50%.

6. FAIR VALUE MEASUREMENTS - continued

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2025 and 2024.


	As of December 31, 2025				As of December 31, 2024
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash equivalents	$	94,978	$	94,978	$	61,889	$	61,889
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	836,691	$	783,004	$	996,544	$	967,941

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fees to Vornado

The following is a summary of fees earned by Vornado under the various agreements discussed above.


	Year Ended December 31,
(Amounts in thousands)	2025		2024		2023
Company management fees	$	2,800	$	2,800	$	2,800
Development fees	842		472		—
Leasing fees	697		6,084		1,213
Commission on sale of real estate	—		—		711
Property management, cleaning, engineering, parking and security fees	5,438		6,053		6,005
	$	9,777	$	15,409	$	10,729

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Schedule of Future Lease Payments for Operating Lease (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 800
2027	2,707
2028	2,880
2029	2,880
2030	2,880
Thereafter	17,520
Total undiscounted cash flows	29,667
Present value discount	(8,372)
Lease liability as of December 31, 2025	$ 21,295

Mortgages Payable - Narrative (Details) - USD ($)				12 Months Ended
Mortgages Payable - Narrative (Details) - USD ($)	Dec. 23, 2025	Dec. 05, 2025	Dec. 04, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Mortgage Loans on Real Estate
Repayments of long-term debt				$ 335,044,000	$ 500,000,000	$ 0
Incurred cost				607,000
Loans payable				167,691,000
Net carrying value of real estate collateralizing the debt				578,973,000
Mortgages
Mortgage Loans on Real Estate
Notes payable, gross				$ 836,691,000	996,544,000
Mortgages \| Rego Park II shopping center mortgage loan
Mortgage Loans on Real Estate
Rate spread		2.00%	1.45%
Fixed interest rate				5.72%
Repayments of long-term debt		$ 23,544,000
Senior A-Note Loan \| Retail space
Mortgage Loans on Real Estate
Fixed interest rate	7.00%
Junior C-Note Loan \| Retail space
Mortgage Loans on Real Estate
Fixed interest rate	4.55%
731 Lexington Avenue \| Mortgages \| Rego Park II shopping center mortgage loan
Mortgage Loans on Real Estate
Mortgage loans			$ 198,544,000
731 Lexington Avenue \| Mortgages \| Retail space
Mortgage Loans on Real Estate
Notes payable, gross				$ 167,691,000	300,000,000
Rate spread	1.51%
Mortgage loans	$ 300,000,000
Interest rate				4.55%
731 Lexington Avenue \| Senior A-Note Loan \| Retail space
Mortgage Loans on Real Estate
Mortgage loans	$ 132,500,000
731 Lexington Avenue \| Senior A-Note Loan \| Retail space \| B-Note Interest Rate For Balances Above Threshhold
Mortgage Loans on Real Estate
Interest rate	7.00%
731 Lexington Avenue \| Junior C-Note Loan \| Retail space
Mortgage Loans on Real Estate
Mortgage loans	$ 167,500,000
731 Lexington Avenue \| Senior B-Note Loan \| Retail space \| B-Note Balance Below Threshold
Mortgage Loans on Real Estate
Fixed interest rate	13.50%
731 Lexington Avenue \| Senior B-Note Loan \| Retail space \| Minimum
Mortgage Loans on Real Estate
Mortgage loans	$ 65,000,000
Rego Park II \| Mortgages \| Retail space
Mortgage Loans on Real Estate
Notes payable, gross		$ 175,000,000		$ 175,000,000	$ 202,544,000
Rate spread				2.00%
Interest rate				5.72%

Summary of Significant Accounting Policies - Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Real estate, net	$ 630,630	$ 641,570

