What changed in this filing

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Item 2. Properties

2026-02-09 compared with 2025-02-10 · 29 added, 37 removed, 42 unchanged (61% of the section changed)

6 unchanged sentences

Tenants Date (2)

Operating Properties:

731 Lexington Avenue

Office 952,000 952,000 — 100.0 % $ 145.98 Bloomberg L.P.

Retail 83,000 83,000 — The Home Depot 2025 (3)

38,000 38,000 — Various Various

12,000 12,000 — Vacant N/A

133,000 133,000 — 90.3 % 269.65

Retail 40,000 40,000 — Various Various

88,000 88,000 — Vacant —

128,000 128,000 — 27.2 % 373.14

50,000 50,000 — Burlington (4)

36,000 36,000 — Marshalls (4)

252,000 — 252,000 Vacant N/A

1.9 1,080,000 1,080,000 — 91.7 % 153.63

1 unchanged sentence

133,000 133,000 — Kohl’s (3)

47,000 47,000 — Best Buy 2034

167,000 145,000 22,000 Various Various

60,000 60,000 — Burlington 2035

47,000 47,000 — Best Buy 2034

40,000 40,000 — Marshalls 2035

23,000 9,000 14,000 Vacant N/A

165,000 165,000 — Various Various

16,000 16,000 — Vacant —

6.6 606,000 606,000 — 98.3 % 74.64

Queens, NY (6) 1.0 167,000 167,000 — 100.0 % 33.50 New World Mall LLC 2037

Queens, NY (4)

1.0 167,000 167,000 — 100.0 % 33.55 New World Mall LLC 2037

Queens, NY (5)

4.8 338,000 — 338,000 — — Vacant —

2,191,000 1,853,000 338,000 94.6 % 115.14

6 unchanged sentences

Lease expiration dates are based on non-cancelable lease terms and do not extend beyond any early termination rights that the tenant may have under its lease.

(3) Lease expired on January 31, 2025.

(4) In the fourth quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025.

(5) Subleased through remaining original lease term.

(6) Ground leased through January 2027 with one ten-year extension option.

(3) Kohl’s’ store is currently closed but the tenant remains obligated under its lease through expiration.

(4) Ground leased through January 2037.

(5) We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer.

(6) Average monthly rent per unit is $3,589.

4 unchanged sentences

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.

The office portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $400,000,000 which matures in October 2028.

The office portion of 731 Lexington Avenue is encumbered by a mortgage loan of $400,000,000 which matures in October 2028.

The interest-only loan has a fixed rate of 5.04%.

The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026.

The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $300,000,000 which matures in August 2025.

The interest-only loan is at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.

Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens.

The center was anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls.

In the fourth quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025.

Rego Park I will then be vacant and we are currently exploring sale and development opportunities for the property.

The center contains a parking deck (1,241 spaces) that provides for paid parking.

Rego Park II, a 615,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens.

The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subleased.

The center contains a parking deck (1,326 spaces) that provides for paid parking.

This center is encumbered by a mortgage loan in the amount of $202,544,000 which matures in December 2025.

The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan of $300,000,000 which matures in December 2035.

The loan is split into (i) a $132,500,000 senior A-Note held 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 third party lenders, 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%.

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.

The center contains a paid parking deck (1,326 spaces).

This center is encumbered by a mortgage loan of $175,000,000 which matures in December 2030.

The interest-only loan is at SOFR plus 2.00% (5.72% as of December 31, 2025).

In connection therewith, we purchased an interest rate cap with a notional amount of $202,544,000 that caps SOFR at a rate of 4.15% through December 2025.

Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens.

2 unchanged sentences

The property comprises a four-floor building containing 167,000 square feet and a parking garage, which is subleased to New World Mall LLC through January 2037.

The property is ground leased through January 2027 with one ten-year extension option.

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.

The center contains a paid parking deck (1,241 spaces).

The Alexander Apartment Tower

The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet.

The property is encumbered by a mortgage loan in the amount of $94,000,000 which matures in November 2027.

The property is encumbered by a mortgage loan of $94,000,000 which matures in November 2027.

The interest-only loan has a fixed rate of 2.63%.

LEGAL PROCEEDINGS

We are from time-to-time involved in legal actions arising in the ordinary course of business.

In our opinion, after consultation with our legal counsel, the outcome of such pending matters will not have a material adverse effect on our financial condition, results of operations or cash flows.

MINE SAFETY DISCLOSURES

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties