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                                                                    Exhibit 99.1

FOR IMMEDIATE RELEASE - OCTOBER 19, 1999

     SADDLE BROOK, NEW JERSEY....ALEXANDER'S INC. (New York Stock Exchange:ALX)
announced today that it has entered into an agreement to borrow $50 million from
Vornado Realty Trust under the same terms and conditions as its existing $45
million loan from Vornado. Alexander's plans to use the proceeds to fund a
portion of the real estate development costs at its Lexington Avenue property
and a portion of the costs to refurbish its Kings Plaza Regional Shopping
Center.

     Vornado owns 29.3% of the common stock of Alexander's and manages, develops
and leases its properties.

     Alexander's Inc. is a real estate investment trust which has eight
properties in the greater New York City Metropolitan area.

     Certain statements contained herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks associated
with the timing of and costs associated with property improvements, financing
commitments and general competitive factors.


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