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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
filed with the Securities and Exchange Commission on June 17, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registration
No. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
D.C. 20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">FORM
S-8</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REGISTRATION
STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNDER
THE SECURITIES ACT OF 1933</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman">ALEXANDER&#8217;S,
INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Delaware</font></div>
            </td>
            <td valign="top" width="20%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="30%" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">51-0100517</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State
      or other jurisdiction of</font></div>
            </td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="30%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(I.R.S.
      Employer</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">incorporation
      or organization)</font></div>
            </td>
            <td valign="top" width="20%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="30%" style="BORDER-RIGHT: medium none; BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification
      No.)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">210
Route 4 East,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paramus,
New Jersey 07652</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
of Principal Executive Offices, including Zip Code)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006
Omnibus Stock Plan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
title of the plan)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joseph
Macnow</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
Financial Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">210
Route 4 East</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paramus,
New Jersey 07652</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telephone:&#160;&#160;(212)
587-8541</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name,
address and telephone number of agent for service)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copy
to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Douglas
P. Bartner, Esq.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shearman
&amp; Sterling LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">599
Lexington Avenue</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
York, New York 10022</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212)
848-8190</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">________________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Calculation
of Registration Fee</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="23%" style="BORDER-TOP: #000000 2.55pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title
      of securities</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to
      be registered</font></div>
            </td>
            <td valign="bottom" width="13%" style="BORDER-TOP: #000000 2.55pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to
      be</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">registered</font></div>
            </td>
            <td valign="bottom" width="13%" style="BORDER-TOP: #000000 2.55pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">maximum</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">offering
      price</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">per
      share</font></div>
            </td>
            <td valign="bottom" width="15%" style="BORDER-TOP: #000000 2.55pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed
      maximum</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">aggregate</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">offering
      price</font></div>
            </td>
            <td valign="bottom" width="17%" style="BORDER-TOP: #000000 2.55pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registration
      fee</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common
      Stock, $1.00 par value</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">895,000
      (1)</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$335.50(2)</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$300,272,500.00(2)</font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$11,800.71</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Registration Statement registers an aggregate of 895,000 shares of the
      Registrant&#8217;s common stock, $1.00 par value (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-STYLE: italic">Common
      Stock</font>&#8221;), under the Registrant&#8217;s 2006 Omnibus Stock Plan, as amended
      (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-STYLE: italic">Plan</font>&#8221;).&#160;&#160;In
      addition, pursuant to Rule&#160;416(a)&#160;under the Securities Act of
      1933 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-STYLE: italic">Securities
      Act</font>&#8221;), this Registration Statement also covers any additional
      shares of the Common Stock that become issuable under the Plan by reason
      of any stock dividend, stock split, recapitalization or other similar
      transactions in accordance with anti-dilution provisions of the
      Plan.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Registration Statement contains two parts.&#160;&#160;The first part contains a
&#8220;reoffer&#8221; prospectus prepared in accordance with Part I of Form S-3 (in
accordance with Instruction C of the General Instructions to Form
S-8).&#160;&#160;The reoffer prospectus permits reoffers and resales of those
shares referred to above that constitute &#8220;control securities,&#8221; within the
meaning of Form S-8, by certain of the Company&#8217;s stockholders, as more fully set
forth therein.&#160;&#160;The second part contains information required to be
set forth in the registration statement pursuant to Part II of Form
S-8.&#160;&#160;Pursuant to the Note to Part I of Form S-8, the plan information
specified by Part I of Form S-8 is not required to be filed with the Securities
and Exchange Commission.&#160;&#160;The Company will provide without charge to
any person, upon written or oral request of such person, a copy of each document
incorporated by reference in Item 3 of Part II of this Registration Statement
(which documents are also incorporated by reference in the reoffer prospectus as
set forth in Form S-8), other than exhibits to such documents that are not
specifically incorporated by reference, the other documents required to be
delivered to eligible employees pursuant to Rule 428(b) under the Securities Act
and additional information about the Plan.</font><br>&#160;</div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Rules 457(c) and 457(h) under the Securities Act, the Proposed Maximum
      Offering Price Per Share and the Proposed Maximum Aggregate Offering Price
      as to the 895,000 shares of Common Stock registered with respect to future
      issuances under the Plan is based on the average of the high and low
      prices of the Common Stock reported on the New York Stock Exchange
      consolidated reporting system on June 17, 2008 and is estimated solely for
      the purpose of calculating the registration
fee.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROSPECTUS</font></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">895,000
Shares</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="logo.jpg" alt=""></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
Stock</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
prospectus relates to 895,000 shares of common stock of Alexander&#8217;s, Inc. which
may be offered from time to time by stockholders of Alexander&#8217;s, Inc. for their
own account.&#160;&#160;We will not receive any proceeds from any sale of common
stock offered pursuant to this prospectus.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling stockholders may offer and sell their shares of common stock at various
times and in various types of transactions, including sales in the open market,
sales in negotiated transactions and sales by a combination of these
methods.&#160;&#160;Shares may be sold at the market price of the common stock
at the time of a sale, at prices relating to the market price over a period of
time, or at prices negotiated with the buyers of shares.&#160;&#160;The shares
may be sold through underwriters or dealers which the selling stockholders may
select.&#160;&#160;If underwriters or dealers are used to sell the shares, we
will name them and describe their compensation in a prospectus
supplement.&#160;&#160;For a description of the various methods by which the
selling stockholders may offer and sell their common stock described in this
prospectus, see the section entitled &#8220;Plan of Distribution&#8221; on page 16 of this
prospectus.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
common stock is traded on the New York Stock Exchange under the symbol
&#8220;ALX.&#8221;&#160;&#160;On June 16, 2008, the closing price of our common stock was
$353.00.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investing
in our common stock involves risks.&#160;&#160;See the sections entitled
&#8220;Disclosure Regarding Forward-Looking Statements&#8221; and &#8220;Risk Factors&#8221; on page 1
of this prospectus to read about factors to consider in connection with
purchasing our common stock.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved these securities, or determined if this prospectus is
truthful or complete.&#160;&#160;Any representation to the contrary is a
criminal offense.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The date
of this prospectus is&#160;June 17,&#160;2008</font></div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
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        </div>
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      </div>
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    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="toc">TABLE OF CONTENTS</a></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="top" width="74%" style="BORDER-TOP: medium none; BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Page</font></font></div>
                </td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">THE
      COMPANY</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">i</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DISCLOSURE
      REGARDING FORWARD-LOOKING STATEMENTS</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1</font></div>
                </td>
              </tr>
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                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">RISK
      FACTORS</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1</font></div>
                </td>
              </tr>
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                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">USE
      OF PROCEEDS</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10</font></div>
                </td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">SELLING
      STOCKHOLDERS</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10</font></div>
                </td>
              </tr>
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                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DESCRIPTION
      OF CAPITAL STOCK</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11</font></div>
                </td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PLAN
      OF DISTRIBUTION</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">16</font></div>
                </td>
              </tr>
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                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">LEGAL
      MATTERS</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18</font></div>
                </td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">WHERE
      YOU CAN FIND MORE INFORMATION</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18</font></div>
                </td>
              </tr>
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                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EXPERTS</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18</font></div>
                </td>
              </tr>
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                <td align="left" valign="top" width="74%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: 4px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">INCORPORATION
      BY REFERENCE</font></div>
                </td>
                <td align="right" valign="top" width="6%" style="BORDER-RIGHT: medium none; BORDER-BOTTOM: 4px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">18</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="tc">THE COMPANY</a></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alexander&#8217;s,
Inc. is a real estate investment trust (&#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">REIT</font>&#8221;), incorporated in
Delaware, engaged in leasing, managing, developing and redeveloping its
properties.&#160;&#160;When used in this prospectus, the terms &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our,&#8221; &#8220;Company&#8221; and &#8220;Alexander&#8217;s&#8221; refer to Alexander&#8217;s, Inc. and its
consolidated subsidiaries.&#160;&#160;We are managed by, and our properties are
leased and developed by, Vornado Realty Trust (&#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Vornado</font>&#8221;).&#160;&#160;At
December 31, 2007, Vornado owned 32.8% of our outstanding common
stock.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
executive offices are located at 210 Route 4 East, Paramus, New Jersey 07652,
and our telephone number is (201) 587-8541.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">i</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="discl">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
statements contained herein constitute forward-looking statements as such term
is defined in Section 27A of the Securities Act of 1933, as amended (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Securities Act&#8221;</font>), and Section
21E of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Exchange