Leases - Lessee (Details) $ in Thousands	12 Months Ended
Leases - Lessee (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2022 USD ($) option
Lessee, Lease, Description [Line Items]
Right-of-use asset	$ 15,644
Other liabilities	$ 21,295
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities
Operating leases, rent expense	$ 2,161	$ 2,161	$ 2,161
Operating lease, payments	$ 800	$ 800	$ 800
Flushing
Lessee, Lease, Description [Line Items]
Number of extension options (option) \| option				1
Lessee, operating lease, renewal term (years)				10 years
Right-of-use asset				$ 16,000
Weighted average discount rate (percentage)				5.86%
Other liabilities				$ 16,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases - Lessor (Details) ft² in Thousands, $ in Thousands			6 Months Ended	12 Months Ended
Leases - Lessor (Details) ft² in Thousands, $ in Thousands	May 03, 2024 USD ($) ft²	Dec. 03, 2022 USD ($) ft²	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) ft²	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)
Lessor, Lease, Description [Line Items]
Revenues				$ 213,183	$ 226,374	$ 224,962
Lease incentive liabilities				113,618	115,118
Revenue Benchmark \| Bloomberg \| Customer Concentration Risk
Lessor, Lease, Description [Line Items]
Revenues				$ 129,317	$ 125,349	$ 120,351
Percentage rent contributed by tenant				61.00%	55.00%	54.00%
Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)				5 years
Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)				25 years
The Alexander apartment tower
Lessor, Lease, Description [Line Items]
Area of property (in square feet) \| ft²				255
The Alexander apartment tower \| Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)				1 year
The Alexander apartment tower \| Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)				2 years
Rego Park I
Lessor, Lease, Description [Line Items]
Area of property (in square feet) \| ft²				338
Rego Park I \| IKEA
Lessor, Lease, Description [Line Items]
Area of property (in square feet) \| ft²		112
Payment for termination of lease		$ 10,000	$ 10,000
731 Lexington Avenue Property \| Bloomberg L.P.
Lessor, Lease, Description [Line Items]
Area of property (in square feet) \| ft²	947
Renewal term	11 years
Payments for lease commissions	$ 32,000
Lease incentive liabilities	113,618						$ 113,618
Incentive asset from lessor							$ 113,618
731 Lexington Avenue Property \| Bloomberg L.P. \| Third Party Broker
Lessor, Lease, Description [Line Items]
Payments for lease commissions	26,500
731 Lexington Avenue Property \| Bloomberg L.P. \| Vornado
Lessor, Lease, Description [Line Items]
Payments for lease commissions	$ 5,500

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following is a summary of revenue sources for the years ended December 31, 2025, 2024 and 2023.


	Year Ended December 31,
(Amounts in thousands)	2025		2024		2023
Lease revenues	$	204,181	$	217,656	$	216,468
Parking revenue	4,941		4,751		4,456
Tenant services	4,061		3,967		4,038
Rental revenues	$	213,183	$	226,374	$	224,962

Schedule of Components of Lease Revenue

The components of lease revenues for the years ended December 31, 2025, 2024 and 2023 are as follows:


	Year Ended December 31,
(Amounts in thousands)	2025		2024		2023
Fixed lease revenues	$	136,521	$	147,903	$	147,569
Variable lease revenues	67,660		69,753		68,899
Lease revenues	$	204,181	$	217,656	$	216,468

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Undiscounted Cash Flows for Operating Leases

Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ending December 31,
2026	$	136,291
2027	129,760
2028	137,236
2029	52,793
2030	126,724
Thereafter	1,065,582

Schedule of Future Lease Payments for Operating Lease

Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:


(Amounts in thousands)	As of December 31, 2025
For the year ending December 31,
2026	$	800
2027	2,707
2028	2,880
2029	2,880
2030	2,880
Thereafter	17,520
Total undiscounted cash flows	29,667
Present value discount	(8,372)
Lease liability as of December 31, 2025	$	21,295

