Profile: Alexander's Inc (ALX)
7 Mar 2014
Alexander’s, Inc. (Alexander's), incorporated on May 16, 1955, is a real estate investment trust (REIT). The Company is engaged in leasing, managing, developing and redeveloping its properties. The Company is managed by, and its properties are leased and developed by, Vornado Realty Trust (Vornado). As of December 31, 2012, the Company had six properties in New York City metropolitan area consisting of the 731 Lexington Avenue, Rego Park I, Rego Park II, Paramus and Flushing. On November 28, 2012, the Company completed the sale of the Kings Plaza Regional Shopping Center (Kings Plaza) located in Brooklyn, New York, to The Macerich Company. In November 2012, the Company acquired the remaining 75% interest in the Kings Plaza energy plant joint venture.
731 Lexington Avenue
The 731 Lexington Avenue, a 1,307,000 square foot multi-use building, consists of the square block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan, New York. As of December 31, 2012, the building contained 885,000 and 174,000 of net rentable square feet of office and retail space, respectively, which it owned, and 248,000 square feet of residential space consisting of 105 condominium units, which it sold. Bloomberg L.P. occupies all of the office space. The Home Depot (83,000 square feet), The Container Store (34,000 square feet) and Hennes & Mauritz (27,000 square feet) are the principal retail tenants.
Rego Park I
The Rego Park I contain a 343,000 square foot shopping center, which is located on Queens Boulevard and 63rd Road in Queens, New York. As of December 31, 2012, the center was anchored by a 195,000 square foot Sears department store, a 50,000 square foot Burlington Coat Factory, a 46,000 square foot Bed Bath & Beyond and a 36,000 square foot Marshalls. The center contains a parking deck (1,265 spaces), which provides for paid parking.
Rego Park II
The Rego Park II contains a 610,000 square foot shopping center, adjacent to the Rego Park I shopping center in Queens, New York. As of December 31, 2012, the center was anchored by a 145,000 square foot Costco, a 135,000 square foot Century 21 and a 133,000 square foot Kohl’s. In addition, 47,000 square feet is leased to Toys R Us/Babies R Us, a 33% owned affiliate of Vornado. The center contains a parking deck (1,315 spaces) that provides for paid parking.
Alexander’s owns 30.3 acres of land located at the intersection of Routes 4 and 17 in Paramus, New Jersey. The property is located directly across from the Garden State Plaza regional shopping mall.
The Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens, New York. As of December 31, 2012, the property consisted of a four-floor building containing 167,000 square feet and a parking garage, which is sub-leased to New World Mall LLC for the remainder of its ground lease term.
Rego Park III
The Company owns approximately 3.4 acres of land adjacent to the Rego Park II shopping center in Queens, New York, which comprises a 25% square block and is located at the intersection of Junction Boulevard and the Horace Harding Service Road. The land is being used for public paid parking.
210 Route 4 East
PARAMUS NJ 07652