Item 2. Properties
ITEM 2. PROPERTIES
The following table shows the location, approximate size (excluding parking garages) and occupancy of each of our properties as of December 31, 2025.
Square Feet Weighted
Under Average
Development or Escalated
Land Total In Not Available Occupancy Annual Expiration
Property Acreage Property Service for Lease Rate Rent PSF (1)
Tenants Date (2)
731 Lexington Avenue
New York, NY
Office 952,000 952,000 — 100.0 % $ 145.98 Bloomberg L.P. 2040
Retail 40,000 40,000 — Various Various
88,000 88,000 — Vacant —
128,000 128,000 — 27.2 % 373.14
1.9 1,080,000 1,080,000 — 91.7 % 153.63
Rego Park II
Queens, NY
145,000 145,000 — Costco 2034
133,000 133,000 — Kohl’s (3)
2031
60,000 60,000 — Burlington 2035
47,000 47,000 — Best Buy 2034
40,000 40,000 — Marshalls 2035
165,000 165,000 — Various Various
16,000 16,000 — Vacant —
6.6 606,000 606,000 — 98.3 % 74.64
Flushing
Queens, NY (4)
1.0 167,000 167,000 — 100.0 % 33.55 New World Mall LLC 2037
Rego Park I
Queens, NY (5)
4.8 338,000 — 338,000 — — Vacant —
2,191,000 1,853,000 338,000 94.6 % 115.14
The Alexander apartment tower, 312 units
Queens, NY — 255,000 255,000 — 97.7 % 52.85 (6) Residential (7)
2,446,000 2,108,000 338,000
(1) Represents the weighted average escalated annual rent per square foot, which includes tenant reimbursements and excludes the impact of tenant concessions (such as free rent), as of December 31, 2025. For a discussion of our leasing activity, see Item 7 - Overview - Square Footage, Occupancy and Leasing Activity.
(2) Represents the year in which the tenant’s lease expires, without consideration of any renewal or extension options. 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) 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.
(7) Residential tenants generally have one or two year leases.
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Operating Properties
731 Lexington Avenue
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 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 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 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
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).
Flushing
Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens. Roosevelt Avenue and Main Street are active shopping districts and there are many national retailers located in the area. A subway entrance is located directly in front of the property with bus service across the street. 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 2037.
Rego Park I
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 of $94,000,000 which matures in November 2027. The interest-only loan has a fixed rate of 2.63%.
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