Act&#8221;)</font>.&#160;&#160;Forward-looking statements are not guarantees of future
performance.&#160;&#160;They involve risks, uncertainties and
assumptions.&#160;&#160;Our future results, financial condition, results of
operations and business may differ materially from those expressed in these
forward-looking statements.&#160;&#160;You can find many of these statements by
looking for words such as &#8220;approximates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221;
&#8220;estimates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;would,&#8221; &#8220;may&#8221; or other similar expressions in
this prospectus.&#160;&#160;We also note the following forward-looking
statements:&#160;&#160;&#8220;in the case of our development project,&#8221; &#8220;the estimated
completion date,&#8221; &#8220;estimated project costs&#8221; and &#8220;costs to
complete.&#8221;&#160;&#160;These forward-looking statements represent our intentions,
plans, expectations and beliefs and are subject to numerous assumptions, risks
and uncertainties.&#160;&#160;Many of the factors that will determine these
items are beyond our ability to control or predict.&#160;&#160;For a further
discussion of factors that could materially affect the outcome of our
forward-looking statements, see &#8220;Risk Factors&#8221; herein and &#8220;Item 1A - Risk
Factors&#8221; in our Annual Report on Form&#160;10-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For these
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of
1995.&#160;&#160;You are cautioned not to place undue reliance on the
forward-looking statements, which speak only as of the date of this prospectus
or the date of any document incorporated by reference.&#160;&#160;All subsequent
written and oral forward-looking statements attributable to us or any person
acting on our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section.&#160;&#160;We do not
undertake any obligation to release publicly any revisions to our
forward-looking statements to reflect events or circumstances after the date of
this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="rf">RISK FACTORS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Material
factors that may adversely affect our business and operations are set forth
below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REAL
ESTATE INVESTMENTS&#8217; VALUE AND INCOME FLUCTUATE DUE TO VARIOUS
FACTORS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The value
of real estate fluctuates depending on conditions in the general economy and the
real estate business.&#160;&#160;These conditions may also limit our revenues
and available cash.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
factors that affect the value of our real estate include, among other
things:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">national,
      regional and local economic
conditions;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">consequences
      of any armed conflict involving, or terrorist attack against, the United
      States;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
      ability to secure adequate
insurance;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">local
      conditions such as an oversupply of space or a reduction in demand for
      real estate in the area;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">competition
      from other available space;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">whether
      tenants and users such as customers and shoppers consider a property
      attractive;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      financial condition of our tenants, including the extent of tenant
      bankruptcies or defaults;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">whether
      we are able to pass some or all of any increased operating costs through
      to tenants;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">how
      well we manage our properties;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fluctuations
      in interest rates;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes
      in real estate taxes and other
expenses;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
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        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes
      in market rental rates;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      timing and costs associated with property improvements and
      rentals;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes
      in taxation or zoning laws;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">government
      regulation;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">availability
      of financing on acceptable terms or at
all;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">potential
      liability under environmental or other laws or regulations;
      and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 34.8pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">general
      competitive factors.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The rents
we receive and the occupancy levels at our properties may decline as a result of
adverse changes in any of these factors.&#160;&#160;If our rental revenues
and/or occupancy levels decline, we generally would expect to have less cash
available to pay our indebtedness and distribute to our
stockholders.&#160;&#160;In addition, some of our major expenses, including
mortgage payments, real estate taxes and maintenance costs, generally do not
decline when the related rents decline.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
depend on leasing space to tenants on economically favorable terms and
collecting rent from our tenants, who may not be able to pay.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
financial results depend significantly on leasing space in our properties to
tenants on economically favorable terms.&#160;&#160;In addition, because a
majority of our income is derived from renting real property, our income, funds
available to pay indebtedness and funds available for distribution to our
stockholders will decrease if a significant number of our tenants cannot pay
their rent or if we are not able to maintain our level of occupancy on favorable
terms.&#160;&#160;If a tenant does not pay its rent, we might not be able to
enforce our rights as landlord without delays and might incur substantial legal
and other costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Bankruptcy
or insolvency of tenants may decrease our revenues, net income and available
cash.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From time
to time, some of our tenants have declared bankruptcy, and other tenants may
declare bankruptcy or become insolvent in the future.&#160;&#160;If a major
tenant declares bankruptcy or becomes insolvent, the rental property at which it
leases space may have lower revenues and operational difficulties.&#160;&#160;In
the case of our shopping centers, the bankruptcy or insolvency of a major tenant
could cause us to have difficulty leasing the remainder of the affected
property.&#160;&#160;Our leases generally do not contain restrictions designed
to ensure the creditworthiness of our tenants.&#160;&#160;As a result, the
bankruptcy or insolvency of a major tenant could result in a lower level of net
income and funds available for the payment of our indebtedness or distribution
to our stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Some
of our tenants represent a significant portion of our revenues.&#160;&#160;Loss
of these tenant relationships or deterioration in the tenants&#8217; credit quality
could adversely affect results.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bloomberg
L.P. accounted for 32%, 34% and 34% of our consolidated revenues in the years
ended December 31, 2007, 2006 and 2005, respectively.&#160;&#160;If we fail to
maintain a relationship with any of our significant tenants or fail to perform
our obligations under agreements with these tenants, or if any of these tenants
fail or become unable to perform their obligations under the agreements, we
expect that any one or more of these events would adversely affect our results
of operations and financial condition.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Inflation
may adversely affect our financial condition and results of
operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
inflation has not materially impacted our operations in the recent past,
increased inflation could have a pronounced negative impact on our mortgage and
debt interest and general and administrative expenses as these costs could
increase at rates higher than our rents.&#160;&#160;Inflation could also have an
adverse effect on consumer spending which could impact our tenants&#8217; sales and,
in turn, our average rents, where applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Real
estate is a competitive business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
operate in a highly competitive environment.&#160;&#160;All of our properties
are located in the greater New York City metropolitan area.&#160;&#160;We
compete with a large number of real estate property owners and developers, some
of which may be willing to accept lower returns on their
investments.&#160;&#160;Principal factors of competition are rents charged,
attractiveness of location, the quality of the property and breadth and quality
of services provided.&#160;&#160;Our success depends upon, among other factors,
trends of national and local economies, the financial condition and operating
results of current and prospective tenants and customers, availability and cost
of capital, construction and renovation costs, taxes, governmental regulations,
legislation and population trends.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
may incur costs to comply with environmental laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
operations and properties are subject to various federal, state and local laws
and regulations concerning the protection of the environment including air and
water quality, hazardous or toxic substances and health and
safety.&#160;&#160;Under some environmental laws, a current or previous owner or
operator of real estate may be required to investigate and clean up hazardous or
toxic substances released at a property.&#160;&#160;The owner or operator may
also be held liable to a governmental entity or to third parties for property
damage or personal injuries and for investigation and clean-up costs incurred by
those parties because of the contamination.&#160;&#160;These laws often impose
liability without regard to whether the owner or operator knew of the release of
the substances or caused such release.&#160;&#160;The presence of contamination
or the failure to remediate contamination may impair our ability to sell or
lease real estate or to borrow using the real estate as
collateral.&#160;&#160;Other laws and regulations govern indoor and outdoor air
quality including those that can require the abatement or removal of
asbestos-containing materials in the event of damage, demolition, renovation or
remodeling and also govern emissions of and exposure to asbestos fibers in the
air.&#160;&#160;The maintenance and removal of lead paint and certain electrical
equipment containing polychlorinated biphenyls (PCBs) and underground storage
tanks are also regulated by federal and state laws.&#160;&#160;We are also
subject to risks associated with human exposure to chemical or biological
contaminants such as molds, pollens, viruses and bacteria which, above certain
levels, can be alleged to be connected to allergic or other health effects and
symptoms in susceptible individuals.&#160;&#160;We could incur fines for
environmental compliance and be held liable for the costs of remedial action
with respect to the foregoing regulated substances or tanks or related claims
arising out of environmental contamination or human exposure at or from our
properties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each of
our properties has been subjected to varying degrees of environmental assessment
at various times.&#160;&#160;Except as referenced below, the environmental
assessments did not, as of the date of this prospectus, reveal any environmental
condition material to our business.&#160;&#160;However, identification of new
compliance concerns or undiscovered areas of contamination, changes in the
extent or known scope of contamination, discovery of additional sites, human
exposure to the contamination or changes in clean-up or compliance requirements
could result in significant costs to us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In July
2006, we discovered an oil spill at our Kings Plaza Regional Shopping
Center.&#160;&#160;We have notified the NYSDEC about the spill and have
developed a remediation plan.&#160;&#160;The NYSDEC has approved a portion of
the remediation plan and clean-up is ongoing.&#160;&#160;The estimated costs
associated with this clean-up will aggregate approximately $2,500,000 and a
claim has been made under our insurance policy, subject to our $500,000
deductible which was accrued in 2006.&#160;&#160;Of this amount, $426,000 has
been paid as of December 31, 2007.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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          </div>
        </div>
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    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Some
of our potential losses may not be covered by insurance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We carry
commercial liability and all-risk property insurance for (i)&#160;fire,
(ii)&#160;flood, (iii)&#160;rental loss, (iv)&#160;extended coverage, and
(v)&#160;&#8220;acts of terrorism,&#8221; as defined in the Terrorism Risk Insurance Program
Reauthorization Act (&#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">TRIPRA</font>&#8221;) of 2007, which
expires in 2014, with respect to our assets, with limits of (i) $965,000,000 per
occurrence, including terrorist acts, as defined, for our 731 Lexington Avenue
property, and (ii) $500,000,000 per occurrence, including terrorist acts, as
defined, for our other properties.&#160;&#160;To the extent that we incur losses
in excess of our insurance coverage, these losses would be borne by us and could
be material.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our debt
instruments, consisting of mortgage loans secured by our properties (which are
generally non-recourse to us), contain customary covenants requiring us to
maintain insurance.&#160;&#160;Although we believe that we have adequate
insurance coverage for the purposes of these agreements, we may not be able to
obtain an equivalent amount of coverage at reasonable costs in the
future.&#160;&#160;Further, if lenders insist on greater coverage than we are
able to obtain, it could adversely affect our ability to finance and/or
refinance our properties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Compliance
or failure to comply with the Americans with Disabilities Act or other safety
regulations and requirements could result in substantial costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Americans with Disabilities Act generally requires that public buildings,
including our properties, be made accessible to disabled
persons.&#160;&#160;Noncompliance could result in the imposition of fines by the
federal government or the award of damages to private litigants.&#160;&#160;If,
under the Americans with Disabilities Act, we are required to make substantial
alterations and capital expenditures in one or more of our properties, including
the removal of access barriers, it could adversely affect our financial
condition and results of operations, as well as the amount of cash available for
distribution to our stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
properties are subject to various federal, state and local regulatory
requirements, such as state and local fire and life safety
requirements.&#160;&#160;If we fail to comply with these requirements, we could
incur fines or private damage awards.&#160;&#160;We do not know whether existing
requirements will change or whether compliance with future requirements will
require significant unanticipated expenditures that will affect our cash flow
and results of operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OUR
INVESTMENTS ARE CONCENTRATED IN THE GREATER NEW YORK CITY METROPOLITAN
AREA.&#160;&#160;CIRCUMSTANCES AFFECTING THIS AREA GENERALLY COULD ADVERSELY
AFFECT OUR BUSINESS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">All
of our properties are in the greater New York City metropolitan area and are
affected by the economic cycles and risks inherent in that area.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the years ended December 31, 2007, 2006 and 2005, all of our revenues came from
properties located in the greater New York City metropolitan
area.&#160;&#160;Like other real estate markets, the real estate market in this
area has experienced economic downturns in the past, and we cannot predict how
economic conditions will impact this market in either the short or long
term.&#160;&#160;Declines in the economy or a decline in the real estate market
in this area could hurt the value of our properties and our financial
performance.&#160;&#160;The factors affecting economic conditions in this region
include:</font></div>
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      </font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">business
      layoffs or downsizing;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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      </font></div>
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">industry
      slowdowns;</font></div>
            </td>
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      </table>
    </div>
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      </font></div>
            </td>
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">relocations
      of businesses;</font></div>
            </td>
          </tr>
      </table>
    </div>
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      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changing
      demographics;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div><br></div>
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      </font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">increased
      telecommuting and use of alternative work
  places;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">financial
      performance and productivity of the publishing, advertising, financial,
      technology, retail, insurance and real estate
  industries;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">infrastructure
      quality; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      oversupply of, or reduced demand for, real
  estate.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It is
impossible for us to assess the future effects of the current uncertain trends
in the economic and investment climates of the greater New York City
metropolitan region, and more generally of the United States, on the real estate
market in this area.&#160;&#160;If these conditions persist, or if there is any
local, national or global economic downturn, our businesses and future
profitability may be adversely affected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
are subject to risks that affect the general retail environment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
substantial proportion of our properties are in the retail shopping center real
estate market.&#160;&#160;This means that we are subject to factors that affect
the retail environment generally, including the level of consumer spending and
consumer confidence, the threat of terrorism and increasing competition from
discount retailers, outlet malls, retail websites and catalog
companies.&#160;&#160;These factors could adversely affect the financial
condition of our retail tenants and the willingness of retailers to lease space
in our shopping centers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Terrorist
attacks, such as those of September 11, 2001 in New York City, may adversely
affect the value of our properties and our ability to generate cash
flow.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All of
our properties are located in the greater New York City metropolitan
area.&#160;&#160;In the aftermath of a terrorist attack, tenants in this area
may choose to relocate their businesses to less populated, lower-profile areas
of the United States that are not as likely to be targets of future terrorist
activity and fewer customers may choose to patronize businesses in this
area.&#160;&#160;This would trigger a decrease in the demand for space in these
markets, which could increase vacancies in our properties and force us to lease
our properties on less favorable terms.&#160;&#160;As a result, the value of our
properties and the level of our revenues could decline materially.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WE
MAY ACQUIRE OR SELL ADDITIONAL ASSETS OR DEVELOP ADDITIONAL
PROPERTIES.&#160;&#160;OUR FAILURE OR INABILITY TO CONSUMMATE THESE TRANSACTIONS
OR MANAGE THE RESULTS OF THESE TRANSACTIONS COULD ADVERSELY AFFECT OUR
OPERATIONS AND FINANCIAL RESULTS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
may acquire or develop properties and this may create risks.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
our stated business strategy is not to engage in acquisitions, we may acquire or
develop properties when we believe that an acquisition or development project is
otherwise consistent with our business strategy.&#160;&#160;We may not, however,
succeed in consummating desired acquisitions or in completing developments on
time or within budget.&#160;&#160;In addition, we may face competition in
pursuing acquisition or development opportunities that could increase our
costs.&#160;&#160;When we do pursue a project or acquisition, we may not succeed
in leasing newly developed or acquired properties at rents sufficient to cover
their costs of acquisition or development and
operations.&#160;&#160;Difficulties in integrating acquisitions may prove costly
or time-consuming and could divert management&#8217;s
attention.&#160;&#160;Acquisitions or developments in new markets or industries
where we do not have the same level of market knowledge may result in poorer
than anticipated performance.&#160;&#160;We may abandon acquisition or
development opportunities that we have begun pursuing and consequently fail to
recover expenses already incurred and have devoted management time to a matter
not consummated.</font></div>
    <div><br></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">It
may be difficult to buy and sell real estate quickly.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-INDENT: 18pt; TEXT-ALIGN: justify">Real estate investments are
relatively difficult to buy and sell quickly.&#160;&#160;Consequently, we may
have limited ability to vary our portfolio promptly in response to changes in
economic or other conditions.&#160;&#160;Moreover, our ability to buy, sell or
finance real estate assets may be adversely affected during periods of
uncertainty or unfavorable conditions in the credit markets as we, or potential
buyers of our assets, may experience difficulty in obtaining financing.</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OUR
ORGANIZATIONAL AND FINANCIAL STRUCTURE GIVES RISE TO OPERATIONAL AND FINANCIAL
RISKS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
depend on dividends and distributions from our direct and indirect
subsidiaries.&#160;&#160;The creditors of these subsidiaries are entitled to
amounts payable to them by the subsidiaries before the subsidiaries may pay any
dividends or distributions to us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Substantially
all of our properties and assets are held through subsidiaries.&#160;&#160;We
depend on cash distributions and dividends from our subsidiaries for
substantially all of our cash flow.&#160;&#160;The creditors of each of our
direct and indirect subsidiaries are entitled to payment of that subsidiary&#8217;s
obligations to them when due and payable, before that subsidiary may make
distributions or dividends to us.&#160;&#160;Thus, our ability to pay dividends,
if any, to our security holders depends on our subsidiaries&#8217; ability to first
satisfy their obligations to their creditors and our ability to satisfy our
obligations, if any, to our creditors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, our participation in any distribution of the assets of any of our
direct or indirect subsidiaries upon the liquidation, reorganization or
insolvency of the subsidiary is only after the claims of the creditors,
including trade creditors, and preferred security holders, if any, of the
applicable direct or indirect subsidiaries are satisfied.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Our
existing financing documents contain covenants and restrictions that may
restrict our operational and financial flexibility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
December 31, 2007, substantially all of the individual properties we own were
encumbered by mortgages.&#160;&#160;These mortgages contain covenants that limit
our ability to incur additional indebtedness on these properties, provide for
lender approval of tenants&#8217; leases in certain circumstances, and provide for
yield maintenance or defeasance premiums to prepay them.&#160;&#160;These
mortgages may significantly restrict our operational and financial
flexibility.&#160;&#160;In addition, if we were to fail to perform our
obligations under existing indebtedness or become insolvent or were liquidated,
secured creditors would be entitled to payment in full from the proceeds of the
sale of the pledged assets prior to any proceeds being paid to other creditors
or to any holders of our securities.&#160;&#160;In such an event, it is possible
that we would have insufficient assets remaining to make payments to other
creditors or to any holders of our securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
have indebtedness, and this indebtedness and the cost to service it may
increase.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
December 31, 2007, we had approximately $1,110,197,000 in total debt
outstanding.&#160;&#160;Our ratio of total debt to total enterprise value was
47.6% at December 31, 2007.&#160;&#160;&#8220;Enterprise value&#8221; means the market
equity value of our common stock, plus debt, less cash and cash equivalents at
such date.&#160;&#160;In addition, we have significant debt service
obligations.&#160;&#160;For the year ended December 31, 2007, our scheduled cash
payments for principal and interest were $78,927,000.&#160;&#160;In the future,
we may incur additional debt, and thus increase the ratio of total debt to total
enterprise value.&#160;&#160;If our level of indebtedness increases, there may
be an increased risk of default that could adversely affect our financial
condition and results of operations.&#160;&#160;In addition, in a rising
interest rate environment, the cost of refinancing our existing debt and any new
debt or market rate security or instrument may increase.</font></div>
    <div><br></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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          </div>
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    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
have issued outstanding and exercisable stock appreciation
rights.&#160;&#160;The exercise of these stock appreciation rights may impact
our liquidity.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
December 31, 2007, we had 500,000 stock appreciation rights (&#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">SARs</font>&#8221;) that were outstanding
and exercisable.&#160;&#160;These SARs have a weighted-average exercise price of
$70.38 and are scheduled to expire on March 4, 2009.&#160;&#160;Because the SARs
agreements require that they be settled in cash, we would have had to pay
$141,437,000 to the holders of these SARs, had they exercised their SARs on
December 31, 2007.&#160;&#160;Any change in our stock price from the closing
price of $353.25 at December 31, 2007 would increase or decrease the amount we
would have to pay upon exercise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
might fail to qualify or remain qualified as a REIT, and may be required to pay
income taxes at corporate rates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
we believe that we will remain organized and will continue to operate so as to
qualify as a REIT for federal income tax purposes, we might fail to remain
qualified.&#160;&#160;Qualification as a REIT, for federal income tax purposes,
is governed by highly technical and complex provisions of the Internal Revenue
Code of 1986, as amended (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Internal Revenue Code</font>&#8221;), for
which there are only limited judicial or administrative
interpretations.&#160;&#160;Qualification as a REIT also depends on various
facts and circumstances that are not entirely within our control.&#160;&#160;In
addition, legislation, new regulations, administrative interpretations or court
decisions might significantly change the tax laws with respect to the
requirements for qualification as a REIT or the federal income tax consequences
of qualification as a REIT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In order
to qualify and maintain our qualification as a REIT for federal income tax
purposes, we are required, among other conditions, to distribute as dividends to
our stockholders at least 90% of annual REIT taxable income.&#160;&#160;As of
December 31, 2007, we had reported net operating loss carryovers (&#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">NOLs</font>&#8221;) of $1,597,000, which
generally would be available to offset the amount of REIT taxable income that we
otherwise would be required to distribute.&#160;&#160;However, the NOLs reported
on the tax returns are not binding on the Internal Revenue Service and are
subject to adjustment as a result of future audits.&#160;&#160;In addition,
under Section 382 of the Internal Revenue Code, the ability to use our NOLs
could be limited if, generally, there are significant changes in the ownership
of our outstanding stock.&#160;&#160;Since our reorganization as a REIT
commencing in 1995, we have not paid regular dividends and do not believe that
we will be required to, and may not, pay regular dividends until the NOLs have
been fully utilized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
face possible adverse changes in tax laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From time
to time changes in state and local tax laws or regulations are enacted, which
may result in an increase in our tax liability.&#160;&#160;The shortfall in tax
revenues for states and municipalities in recent years may lead to an increase
in the frequency and size of such changes.&#160;&#160;If such changes occur, we
may be required to pay additional taxes on our assets or
income.&#160;&#160;These increased tax costs could adversely affect our
financial condition and results of operations and the amount of cash available
for payment of dividends.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Loss
of our key personnel could harm our operations and adversely affect the value of
our common stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
dependent on the efforts of Steven Roth, our Chief Executive Officer, and
Michael D. Fascitelli, our President.&#160;&#160;While we believe that we could
find replacements for these key personnel, the loss of their services could harm
our operations and adversely affect the value of our common stock.</font></div>
    <div><br></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ALEXANDER&#8217;S
CHARTER DOCUMENTS AND APPLICABLE LAW MAY HINDER ANY ATTEMPT TO ACQUIRE
US.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provisions
in Alexander&#8217;s certificate of incorporation and bylaws, as well as provisions of
the&#160;Internal Revenue Code and Delaware corporate law, may delay or prevent
a change in control of the Company or a tender offer, even if such action might
be beneficial to stockholders, and limit the stockholders&#8217; opportunity to
receive a potential premium for their shares of common stock over then
prevailing market prices.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Primarily
to facilitate maintenance of its qualification as a REIT, Alexander&#8217;s
certificate of incorporation generally prohibits ownership, directly, indirectly
or beneficially, by any single stockholder of more than 9.9% of the outstanding
shares of preferred stock of any class or 4.9% of outstanding common stock of
any class.&#160;&#160;The Board of Directors may waive or modify these ownership
limits with respect to one or more persons if it is satisfied that ownership in
excess of these limits will not jeopardize Alexander&#8217;s status as a REIT for
federal income tax purposes.&#160;&#160;In addition, the Board of Directors has,
subject to certain conditions and limitations, exempted Vornado and certain of
its affiliates from these ownership limitations.&#160;&#160;Stocks owned in
violation of these ownership limits will be subject to the loss of rights and
other restrictions.&#160;&#160;These ownership limits may have the effect of
inhibiting or impeding a change in control.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alexander&#8217;s
Board of Directors is divided into three classes of
directors.&#160;&#160;Directors of each class are chosen for three-year
staggered terms.&#160;&#160;Staggered terms of directors may have the effect of
delaying or preventing changes in control or management, even though changes in
management or a change in control might be in the best interest of our
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, Alexander&#8217;s charter documents authorize the Board of Directors
to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">cause
      Alexander&#8217;s to issue additional authorized but unissued common stock or
      preferred stock;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">classify
      or reclassify, in one or more series, any unissued preferred
      stock;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">set
      the preferences, rights and other terms of any classified or reclassified
      stock that Alexander&#8217;s issues; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">increase,
      without stockholder approval, the number of shares of beneficial interest
      that Alexander&#8217;s may issue.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
of Directors could establish a series of preferred stock with terms that could
delay, deter or prevent a change in control of Alexander&#8217;s or other transaction
that might involve a premium price or otherwise be in the best interest of our
stockholders, although the Board of Directors does not, at present, intend to
establish a series of preferred stock of this kind.&#160;&#160;Alexander&#8217;s
charter documents contain other provisions that may delay, deter or prevent a
change in control of the Company or other transaction that might involve a
premium price or otherwise be in the best interest of our
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, Vornado and Interstate Properties (<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8220;</font>Interstate<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8221;</font>)&#160;(the three
general partners of which are trustees of both Vornado and Directors of
Alexander&#8217;s) together beneficially own approximately 60.0% of our outstanding
shares of common stock.&#160;&#160;This degree of ownership may also reduce the
possibility of a tender offer or an attempt to change control of the
Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
may change our policies without obtaining the approval of our
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
operating and financial policies, including our policies with respect to
acquisitions of real estate or other assets, growth, operations, indebtedness,
capitalization and dividends, are exclusively determined by our Board of
Directors.&#160;&#160;Accordingly, our stockholders do not control these
policies.</font></div>
    <div><br></div>
    <div>
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OUR
OWNERSHIP STRUCTURE AND RELATED-PARTY TRANSACTIONS MAY GIVE RISE TO CONFLICTS OF
INTEREST.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Steven
Roth, Vornado and Interstate may exercise substantial influence over
us.&#160;&#160;They and some of our other directors and officers have interests
or positions in other entities that may compete with us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
December 31, 2007, Interstate and its partners owned approximately 8.3% of the
common shares of beneficial interest of Vornado and approximately 27.2% of our
outstanding common stock.&#160;&#160;Steven Roth, David Mandelbaum and Russell
B. Wight, Jr. are the partners of Interstate.&#160;&#160;Mr.&#160;Roth is the
Chairman of our Board of Directors and Chief Executive Officer, the Chairman of
the Board of Trustees and Chief Executive Officer of Vornado and the Managing
General Partner of Interstate.&#160;&#160;Mr.&#160;Wight and Mr.&#160;Mandelbaum
are both trustees of Vornado and members of our Board of
Directors.&#160;&#160;In addition, Vornado manages and leases the real estate
assets of Interstate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
December 31, 2007, Vornado owned 32.8% of our outstanding common stock, in
addition to the 27.2% owned by Interstate and its partners.&#160;&#160;In
addition to the relationships described in the immediately preceding paragraph,
Michael D. Fascitelli, the President and a trustee of Vornado, is our President
and a member of our Board of Directors.&#160;&#160;Richard West is a trustee of
Vornado and a member of our Board of Directors.&#160;&#160;In addition, Joseph
Macnow, our Executive Vice President and Chief Financial Officer, holds the same
positions with Vornado.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
of their overlapping interests, Vornado, Mr.&#160;Roth, Interstate and the other
individuals noted in the preceding paragraphs may have substantial influence
over Alexander&#8217;s, and on the outcome of any matters submitted to Alexander&#8217;s
stockholders for approval.&#160;&#160;In addition, certain decisions concerning
our operations or financial structure may present conflicts of interest among
Vornado, Messrs.&#160;Roth, Mandelbaum and Wight and Interstate and other
security holders.&#160;&#160;Vornado, Mr.&#160;Roth and Interstate may, in the
future, engage in a wide variety of activities in the real estate business which
may result in conflicts of interest with respect to matters affecting us, such
as:&#160;&#160;which of these entities or persons, if any, may take advantage of
potential business opportunities; the business focus of these entities; the
types of properties and geographic locations in which these entities make
investments; potential competition between business activities conducted, or
sought to be conducted, by us; competition for properties and tenants; possible
corporate transactions such as acquisitions; and other strategic decisions
affecting the future of these entities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">There
may be conflicts of interest between Vornado, its affiliates and
us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vornado
manages, develops and leases our properties under agreements that have one-year
terms expiring in March of each year, which are automatically
renewable.&#160;&#160;Because we share common senior management with Vornado and
because five of the trustees of Vornado also constitute the majority of our
directors, the terms of the foregoing agreements and any future agreements may
not be comparable to those we could have negotiated with an unaffiliated third
party.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For a
description of Interstate&#8217;s ownership of Vornado and Alexander&#8217;s, see &#8220;Steven
Roth, Vornado and Interstate may exercise substantial influence over
us.&#160;&#160;They and some of our other directors and officers have interests
or positions in other entities that may compete with us,&#8221; above.</font></div>
    <div><br></div>
    <div>
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
NUMBER OF SHARES OF ALEXANDER&#8217;S COMMON STOCK AND THE MARKET FOR THOSE SHARES
GIVE RISE TO VARIOUS RISKS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Alexander&#8217;s
has available for issuance shares of its common stock and outstanding and
exercisable options to purchase its common stock.&#160;&#160;The issuance of
this stock or the exercise of these options could decrease the market price of
the shares of common stock currently outstanding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
December 31, 2007, we had authorized but unissued 4,826,550 shares of common
stock, par value of $1.00 per share, and 3,000,000 shares of preferred stock,
par value $1.00 per share.&#160;&#160;In addition, as of December 31, 2007,
61,900 options were outstanding and exercisable at a weighted-average exercise
price of $70.38, and as of December 31, 2007, 500,000 SARs were outstanding and
exercisable at a weighted-average exercise price of
$70.38.&#160;&#160;Additionally, 895,000 shares are available for future grant
under the terms of our 2006 Omnibus Stock Plan (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Plan</font>&#8221;).&#160;&#160;These
awards may be granted in the form of options, restricted stock, SARs or other
equity-based interests, and, if granted, would reduce the number of shares
available for future grant; <font style="DISPLAY: inline; FONT-STYLE: italic">provided</font>, <font style="DISPLAY: inline; FONT-STYLE: italic">however</font>, that an award that
may be settled only in cash would not reduce the number of shares available
under the Plan.&#160;&#160;We cannot predict the impact that future issuances of
common or preferred stock or any exercise of outstanding options or grants of
additional equity-based interests would have on the market price of our common
stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Changes
in market conditions could decrease the market price of our
securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The value
of our securities depends on various market conditions, which may change from
time to time.&#160;&#160;Among the market conditions that may affect the value
of our securities are the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      extent of institutional investor interest in
us;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      reputation of REITs generally and the attractiveness of their equity
      securities in comparison to other equity securities, including securities
      issued by other real estate companies, and fixed income
      securities;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
      financial condition and performance;
and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">general
      financial market and economic
conditions.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="uop">USE OF PROCEEDS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