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our comprehensive risk management strategy for the assessment, identification and management of material risks stemming from cybersecurity threats is aligned with Vornado’s strategy as the Company’s manager, which involves a systematic evaluation of potential threats, vulnerabilities and their potential impacts on our organization’s operations, data and systems. Our manager’s cybersecurity risk management program, which is subject to our oversight, is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational and financial risk areas. The cybersecurity risk management program includes: •Risk assessments designed to help identify material cybersecurity risks to our critical systems, information and broader enterprise IT environment; •A team principally responsible for managing our (i) cybersecurity risk assessment processes, (ii) security controls and (iii) response to cybersecurity incidents; •The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of security controls; •Cybersecurity awareness training for users and senior management, including through the use of third-party providers for regular mandatory trainings; •A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •A risk management process for third-party service providers, suppliers and vendors, which includes a rigorous vetting process and ongoing monitoring mechanisms designed to ensure their compliance with cybersecurity standards. As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our manager’s cybersecurity risk management program, which is subject to our oversight, is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees the implementation of the cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees the implementation of the cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees the implementation of the cybersecurity risk management program. The Committee receives periodic reports from management on potential cybersecurity risks and threats and receives presentations on cybersecurity topics from Vornado and its Chief Information Officer. The Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on the cybersecurity risk management program as needed.
Cybersecurity Risk Role of Management [Text Block]	Management, along with Vornado, is responsible for assessing and managing our material risks from cybersecurity threats. Management and Vornado have primary responsibility for our overall cybersecurity risk management program and supervise both the internal cybersecurity personnel and external cybersecurity consultants. Vornado’s Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming. The management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by Vornado; and alerts and reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our assessment and response upon the occurrence of a material cybersecurity incident, including the process for informing senior management and our Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Committee receives periodic reports from management on potential cybersecurity risks and threats and receives presentations on cybersecurity topics from Vornado and its Chief Information Officer. The Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on the cybersecurity risk management program as needed.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Vornado’s Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by Vornado; and alerts and reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our assessment and response upon the occurrence of a material cybersecurity incident, including the process for informing senior management and our Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the years ended December 31, 2025, 2024 and 2023.


	Year Ended December 31,
(Amounts in thousands, except share and per share amounts)	2025		2024		2023
Net income	$	28,224	$	43,444	$	102,413

Weighted average shares outstanding – basic and diluted	5,135,020		5,132,418		5,129,330

Net income per common share – basic and diluted	$	5.50	$	8.46	$	19.97

Schedule III: Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III: Real Estate and Accumulated Depreciation


ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2025
(Amounts in thousands)

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E								COLUMN F		COLUMN G	COLUMN H	COLUMN I
									Gross Amount at Which												Life on which Depreciation in Latest Income Statement is Computed
			Initial Cost to Company(1)				Costs Capitalized Subsequent to Acquisition		Carried at Close of Period								Accumulated Depreciation and Amortization
					Buildings and Leasehold Improvements						Buildings and Leasehold Improvements		Development and Construction In Progress
																			Date of Construction	Date Acquired(1)
Description	Encumbrances(2)		Land						Land						Total(3)
Rego Park I	$	—	$	1,647	$	8,953	$	92,735	$	1,647	$	99,538	$	2,150	$	103,335	$	51,777	1959	1992	3-39 years
Rego Park II	175,000		3,127		1,467		420,795		3,127		422,262		—		425,389		159,224		2009	1992	3-40 years
The Alexander apartment tower	94,000		—		—		115,501		—		115,501		—		115,501		33,557		2016	1992	3-39 years
Flushing	—		—		1,660		(107)		—		1,553		—		1,553		1,454		1975(4)	1992	N/A
Lexington Avenue	567,691		14,432		12,355		431,206		27,497		430,496		—		457,993		227,129		2003	1992	9-39 years
TOTAL	$	836,691	$	19,206	$	24,435	$	1,060,130	$	32,271	$	1,069,350	$	2,150	$	1,103,771	$	473,141

(1) Initial cost is as of May 15, 1992 (the date on which the Company commenced its real estate operations).
(2) Excludes deferred debt issuance costs, net of $7,240.
(3) The net basis of the Company’s assets and liabilities for tax purposes is approximately $125,793 lower than the amount reported for financial statement purposes.
(4) Represents the date the lease was acquired.


ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
	December 31,
	2025		2024		2023
REAL ESTATE:
Balance at beginning of period	$	1,085,197	$	1,066,620	$	1,084,598
Additions during the period:
Land	—		—		—
Buildings and leasehold improvements	2,629		8,242		2,959
Development and construction in progress	17,058		12,577		1,346
	1,104,884		1,087,439		1,088,903
Less:
Assets sold	—		—		(14,186)
Assets written-off	(1,113)		(2,242)		(8,097)
Balance at end of period	$	1,103,771	$	1,085,197	$	1,066,620

ACCUMULATED DEPRECIATION:
Balance at beginning of period	$	443,627	$	415,903	$	396,268
Depreciation expense	30,627		29,966		28,137
	474,254		445,869		424,405
Less:
Accumulated depreciation on assets sold	—		—		(405)
Accumulated depreciation on assets written-off	(1,113)		(2,242)		(8,097)
Balance at end of period	$	473,141	$	443,627	$	415,903

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating fees to Vorando	$ 106,376	$ 103,240	$ 101,210
General and administrative, including management fees	6,555	6,519	6,341
Vornado
Operating fees to Vorando	5,965	6,581	6,480
General and administrative, including management fees	$ 2,440	$ 2,440	$ 2,440

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate, at cost:
Land	$ 32,271	$ 32,271
Buildings and leasehold improvements	1,069,350	1,046,132
Development and construction in progress	2,150	6,794
Total	1,103,771	1,085,197
Accumulated depreciation and amortization	(473,141)	(443,627)
Real estate, net	630,630	641,570
Cash and cash equivalents	128,167	338,532
Restricted cash	64,058	55,304
Tenant and other receivables	4,109	5,112
Receivable arising from the straight-lining of rents	109,078	111,750
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $20,649 and $22,380, respectively	152,914	163,677
Other assets	21,752	25,350
Assets	1,110,708	1,341,295
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	829,451	988,019
Accounts payable and accrued expenses	36,538	38,743
Lease incentive liabilities	113,618	115,118
Total liabilities	1,001,552	1,164,436
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	0	0
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares	5,173	5,173
Additional capital	35,159	34,765
Retained earnings	69,201	133,402
Accumulated other comprehensive (loss) income	(9)	3,887
Equity before treasury stock	109,524	177,227
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	109,156	176,859
Total liabilities and equity	1,110,708	1,341,295
Related Party
LIABILITIES AND EQUITY
Other liabilities	134	1,159
Nonrelated party
LIABILITIES AND EQUITY
Other liabilities	$ 21,811	$ 21,397

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado. In May 2025, we granted each of the members of our Board of Directors 346 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $394,000 in the aggregate, in accordance with ASC 718. The DSUs entitle the holders to receive shares of the Company’s common stock without the payment of any consideration. The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors or until a later date selected by the grantee. As of December 31, 2025, there were 28,666 DSUs outstanding and 477,121 shares were available for future grant under the Plan.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

4. RELATED PARTY TRANSACTIONS

Vornado

As of December 31, 2025, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2025, Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $387,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined.

Leasing and Other Agreements

Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees to Vornado increased by 1% and Vornado was responsible for the fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Directors approved amendments to the leasing agreements, subject to applicable lender consents, pursuant to which the Company is responsible for any Third-Party Lease Commissions and, in such circumstances, Vornado’s fee is one-third of the applicable Third-Party Lease Commission.

Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.

We also have agreements with Building Maintenance Services LLC, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. In addition, we have an agreement with a wholly owned subsidiary of Vornado to manage the parking garages at our Rego Park I and Rego Park II properties.

The following is a summary of fees earned by Vornado under the various agreements discussed above.


	Year Ended December 31,
(Amounts in thousands)	2025		2024		2023
Company management fees	$	2,800	$	2,800	$	2,800
Development fees	842		472		—
Leasing fees	697		6,084		1,213
Commission on sale of real estate	—		—		711
Property management, cleaning, engineering, parking and security fees	5,438		6,053		6,005
	$	9,777	$	15,409	$	10,729

As of December 31, 2025, the amounts due to Vornado were $100,000 for leasing fees and $34,000 for development fees. As of December 31, 2024, the amounts due to Vornado were $642,000 for management, property management, cleaning, engineering and security fees, $346,000 for development fees and $171,000 for leasing fees.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York

Leases - Schedule of Future Undiscounted Cash Flows for Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 136,291
2027	129,760
2028	137,236
2029	52,793
2030	126,724
Thereafter	$ 1,065,582

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Potentially dilutive securities outstanding (in shares)	0	0	0

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements
Interest rate cap (included in other assets)	$ 3	$ 4,487
Level 1
Fair Value Measurements
Interest rate cap (included in other assets)	0	0
Level 2
Fair Value Measurements
Interest rate cap (included in other assets)	3	4,487
Level 3
Fair Value Measurements
Interest rate cap (included in other assets)	$ 0	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have five properties in New York City consisting of: •731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 952,000 and 128,000 of rentable square feet of office and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025; •Rego Park II, a 606,000 square foot shopping center, is located on Junction Boulevard in Queens. The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s. The center also includes a 60,000 square foot Burlington, a 47,000 square foot Best Buy, and a 40,000 square foot Marshalls. Kohl’s’ store is currently closed but the tenant remains obligated under its lease which expires in January 2031; •Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subleased to New World Mall LLC. The property is ground leased through January 2037; •Rego Park I, a 338,000 square foot shopping center, is located adjacent to our Rego Park II shopping center. The property is now vacant since the relocation of Burlington and Marshalls to Rego Park II in 2025. We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer; and •The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet.

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in usd per share)	$ 18.00	$ 18.00	$ 18.00

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2025
Multiemployer Plan, Pension, Significant [Abstract]
Multiemployer Benefit Plans	MULTIEMPLOYER BENEFIT PLANS Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our subsidiaries may be required to bear their pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2025, our subsidiaries’ participation in these plans were not significant to our consolidated financial statements. In the years ended December 31, 2025, 2024 and 2023 our subsidiaries contributed $276,000, $267,000 and $215,000, respectively, towards Multiemployer Pension Plans. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2025, 2024 and 2023. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2025, 2024 and 2023 our subsidiaries contributed $1,213,000, $1,085,000 and $1,005,000, respectively, towards these plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Mortgages Payable - Outstanding Mortgages Payable (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 23, 2025	Dec. 31, 2025	Dec. 05, 2025	Dec. 31, 2024
Mortgage Loans on Real Estate
Notes payable		$ 829,451		$ 988,019
Mortgages
Mortgage Loans on Real Estate
Notes payable, gross		836,691		996,544
Deferred debt issuance costs, net of accumulated amortization of $5,263 and $7,381, respectively		(7,240)		(8,525)
Deferred debt issuance costs, accumulated amortization		$ 5,263		7,381
Mortgages \| 731 Lexington Avenue \| Office space
Mortgage Loans on Real Estate
Interest rate		5.04%
Notes payable, gross		$ 400,000		400,000
Mortgages \| 731 Lexington Avenue \| Retail space
Mortgage Loans on Real Estate
Interest rate		4.55%
Notes payable, gross		$ 167,691		300,000
Rate spread	1.51%
Paid-in-kind interest		$ 191
Mortgages \| Rego Park II \| Retail space
Mortgage Loans on Real Estate
Interest rate		5.72%
Notes payable, gross		$ 175,000	$ 175,000	202,544
Rate spread		2.00%
Mortgages \| Rego Park II \| Retail space \| Maximum
Mortgage Loans on Real Estate
Rate spread		4.50%
Mortgages \| The Alexander apartment tower \| Retail space
Mortgage Loans on Real Estate
Interest rate		2.63%
Notes payable, gross		$ 94,000		$ 94,000

Fair Value Measurements - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurements
Included in other assets	$ 3	$ 4,487
731 Lexington Avenue mortgage loan, retail condominium \| Interest Rate Swap \| Designated as Hedging Instrument
Fair Value Measurements
Included in other assets	0	4,117
Rego Park II shopping center mortgage loan \| Interest Rate Swap \| Designated as Hedging Instrument
Fair Value Measurements
Included in other assets	3	$ 370
Notional Amount	$ 175,000
Interest cap rate	4.50%

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 28,224	$ 43,444	$ 102,413
Change in fair value of interest rate derivatives and other	(3,896)	(12,314)	(9,385)
Comprehensive income	24,328	31,130	93,028
Accumulated Other Comprehensive Income (Loss)
Change in fair value of interest rate derivatives and other	$ (3,896)	$ (12,314)	$ (9,385)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Mortgages Payable

The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.


			Interest Rate at December 31, 2025	Balance as of December 31,
(Amounts in thousands)		Maturity		2025		2024
731 Lexington Avenue, office condominium		Oct. 09, 2028	5.04%	$	400,000	$	400,000
Rego Park II shopping center(1)(2)		Dec. 05, 2030	5.72%	175,000		202,544
731 Lexington Avenue, retail condominium(3)		Dec. 23, 2035	4.55%	167,691		300,000
The Alexander apartment tower		Nov. 01, 2027	2.63%	94,000		94,000
Total				836,691		996,544
Deferred debt issuance costs, net of accumulated amortization of $5,263 and $7,381, respectively				(7,240)		(8,525)

				$	829,451	$	988,019


(1)	Interest rate listed represents the rate in effect as of December 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)	Interest at SOFR plus 2.00% (SOFR is capped at a rate of 4.50% through December 2026).
(3)	Includes PIK interest of $191 as of December 31, 2025.

Schedule of Principal Repayments

As of December 31, 2025, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:


(Amounts in thousands)
Year Ending December 31,	Amount
2026	$	—
2027	94,000
2028	400,000
2029	—
2030	175,000
Thereafter	167,691

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Schedule III: Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 836,691
Initial cost of Land	19,206
Initial cost of Building and Leasehold improvements	24,435
Costs capitalized subsequent to acquisition	1,060,130
Carrying amount of Land	32,271
Carrying amount of Buildings and Leasehold improvements	1,069,350
Development and Construction in progress	2,150
Total	1,103,771	$ 1,085,197	$ 1,066,620	$ 1,084,598
Accumulated Depreciation and Amortization	473,141	443,627	$ 415,903	$ 396,268
Net basis difference of assets and liabilities between tax basis and GAAP basis	125,793
Mortgages
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Deferred debt issuance costs, net	7,240	$ 8,525
Rego Park I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	0
Initial cost of Land	1,647
Initial cost of Building and Leasehold improvements	8,953
Costs capitalized subsequent to acquisition	92,735
Carrying amount of Land	1,647
Carrying amount of Buildings and Leasehold improvements	99,538
Development and Construction in progress	2,150
Total	103,335
Accumulated Depreciation and Amortization	$ 51,777
Date of Construction	1959
Date acquired	1992
Rego Park I \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
Rego Park I \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years
Rego Park II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 175,000
Initial cost of Land	3,127
Initial cost of Building and Leasehold improvements	1,467
Costs capitalized subsequent to acquisition	420,795
Carrying amount of Land	3,127
Carrying amount of Buildings and Leasehold improvements	422,262
Development and Construction in progress	0
Total	425,389
Accumulated Depreciation and Amortization	$ 159,224
Date of Construction	2009
Date acquired	1992
Rego Park II \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
Rego Park II \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	40 years
The Alexander apartment tower
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 94,000
Initial cost of Land	0
Initial cost of Building and Leasehold improvements	0
Costs capitalized subsequent to acquisition	115,501
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	115,501
Development and Construction in progress	0
Total	115,501
Accumulated Depreciation and Amortization	$ 33,557
Date of Construction	2016
Date acquired	1992
The Alexander apartment tower \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
The Alexander apartment tower \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years
Flushing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial cost of Land	0
Initial cost of Building and Leasehold improvements	1,660
Costs capitalized subsequent to acquisition	(107)
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	1,553
Development and Construction in progress	0
Total	1,553
Accumulated Depreciation and Amortization	$ 1,454
Date of Construction	1975
Date acquired	1992
Lexington Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 567,691
Initial cost of Land	14,432
Initial cost of Building and Leasehold improvements	12,355
Costs capitalized subsequent to acquisition	431,206
Carrying amount of Land	27,497
Carrying amount of Buildings and Leasehold improvements	430,496
Development and Construction in progress	0
Total	457,993
Accumulated Depreciation and Amortization	$ 227,129
Date of Construction	2003
Date acquired	1992
Lexington Avenue \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	9 years
Lexington Avenue \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of segments	1

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, which includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage. Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a deductible of $348,000 and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Other There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 28,224	$ 43,444	$ 102,413
Weighted average shares outstanding - basic (in shares)	5,135,020	5,132,418	5,129,330
Weighted average shares outstanding - diluted (in shares)	5,135,020	5,132,418	5,129,330
Net income per common share, basic (usd per share)	$ 5.50	$ 8.46	$ 19.97
Net income per common share, diluted (usd per share)	$ 5.50	$ 8.46	$ 19.97

