Alexander's Inc (NYSE: ALX) is a real estate investment trust (REIT) that owns, leases, and manages commercial and residential properties in the New York City metropolitan area. Revenue comes from rental income generated by long-term leases across office, retail, and residential properties. The portfolio is concentrated in a small number of assets: 731 Lexington Avenue in Manhattan, the Rego Park II shopping center in Queens, a retail property in Flushing Queens, Rego Park I in Queens, and The Alexander apartment tower with 312 units in Queens. As of December 31, 2025, the total portfolio spans approximately 2,446,000 square feet across commercial and residential uses, with a commercial occupancy rate of 94.6%. Total mortgage debt stood at $836,691,000 as of December 31, 2025, spread across four properties at fixed and variable rates. Vornado Realty Trust, together with Interstate and its general partners, beneficially owned approximately 58.4% of outstanding common shares, making Vornado the controlling shareholder and property manager.
- Revenue model
- Rental income from long-term leases on office, retail, and residential properties. Tenants include Bloomberg L.P. (office, 731 Lexington Avenue, lease expiring 2040), Costco, Kohl's, Burlington, Best Buy, and Marshalls at Rego Park II, and New World Mall LLC at the Flushing property (lease expiring 2037). The Alexander apartment tower contributes residential rental income from 312 units at 97.7% occupancy as of December 31, 2025.
- Products and services
- Office leasing at 731 Lexington Avenue, New York, NY (952,000 sq ft, 100% occupied, weighted average escalated rent of $145.98 PSF as of December 31, 2025). Retail leasing at 731 Lexington Avenue (128,000 sq ft, 27.2% occupied). Retail leasing at Rego Park II, Queens, NY (606,000 sq ft, 98.3% occupied, $74.64 PSF). Retail leasing at Flushing, Queens, NY (167,000 sq ft, 100% occupied, $33.55 PSF). Residential leasing at The Alexander apartment tower, Queens, NY (312 units, 255,000 sq ft, 97.7% occupied, $52.85 PSF). Rego Park I (338,000 sq ft) is vacant and under development or not available for lease as of December 31, 2025.
- Customers and end markets
- Major tenants include Bloomberg L.P. (office, 731 Lexington Avenue, lease expiring 2040), Costco (retail, Rego Park II, lease expiring 2034), Kohl's (retail, Rego Park II, lease expiring 2031), Burlington (retail, Rego Park II, lease expiring 2035), Best Buy (retail, Rego Park II, lease expiring 2034), Marshalls (retail, Rego Park II, lease expiring 2035), and New World Mall LLC (retail, Flushing, lease expiring 2037). End markets include corporate office tenants, national retail chains, and residential renters in the New York City metro area.
- Value-chain role
- Property owner and lessor. Vornado Realty Trust acts as the external manager and charges leasing fees, as reflected in deferred leasing costs on the balance sheet. Alexander's owns the real estate assets directly and earns rental income; it does not develop properties for third-party sale. The company operates as a REIT and is generally not subject to federal income taxes on distributed income.
- Geographic exposure
- Exclusively New York City metropolitan area. Properties are located in Manhattan (731 Lexington Avenue) and Queens, NY (Rego Park II, Rego Park I, Flushing, and The Alexander apartment tower).