shares of common stock described in this prospectus are being offered for sale
from time to time by the selling stockholders who acquire the shares pursuant to
the Plan.&#160;&#160;We will not receive any proceeds from any sale of common
stock offered pursuant to this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="ss">SELLING STOCKHOLDERS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
common stock being registered by this prospectus consists of 895,000 shares that
will be held by persons who acquired or will acquire those shares from the Plan,
pursuant to its terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
registering these shares to permit the selling stockholders to resell their
shares when they deem appropriate.&#160;&#160;The selling stockholders may
resell all, a portion, or none of their shares, at any time and from time to
time.&#160;&#160;The selling stockholders may also sell, transfer or otherwise
dispose of some or all of their shares in transactions exempt from the
registration requirements of the Securities Act.&#160;&#160;We do not know when
or in what amounts the selling stockholders may offer their common stock for
sale under this prospectus. We will provide the names of any selling
stockholders and the number of shares of common stock sold by such selling
stockholders by means of a prospectus supplement.</font></div>
    <div><br></div>
    <div>
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="dcs">DESCRIPTION OF CAPITAL STOCK</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following descriptions are summaries of the material terms and provisions of our
preferred stock and our common stock contained in our certificate of
incorporation and by-laws.&#160;&#160;The following summary is qualified in its
entirety by reference to our certificate of incorporation and by-laws, copies of
which are filed as exhibits to our previous filings with the Securities and
Exchange&#160;Commission (the &#8220;<font style="FONT-STYLE: italic">Commission</font>&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
certificate of incorporation authorizes the issuance of up to 26,000,000 shares
of capital stock, consisting of 10,000,000 shares of common stock, par value
$1.00 per share (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">common
stock</font>&#8221;), 3,000,000 shares of preferred stock, par value $1.00 per share
(the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">preferred stock</font>&#8221;)
and 13,000,000 shares of excess stock, par value $1.00 per share (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">excess stock</font>&#8221;).&#160;&#160;As
of December 31, 2007, we had issued 5,173,450 shares of common stock, of which
5,043,950 and 5,035,950 were outstanding as of December 31, 2007 and 2006,
respectively.&#160;&#160;No shares of preferred stock or shares of excess stock
are issued and outstanding as of the date of this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description
of Common Stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
common stock is traded on the New York Stock Exchange under the symbol
&#8220;ALX.&#8221;&#160;&#160;As of December 31, 2007, we had issued 5,173,450 shares of
common stock, of which 5,043,950 and 5,035,950 were outstanding as of December
31, 2007 and 2006, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Dividend and
Voting Rights of Holders of Common Stock</font>.<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>Holders
of our common stock are entitled to receive dividends when, if and as authorized
by the Board of Directors out of assets legally available to pay
dividends.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
share of common stock entitles the holder to one vote on all matters voted on by
stockholders, including elections of directors.&#160;&#160;There is no
cumulative voting in the election of directors, which means that the holders of
a majority of the outstanding common stock can elect all of the directors then
standing for election.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
certificate of incorporation requires the affirmative vote of two-thirds of the
outstanding shares of our stock entitled to vote before we may merge with
another corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Holders
of common stock do not have any conversion, redemption or preemptive rights to
subscribe to any securities of our Company.&#160;&#160;In the event of our
dissolution, liquidation or winding-up, after the payment or provision of our
debt and other liabilities and the preferential amounts to which holders of our
preferred stock are entitled, if any such preferred stock is outstanding, the
holders of the common stock are entitled to share ratably in any assets
remaining for distribution to stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
common stock has equal dividend, distribution, liquidation and other rights, and
there are no preference, appraisal or exchange rights applicable
thereto.&#160;&#160;All outstanding shares of common stock are fully paid and
nonassessable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wachovia
Bank, N.A., is the transfer agent for the common stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">The Common Stock
Beneficial Ownership Limit</font>.&#160;&#160;Our certificate of incorporation
contains a number of provisions that restrict the ownership and transfer of
shares and are designed to safeguard us against an inadvertent loss of REIT
status.&#160;&#160;These provisions also seek to deter non-negotiated
acquisitions of, and proxy fights for, us by third parties.&#160;&#160;In order
to maintain our qualification as a REIT under the Internal Revenue Code, not
more than 50% of the value of our outstanding shares of capital stock may be
owned, directly or constructively, by five or fewer individuals at any time
during the last </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">half of a
taxable year, and the shares of capital stock must be beneficially owned by 100
or more persons during at least 335 days of a taxable year of 12 months, or
during a proportionate part of a shorter taxable year.&#160;&#160;The Internal
Revenue Code defines &#8220;individuals&#8221; to include some entities for purposes of the
preceding sentence.&#160;&#160;All references to a holder&#8217;s ownership of common
stock in this section assumes application of the applicable attribution rules of
the Internal Revenue Code under which, for example, a holder is deemed to own
shares owned by his or her spouse.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
certificate of incorporation contains a limitation that restricts stockholders
from owning more than 4.9% of the outstanding shares of common
stock.&#160;&#160;In certain circumstances, the Board of Directors may reduce
the common stock beneficial ownership limit to as little as 2%, but only if any
person who owns shares in excess of such new limit could continue to do
so.&#160;&#160;The Board of Directors has, subject to certain conditions and
limitations, exempted our manager, Vornado, and certain of its affiliates from
the common stock beneficial ownership limit.&#160;&#160;As a result, it is less
likely as a practical matter that another holder of common stock could obtain an
exemption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Attribution
Rules</font>.&#160;&#160;Investors should be aware that, under the applicable
attribution rules of the Internal Revenue Code, events other than a purchase or
other transfer of common stock can result in ownership of common stock in excess
of the common stock beneficial ownership limit.&#160;&#160;For instance, if two
stockholders, each of whom owns 3% of the outstanding common stock, were to
marry, then after their marriage both stockholders would be deemed to own 6% of
the outstanding shares of common stock, which is in excess of the common stock
beneficial ownership limit.&#160;&#160;Similarly, if a stockholder who owns 4%
of the outstanding common stock were to purchase a 50% interest in a corporation
which owns 3% of the outstanding common stock, then the stockholder would be
deemed to own 5.5% of the outstanding shares of common stock.&#160;&#160;You
should consult your own tax advisors concerning the application of the
attribution rules of the Internal Revenue Code in your particular
circumstances.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">The Constructive
Ownership Limit</font>.&#160;&#160;Under the Internal Revenue Code, rental
income received by a REIT from persons with respect to which the REIT is
treated, under the applicable attribution rules of the Internal Revenue Code, as
owning a 10% or greater interest does not constitute qualifying income for
purposes of the income requirements that REITs must satisfy.&#160;&#160;For
these purposes, a REIT is treated as owning any stock owned, under the
applicable attribution rules of the Internal Revenue Code, by a person that owns
10% or more of the value of the outstanding shares of the REIT.&#160;&#160;The
attribution rules of the Internal Revenue Code applicable for these purposes are
different from those applicable with respect to the common stock beneficial
ownership limit.&#160;&#160;All references to a stockholder&#8217;s ownership of
common stock in this section assume application of the applicable attribution
rules of the Internal Revenue Code.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In order
to ensure that our rental income will not be treated as nonqualifying income
under the rule described in the preceding paragraph, and thus to ensure that we
will not inadvertently lose our REIT status as a result of the ownership of
shares of a tenant, or a person that holds an interest in a tenant, our
certificate of incorporation contains an ownership limit that restricts, with
certain exceptions, stockholders from owning more than 9.9% of the outstanding
shares of any class (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">common stock beneficial ownership
limit</font>&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stockholders
should be aware that events other than a purchase or other transfer of shares
can result in ownership, under the applicable attribution rules of the Internal
Revenue Code, of shares in excess of the constructive ownership
limit.&#160;&#160;As the attribution rules that apply with respect to the
constructive ownership limit differ from those that apply with respect to the
common stock beneficial ownership limit, the events other than a purchase or
other transfer of shares which can result in share ownership in excess of the
constructive ownership limit can differ from those which can result in share
ownership in excess of the common stock beneficial ownership
limit.&#160;&#160;You should consult your own tax </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">advisors
concerning the application of the attribution rules of the Internal Revenue Code
in your particular circumstances.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Issuance of
Excess Stock if the Ownership Limits Are Violated</font>.&#160;&#160;Our
certificate of incorporation provides that a transfer of shares of common stock
that would otherwise result in ownership, under the applicable attribution rules
of the Internal Revenue Code, of common stock in excess of the common stock
beneficial ownership limit or the constructive ownership limit, or which would
cause the shares of capital stock of Alexander&#8217;s to be beneficially owned by
fewer than 100 persons, would have no effect, and the purported transferee would
acquire no rights or economic interest in such common stock.&#160;&#160;In
addition, common stock that would otherwise be owned, under the applicable
attribution rules of the Internal Revenue Code, in excess of the common stock
beneficial ownership limit or the constructive ownership limit will be
automatically exchanged for shares of excess stock.&#160;&#160;These shares of
excess stock would be transferred, by operation of law, to us as trustee of a
trust for the exclusive benefit of a beneficiary designated by the purported
transferee or purported holder.&#160;&#160;While held in trust, the trustee
shall vote the shares of excess stock in the same proportion as the holders of
the outstanding shares of common stock have voted.&#160;&#160;Any dividends or
distributions received by the purported transferee or other purported holder of
the excess stock before our discovery of the automatic exchange for shares of
excess stock must be repaid to us upon demand.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If the
purported transferee or purported holder elects to designate a beneficiary of an
interest in the trust with respect to the excess stock, he or she may only
designate a person whose ownership of the shares will not violate the common
stock beneficial ownership limit or the constructive ownership
limit.&#160;&#160;When the designation is made, the excess stock will be
automatically exchanged for common stock.&#160;&#160;Our certificate of
incorporation contains provisions designed to ensure that the purported
transferee or other purported holder of shares of excess stock may not receive,
in return for transferring an interest in the trust with respect to the excess
stock, an amount that reflects any appreciation in the shares of common stock
for which the shares of excess stock were exchanged during the period that the
shares of excess stock were outstanding but will bear the burden of any decline
in value during that period.&#160;&#160;Any amount received by a purported
transferee or other purported holder for designating a beneficiary in excess of
the amount permitted to be received must be turned over to us.&#160;&#160;Our
certificate of incorporation provides that we may purchase any shares of excess
stock that have been automatically exchanged for shares of common stock as a
result of a purported transfer or other event.&#160;&#160;The price at which we
may purchase the excess stock will be equal to the lesser of:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      the case of shares of excess stock resulting from a purported transfer for
      value, the price per share in the purported transfer that resulted in the
      automatic exchange for shares of excess stock or, in the case of excess
      stock resulting from some other event, the market price of the shares of
      common stock exchanged on the date of the automatic exchange for excess
      stock; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      market price of the shares of common stock exchanged for the excess stock