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
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-Topic 470
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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Tax Treatment Of Dividend
Internal taxable income distribution policy (in percentage)	100.00%
Estimated taxable income net	$ 88,726	$ 65,493	$ 98,555
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 125,793
Ordinary Income
Tax Treatment Of Dividend
Payments of dividends net percent	48.30%	100.00%	41.50%
Long Term Capital Gain
Tax Treatment Of Dividend
Payments of dividends net percent	51.70%		58.50%

Schedule III: Real Estate and Accumulated Depreciation - Rollforward of Real Estate and Accumulated Deprecation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REAL ESTATE:
Balance at beginning of period	$ 1,085,197	$ 1,066,620	$ 1,084,598
Changes during the period	1,104,884	1,087,439	1,088,903
Assets sold	0	0	(14,186)
Assets written-off	(1,113)	(2,242)	(8,097)
Balance at end of period	1,103,771	1,085,197	1,066,620
ACCUMULATED DEPRECIATION:
Balance at beginning of period	443,627	415,903	396,268
Depreciation expense	30,627	29,966	28,137
Subtotal of accumulated depreciation	474,254	445,869	424,405
Accumulated depreciation on assets sold	0	0	(405)
Accumulated depreciation on assets written-off	(1,113)	(2,242)	(8,097)
Balance at end of period	473,141	443,627	415,903
Land
REAL ESTATE:
Changes during the period	0	0	0
Buildings and leasehold improvements
REAL ESTATE:
Changes during the period	2,629	8,242	2,959
Development and construction in progress
REAL ESTATE:
Changes during the period	$ 17,058	$ 12,577	$ 1,346

Organization (Details) ft² in Thousands	Dec. 31, 2025 ft² property unit
Operating Properties
Number of properties \| property	5
731 Lexington Avenue
Operating Properties
Area of property (in square feet)	1,080
731 Lexington Avenue \| Office space
Operating Properties
Area of property (in square feet)	952
731 Lexington Avenue \| Retail space
Operating Properties
Area of property (in square feet)	128
731 Lexington Avenue \| Tenant Occupant \| Home Depot \| Retail space
Operating Properties
Area of property (in square feet)	83
Rego Park II \| Retail space
Operating Properties
Area of property (in square feet)	606
Rego Park II \| Tenant Occupant \| Costco \| Retail space
Operating Properties
Area of property (in square feet)	145
Rego Park II \| Tenant Occupant \| Kohl's \| Retail space
Operating Properties
Area of property (in square feet)	133
Rego Park II \| Tenant Occupant \| Burlington \| Retail space
Operating Properties
Area of property (in square feet)	60
Rego Park II \| Tenant Occupant \| Best Buy \| Retail space
Operating Properties
Area of property (in square feet)	47
Rego Park II \| Tenant Occupant \| Marshalls \| Retail space
Operating Properties
Area of property (in square feet)	40
Flushing
Operating Properties
Area of property (in square feet)	167
Rego Park I
Operating Properties
Area of property (in square feet)	338
The Alexander apartment tower
Operating Properties
Area of property (in square feet)	255
Number of property units \| unit	312

Stock-Based Compensation (Details) - 2016 Omnibus Stock Plan - Director - Deferred Stock Units - USD ($)	1 Months Ended
	May 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Non-option equity instruments granted per director (in shares)	346
Non option equity instruments market value	$ 75,000
Non-option equity instruments grant date fair value per grant	56,250
Non-option equity instruments grant date fair value per grant total	$ 394,000
Non-option equity instruments, outstanding, number (in shares)		28,666
Shares available for future grant under the plan (in shares)		477,121

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Year Ended December 31,
(Amounts in thousands, except share and per share amounts)	2025		2024		2023
Net income	$	28,224	$	43,444	$	102,413

Weighted average shares outstanding – basic and diluted	5,135,020		5,132,418		5,129,330

Net income per common share – basic and diluted	$	5.50	$	8.46	$	19.97

Mortgages Payable - Schedule of Principal Repayments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 0
2027	94,000
2028	400,000
2029	0
2030	175,000
Thereafter	$ 167,691