      on the date that we accept the deemed offer to sell the excess
      stock.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
purchase right with respect to excess stock will exist for 90 days, beginning on
the date that the automatic exchange for shares of excess stock occurred or, if
we did not receive a notice concerning the purported transfer that resulted in
the automatic exchange for shares of excess stock, the date that the Board of
Directors determines in good faith that an exchange for excess stock has
occurred.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Other Provisions
Concerning the Restrictions on Ownership</font>.&#160;&#160;The Board of
Directors may exempt certain persons from the common stock beneficial ownership
limit or the constructive ownership limit if evidence satisfactory to the Board
of Directors is presented showing that such exemption will not jeopardize our
status as a REIT under the Internal Revenue Code.&#160;&#160;Before granting an
exemption of this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">kind, the
Board of Directors may require a ruling from the Internal Revenue Service, an
opinion of counsel satisfactory to it and representations and undertakings from
the applicant with respect to preserving our REIT status.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
of Directors has, subject to certain conditions and limitations, exempted our
manager, Vornado, and certain of its affiliates from the common stock beneficial
ownership limit.&#160;&#160;As a result, it is less likely as a practical matter
that another holder of common stock could obtain an exemption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
foregoing restrictions on ownership and transfer will not apply if the Board of
Directors determines that it is no longer in our best interests to attempt to
qualify, or continue to qualify, as a REIT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sections
382 and 383 of the Internal Revenue Code impose limitations upon the utilization
of a corporation&#8217;s net operating loss and credit carryforwards and certain other
tax attributes, following significant changes in the corporation&#8217;s stock
ownership.&#160;&#160;In order to preserve our ability to use net operating loss
carryforwards to reduce taxable income, our certificate of incorporation also
contains additional provisions restricting the ownership of our outstanding
shares (the &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">Section 382
ownership restrictions</font>&#8221;).&#160;&#160;The Section 382 ownership
restrictions merely reduce the risk of certain occurrences that could cause such
a limitation to arise.&#160;&#160;It is still possible that, due to transfers
(either directly or indirectly) of our outstanding shares, we could become
subject to a limitation under Section 382 or 383.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
certificate of incorporation provides, in general, that, subject to the
exceptions described in the next paragraph, no person may acquire shares of our
Company, or options or warrants to acquire such shares, if as a result such
person (or another person to which such shares were attributed under certain
complex attribution rules, which differ in certain respects from those that
apply for purposes of the common stock beneficial ownership limit or the
constructive ownership limit) would own, directly or under such attribution
rules, 5% or more of the class of such outstanding shares (hereinafter, such
person&#8217;s &#8220;<font style="DISPLAY: inline; FONT-STYLE: italic">ownership interest
percentage</font>&#8221;). In addition, subject to the exceptions described in the
next paragraph, no person whose ownership interest percentage of a class of
shares equals or exceeds 5% can acquire or transfer such shares, or options or
warrants to acquire such shares.&#160;&#160;The foregoing restrictions apply
independently to each class of our outstanding stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
foregoing restrictions do not apply to (i) acquisitions and transfers of shares
of common stock by certain persons and their affiliates whose ownership interest
percentage of common stock on September 21, 1993 was 5% or more, (ii) transfers
of shares pursuant to an offering by us, to the extent determined by the Board
of Directors, and (iii) other transfers of shares specifically approved by the
Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transfers
of shares, options or warrants in violation of the Section 382 ownership
restrictions would be void, and the transferee would acquire no rights in such
shares, options or warrants.&#160;&#160;Thus, a purported acquiror would have no
right to vote such shares or to receive dividends.&#160;&#160;Moreover, upon our
demand, a purported acquiror of shares, options or warrants would be required to
transfer them to an agent designated by us.&#160;&#160;The agent, generally,
would sell such shares, options or warrants, remit the proceeds thereof to the
purported acquiror to the extent of such person&#8217;s purchase price for the shares
and, to the extent possible, remit the balance of the proceeds to such person&#8217;s
transferor.&#160;&#160;A similar procedure would be applied to any dividends
paid to, and to the proceeds of any resale of shares, options or warrants by,
the purported acquiror.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
of Directors has the authority to designate a date as of which the Section 382
ownership restrictions will no longer apply.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
certificates representing shares of common stock will bear a legend referring to
the restrictions described above.</font></div>
    <div><br></div>
    <div>
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          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
persons who own, directly or by virtue of the applicable attribution rules of
the Internal Revenue Code, more than 2% of the shares of outstanding common
stock must give a written notice to us containing the information specified in
our certificate of incorporation by January 31 of each year.&#160;&#160;In
addition, each stockholder shall upon demand be required to disclose to us such
information as we may request, in good faith, in order to determine our status
as a REIT or to comply with Treasury Regulations promulgated under the REIT
provisions of the Internal Revenue Code.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Important
Provisions of Delaware Law and Our Certificate of Incorporation and
By-Laws</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following is a summary of important provisions of Delaware law and our
certificate of incorporation and by-laws which affect us and our
stockholders.&#160;&#160;The description below is intended as only a
summary.&#160;&#160;You can access complete information by referring to the
Delaware General Corporation Law and our certificate of incorporation and
by-laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Business
Combinations with Interested Stockholders under Delaware Law</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;Section 203 of
the Delaware General Corporation Law prevents a publicly held corporation from
engaging in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; for a
period of three years after the date of the transaction in which the person
became an interested stockholder, unless:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">before
      the date on which the person became an interested stockholder, the board
      of directors of the corporation approved either the business combination
      or the transaction in which the person became an interested
      stockholder;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      interested stockholder owned at least 85% of the outstanding voting stock
      of the corporation at the beginning of the transaction in which it became
      an interested stockholder, excluding stock held by directors who are also
      officers of the corporation and by employee stock plans that do not
      provide participants with the rights to determine confidentially whether
      shares held subject to the plan will be tendered in a tender or exchange
      offer; or</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">after
      the date on which the interested stockholder became an interested
      stockholder, the business combination is approved by the board of
      directors and the holders of two-thirds of the outstanding voting stock of
      the corporation voting at a meeting, excluding the voting stock owned by
      the interested stockholder.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
defined in Section 203, an &#8220;interested stockholder&#8221; is generally a person owning
15% or more of the outstanding voting stock of the corporation.&#160;&#160;As
defined in Section 203, a &#8220;business combination&#8221; includes mergers,
consolidations, stock and assets sales and other transactions with the
interested stockholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
provisions of Section 203 may have the effect of delaying, deferring or
preventing a change in control of Alexander&#8217;s, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Amendment of Our
Certificate of Incorporation and By-Laws</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;Amendments to our
certificate of incorporation must be approved by the Board of
Directors.&#160;&#160;Unless otherwise required by law, the Board of Directors
may amend our by-laws by a majority vote of the directors then in
office.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Meetings of
Stockholders</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;Under our
by-laws, we will hold annual meetings of our stockholders at a date and time as
determined by the Board of Directors, chairman, vice chairman or
president.&#160;&#160;Our by-laws require advance notice for our stockholders to
make nominations of candidates for the Board of Directors or bring other
business before an annual meeting of our stockholders.&#160;&#160;The chairman
or vice chairman shall call special meetings of our stockholders whenever
stockholders owning at least a majority </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of our
issued and outstanding shares entitled to vote on matters to be submitted to
stockholders shall request in writing such a meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Board of
Directors</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;The Board of
Directors is divided into three classes.&#160;&#160;As the term of each class
expires, directors in that class will be elected for a term of three years and
until their successors are duly elected and qualified.&#160;&#160;These
staggered terms may reduce the possibility of an attempt to change control of
Alexander&#8217;s.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="pod">PLAN OF DISTRIBUTION</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling stockholders, or the Plan at the request of the selling stockholders,
may from time to time sell the shares of common stock directly to purchasers on
the New York Stock Exchange (or on any other national securities exchange where
the shares of common stock may be trading) or other over-the-counter market at
prices and at terms then prevailing or at prices related to the then current
market price or in negotiated transactions.&#160;&#160;These shares of common
stock may be sold by one or more of the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      block trade in which the broker or dealer will attempt to sell shares as
      agent but may position and resell a portion of the block as principal to
      facilitate the transaction;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">purchases
      by a broker or dealer as principal and resale by a broker or dealer for
      its account using this prospectus;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">through
      the writing of options;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ordinary
      brokerage transactions in which the broker does not solicit purchasers and
      transactions in which the broker does solicit
  purchasers;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">transactions
      directly with a market maker; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      privately negotiated transactions not involving a broker or
      dealer.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each sale
may be made either at market prices prevailing at the time of the sale, at
negotiated prices, at fixed prices which may be changed, or at prices related to
prevailing market prices.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling stockholders will act independently of Alexander&#8217;s in making decisions
with respect to the timing, manner and size of each sale.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brokers
or dealers engaged by any of the selling stockholders to sell the shares may
arrange for other brokers or dealers to participate.&#160;&#160;Brokers or
dealers engaged to sell the shares will receive compensation in the form of
commissions or discounts in amounts to be negotiated before each sale and which
may be in excess of customary discounts or commissions.&#160;&#160;These brokers
or dealers and any other participating brokers or dealers may be determined to
be underwriters within the meaning of the Securities Act.&#160;&#160;We will not
receive any proceeds from any sale of common stock offered pursuant to this
prospectus, and we anticipate that the brokers or dealers, if any, participating
in the sales of the shares will receive their usual and customary selling
commissions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Some
persons participating in this offering may engage in transactions that
stabilize, maintain or otherwise affect the price of the securities, including
the entry of stabilizing bids or syndicate covering transactions or the
imposition of penalty bids.&#160;&#160;The selling stockholders and any other
person participating in a distribution will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder including
Regulation M.&#160;&#160;This regulation may limit the timing of purchases and
sales of any of the securities by the selling stockholders and any other
person.&#160;&#160;The anti-manipulation rules under the Exchange Act may apply
to sales of securities in the market and to the activities of the selling
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">stockholders
and their affiliates.&#160;&#160;Furthermore, Regulation M of the Exchange Act
may restrict the ability of any person engaged in the distribution of the
securities to engage in market-making activities with respect to the particular
securities being distributed for a period of up to five business days before the
distribution.&#160;&#160;All of the foregoing may affect the marketability of
the securities and the ability of any person or entity to engage in
market-making activities with respect to the securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling stockholders may enter into hedging transactions.&#160;&#160;Persons
with whom they enter into hedging transactions may engage in short sales of our
common stock.&#160;&#160;The selling stockholders may engage in short sales of
our common stock and transactions involving options, swaps, derivatives and
other transactions involving our securities or their investments in those
securities, and may sell and deliver the shares covered by this prospectus under
agreements to undertake these transactions or in settlement of securities
loans.&#160;&#160;These transactions may be entered into with broker-dealers or
other financial institutions that may resell those shares.&#160;&#160;The
selling stockholders may pledge their shares to secure
borrowings.&#160;&#160;Upon delivery of the shares or a default by a selling
stockholder, the broker-dealer or financial institution may offer and sell the
pledged shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling
stockholders may resell all or a portion of their shares in open market
transactions in reliance upon available exemptions under the Securities Act
including in reliance upon Rule&#160;144 under the Securities Act, <font style="DISPLAY: inline; FONT-STYLE: italic">provided</font> that they meet the
criteria and conform to the requirements of one of these
exemptions.&#160;&#160;The selling stockholders may decide not to sell all or a
portion of the shares offered under this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling
stockholders may from time to time pledge or grant a security interest in some
or all of the common stock owned by them, and, if they default in the
performance of their secured obligations, the pledgees or secured parties may
offer and sell the shares of common stock from time to time under this
prospectus, or under an amendment to this prospectus under
Rule&#160;424(b)(3)&#160;or other applicable provision of the Securities Act
amending the list of selling stockholders to include the pledgee, transferee or
other successors in interest as selling stockholders under this
prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To comply
with the securities laws of some states, if applicable, the shares will be sold
in those states only through brokers or dealers.&#160;&#160;The shares may not
be sold in some states unless they have been registered or qualified for sale in
those states or an exemption from registration or qualification is available and
is complied with.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
necessary, the specific shares of our common stock to be sold, the name of the
selling stockholders, the purchase and public offering prices, the names of any
agent, dealer or underwriter, and any applicable commissions or discounts will
be disclosed in an accompanying prospectus supplement or, if appropriate, a
post-effective amendment to the registration statement of which this prospectus
is a part.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will
bear all expenses of the offering of the common stock that is offered in this
prospectus including, without limitation, all filing, registration and
qualification, printing, legal and accounting fees, except that the selling
stockholders will pay any applicable underwriting commissions and expenses,
brokerage fees and transfer taxes, and the fees and disbursements of their
counsel and experts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling stockholders are not restricted as to the price or prices at which they
may sell the shares of our common stock offered under this
prospectus.&#160;&#160;Sales of shares at less than the market price may depress
the market price of our stock.&#160;&#160;Moreover, the selling stockholders are
not restricted as to the number of shares which may be sold at any one time, and
it is possible that a significant number of shares could be sold at the same
time, which may also depress the market price of our stock.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="lm">LEGAL MATTERS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
validity of the shares of common stock offered pursuant to this prospectus will
be passed upon by Shearman &amp; Sterling LLP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="where">WHERE YOU CAN FIND MORE INFORMATION</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We file
annual, quarterly and current reports, proxy statements and other information
with the Commission.&#160;&#160;You may read and copy any document we file at
the Commission&#8217;s public reference room at 100 F Street, N.E., Washington, DC
20549.&#160;&#160;Please call the Commission at 1-800-SEC-0330 for further
information on its public reference room.&#160;&#160;Our SEC filings are also
available to the public through the Commission&#8217;s website at
http://www.sec.gov.&#160;&#160;Our common shares are listed on the New York
Stock Exchange, and information about us is also available there.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
filed a registration statement on Form S-8 to register with the Commission the
securities described herein.&#160;&#160;This prospectus is a part of that
registration statement and constitutes a prospectus of
Alexander&#8217;s.&#160;&#160;As allowed by Commission rules, this prospectus does not
contain all the information that can be found in the registration statement or
the exhibits to the registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="exp">EXPERTS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
consolidated financial statements, the related financial statement schedules,
and the effectiveness of internal control over financial reporting incorporated
in this Prospectus by reference from the Alexander&#8217;s, Inc. Annual Report on Form
10-K&#160;&#160;for the year ended December 31, 2007, have been audited by
Deloitte &amp; Touche LLP, an independent registered public accounting firm, as
stated in their reports, which are incorporated herein by reference, and have
been so incorporated in reliance upon the reports of such firm given upon their
authority as experts in accounting and auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="inc">INCORPORATION BY REFERENCE</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Commission allows us to &#8220;incorporate by reference&#8221; the information we file with
them, which means that we can disclose important information to you by referring
you to those documents.&#160;&#160;The information incorporated by reference is
considered to be a part of this prospectus, and later information that we file
with the Commission will automatically update and supersede this
information.&#160;&#160;In all cases, you should rely on the later information
over comparable but earlier dated information included in this
prospectus.&#160;&#160;We incorporate by reference the documents listed below
and any future filings we make with the Commission under Sections 13(a), 13(c),
14 or 15(d)&#160;of the Exchange Act:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Annual
      report on Form 10-K for the period ended December 31, 2007, filed with the
      Commission on February&#160;25, 2008; and</font></div>
            </td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td style="WIDTH: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">&#183;</font></font>&#160;</div>
            </td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Quarterly
      report on&#160;Form 10-Q for the period ended March 31, 2008, filed with
      the Commission on May 5, 2008.&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
request we will provide, at no cost to each person, including any beneficial
owner who receives a copy of this prospectus, a copy of any or all of the
documents incorporated in this prospectus by reference.&#160;&#160;We will not
provide exhibits to any such documents, however, unless such exhibits are
specifically incorporated by reference into those documents.&#160;&#160;Written
or telephone requests for such copies should be addressed to Alexander&#8217;s
executive offices located at 210 Route 4 East, Paramus, New Jersey 07652,
Attention: Joseph Macnow, Chief Financial Officer, telephone number (212)
587-8541.</font></div>
    <div><br></div>
    <div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div><br><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">895,000
Shares</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="logo.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
Stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">______________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prospectus</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">______________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June
17,&#160;2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <div>
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          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
I</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 54px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      1.</font></div>
            </td>
            <td width="847">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Plan
      Information.*</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 54px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      2.</font></div>
            </td>
            <td width="847">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant
      Information and Employee Plan Annual
  Information.*</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_____________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
Information required by Part I to be contained in the Section 10(a) prospectus
is omitted from this Registration Statement in accordance with Rule 428 under
the Securities Act and the &#8220;Note&#8221; to Part I of Form S-8.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 59px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      3.</font></div>
            </td>
            <td width="842">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporation
      of Documents by Reference.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant incorporates by reference in this Registration Statement the
following documents filed by the Registrant with the Securities and Exchange
Commission (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-STYLE: italic">Commission</font>&#8221;):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Registrant&#8217;s annual report on Form 10-K filed for the period ended December 31,
2007 (filed February 25, 2008);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Registrant&#8217;s quarterly report on Form 10-Q filed for the period ended March 31,
2008 (filed May 5, 2008); and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
description of the common stock contained in the Registrant&#8217;s Registration
Statement on Form 10 (File No. 1-6064) for registration of such common stock
under the Securities Exchange Act of 1934, as amended (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-STYLE: italic">Exchange
Act</font>&#8221;).</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, all reports and other documents filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this
Registration Statement, but prior to the filing of a post-effective amendment to
this Registration Statement that indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, will be deemed
to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents.&#160;&#160;Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein will be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any
other subsequently filed document that also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement.&#160;&#160;Any such
statement so modified or superseded will not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 58px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      4.</font></div>
            </td>
            <td width="843">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description
      of Securities</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
required.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 58px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      5.</font></div>
            </td>
            <td width="843">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interests
      of Named Experts and Counsel.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 58px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      6.</font></div>
            </td>
            <td width="843">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indemnification
      of Directors and Officers.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
Section 145 of the General Corporation Law of the State of Delaware (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-STYLE: italic">DGCL</font>&#8221;),
the Registrant has powers to indemnify its directors and officers against
liabilities that they may incur in such capacities, including liabilities under
the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant&#8217;s Certificate of Incorporation provides that the Registrant&#8217;s
officers and directors will be indemnified to the fullest extent permitted by
Delaware law.&#160;&#160;In addition, to the fullest extent permitted by
Delaware law, no director of the Registrant shall be personally liable to the
Registrant or the stockholders for monetary damages for breach of the director&#8217;s
fiduciary duty.&#160;&#160;Such provision does not limit a director&#8217;s liability
to the Registrant or its stockholders resulting from:&#160;&#160;(i)&#160;any
breach of the director&#8217;s duty of loyalty to the Registrant or its stockholders;
(ii)&#160;acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law; (iii)&#160;unlawful payments of
dividends or unlawful stock repurchases or redemptions as provided in section
174 of the DGCL; or (iv)&#160;any transaction from which the director derived an
improper personal benefit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant&#8217;s Certificate of Incorporation provides that the Registrant shall pay
the expenses incurred by an officer or a director of the Registrant in defending
a civil or criminal action, suit, or proceeding involving such person&#8217;s acts or
omissions as an officer or a director of the Registrant if such person acted in
good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the Registrant or its stockholders and, with respect to
a criminal action or proceeding, if the person had no reasonable cause to
believe his or her conduct was unlawful. Unless ordered by a court, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">indemnification
of an officer shall be made by the Registrant only as authorized in a specific
case upon the determination that indemnification of the officer or director is
proper under the circumstances because he or she has met the applicable standard
of conduct.&#160;&#160;Such determination shall be made (i)&#160;by majority
vote of the directors of the Registrant who are not parties to the action, suit
or proceeding, (ii)&#160;by independent legal counsel in a written opinion, or
(iii)&#160;by the stockholders of the Registrant.&#160;&#160;The Registrant&#8217;s
Certificate of Incorporation authorizes the Registrant to pay the expenses
incurred by an officer or a director in defending a civil or criminal action,
suit, or proceeding in advance of the final disposition thereof, upon receipt of
an undertaking by or on behalf of such person to repay the expenses if it is
ultimately determined that the person is not entitled to be indemnified by the
Registrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant has the power to purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee, or agent of the Registrant
or is liable as a director of the Registrant, or is or was serving, at the
request of the Registrant, as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust or other enterprise, against any
liability asserted against him and incurred by him in any such capacity or
arising out of his status as such, regardless of whether the Registrant would
have power to indemnify him against such liability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant has purchased a policy of directors&#8217; and officers&#8217; insurance that
insures both the Registrant and its officers and directors against expenses and
liabilities of the type normally insured against under such policies, including
the expense of the indemnifications described above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 60px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      7.</font></div>
            </td>
            <td width="841">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exemption
      from Registration Claimed.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 59px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      8.</font></div>
            </td>
            <td width="842">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
attached Exhibit Index.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 59px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      9.</font></div>
            </td>
            <td width="842">
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Undertakings.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;The
undersigned Registrant hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      include any prospectus required by Section 10(a)(3) of the Securities
      Act;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      reflect in the prospectus any facts or events arising after the effective
      date of the Registration Statement (or the most recent post-effective
      amendment thereof) which, individually or in the aggregate, represent a
      fundamental change in the information set forth in the Registration
      Statement; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      include any material information with respect to the plan of distribution
      not previously disclosed in the Registration Statement or any material
      change to such information in the Registration
  Statement;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">provided, however,</font> that
paragraphs (a)(i)(1) and (a)(i)(2) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the
Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are
incorporated by reference in this Registration Statement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;That,
for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registra&#173;tion statement
relating to the securi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ties
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#8217;s annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is
incorporated by reference in this Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at the time shall be deemed to be the initial <font style="DISPLAY: inline; FONT-STYLE: italic">bona fide</font> offering
thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.&#160;&#160;In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any Action) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Act, Alexander&#8217;s, Inc., certifies that it
has reasonable grounds to believe that it meets all the requirements for filing
this Registration Statement on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Paramus, the State of New Jersey, on this 17<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font> day of June,
2008.</font></div>
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            <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          <tr>
            <td valign="top" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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person whose signature appears below hereby, severally and individually
constitutes and appoints each of Steven Roth and Joseph Macnow and each of them
severally, the true and lawful attorneys and agents of each of us to execute in
the name, place and stead of each of us (individually and in any capacity stated
below) any and all amendments (including post-effective amendments) to this
Registration Statement, and all instruments necessary or advisable in connection
therewith and to file the same with the Commission, each of said attorneys and
agents to have the power to act with or without the others and to have full
power and authority to do and perform in the name and on behalf of each of the
undersigned every act whatsoever necessary or advisable to be done in the
premises as fully and to all intents and purposes as any of the undersigned
might or could do in person, and we hereby ratify and confirm our signatures as
they may be signed by our said attorneys and agents or each of them to any and
all such amendments and instruments. This Power of Attorney has been signed on
June 17, 2008 by the following persons in the respective capacities indicated
below.</font></div>
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to the requirements of the Securities Act, this Registration Statement has been
signed below on June 17, 2008 by the following persons in the respective
capacities indicated below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr>
            <td valign="top" width="40%" style="PADDING-BOTTOM: 2px">
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      Steven Roth&#160; </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          </tr>
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            <td valign="top" width="46%">
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            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
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    <div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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          </div>
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    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Michael D. Fascitelli&#160; </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
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          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      David Mandelbaum&#160; </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          </tr>
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          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Arthur I. Sonnenblick&#160; </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Arthur
      I. Sonnenblick</font></div>
            </td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Neil Underberg&#160; </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Neil
      Underberg</font></div>
            </td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Dr. Richard R. West&#160; </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dr.
      Richard R. West</font></div>
            </td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Russell B. Wight, Jr.&#160; </font></td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Russell
      B. Wight, Jr.</font></div>
            </td>
            <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="left">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="7%" style="BORDER-TOP: medium none; BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
      No.</font></font></div>
            </td>
            <td align="left" valign="bottom" width="72%" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Name of
      Exhibit</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.1</font></div>
            </td>
            <td align="left" valign="top" width="72%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amended
      and Restated Certificate of Incorporation of the Company (incorporated by
      reference to Exhibit 3.1 to the Registrant&#8217;s Registration Statement on
      Form S-3 filed September 20, 1995).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.2</font></div>
            </td>
            <td align="left" valign="top" width="72%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By-laws
      of the Registrant, as amended (incorporated by reference to Exhibit 10.1
      to the Registrant&#8217;s Quarterly Report on Form 10-Q for the quarter ended
      March 31, 2000).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.1</font></div>
            </td>
            <td align="left" valign="top" width="72%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registrant&#8217;s
      2006 Omnibus Stock Plan, as amended (incorporated by reference to Annex B
      to the Registrant&#8217;s Definitive Proxy Statement on Schedule 14A filed on
      April 26, 2006) (File No. 001-06064).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5.1*</font></div>
            </td>
            <td align="left" valign="top" width="72%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Opinion
      of Shearman &amp; Sterling LLP.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.1*</font></div>
            </td>
            <td align="left" valign="top" width="72%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent
      of Deloitte &amp; Touche LLP.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.2&#160;&#160;&#160;
      </font></div>
            </td>
            <td align="left" valign="top" width="72%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent
      of Shearman &amp; Sterling LLP (included in Exhibit
  5.1).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">24.1*</font></div>
            </td>
            <td align="left" valign="top" width="72%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Powers
      of Attorney (included in Part II of the Registration
      Statement).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="72%" style="BORDER-RIGHT: medium none; BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">* Filed
herewith</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

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{"company-data": {"conformed-name": "ALEXANDERS INC", "cik": "0000003499", "assigned-sic": "6798", "irs-number": "510100517", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-151721", "film-number": "08904033"}, "business-address": {"street1": "888 SEVENTH AVENUE", "street2": "*****", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "212-894-7000"}, "mail-address": {"street1": "888 SEVENTH AVENUE", "street2": "*****", "city": "NEW YORK", "state": "NY", "zip": "10019"}}
As
filed with the Securities and Exchange Commission on June 17, 2008
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
S-8
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ALEXANDER'S,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
51-0100517
(State
      or other jurisdiction of
(I.R.S.
      Employer
incorporation
      or organization)
Identification
      No.)
210
Route 4 East,
Paramus,
New Jersey 07652
(Address
of Principal Executive Offices, including Zip Code)
2006
Omnibus Stock Plan
(Full
title of the plan)
Joseph
Macnow
Chief
Financial Officer
210
Route 4 East
Paramus,
New Jersey 07652
Telephone:  (212)
587-8541
(Name,
address and telephone number of agent for service)
Copy
to:
Douglas
P. Bartner, Esq.
Shearman
& Sterling LLP
599
Lexington Avenue
New
York, New York 10022
(212)
848-8190
________________________
Calculation
of Registration Fee
Title
      of securities
to
      be registered
Amount
to
      be
registered
Proposed
maximum
offering
      price
per
      share
Proposed
      maximum
aggregate
offering
      price
Amount
      of
Registration
      fee
Common
      Stock, $1.00 par value
895,000
      (1)
$335.50(2)
$300,272,500.00(2)
$11,800.71
(1)
This
      Registration Statement registers an aggregate of 895,000 shares of the
      Registrant's common stock, $1.00 par value (the "
Common
      Stock
"), under the Registrant's 2006 Omnibus Stock Plan, as amended
      (the "
Plan
").  In
      addition, pursuant to Rule 416(a) under the Securities Act of
      1933 (the "
Securities
      Act
"), this Registration Statement also covers any additional
      shares of the Common Stock that become issuable under the Plan by reason
      of any stock dividend, stock split, recapitalization or other similar
      transactions in accordance with anti-dilution provisions of the
      Plan.
This
Registration Statement contains two parts.  The first part contains a
"reoffer" prospectus prepared in accordance with Part I of Form S-3 (in
accordance with Instruction C of the General Instructions to Form
S-8).  The reoffer prospectus permits reoffers and resales of those
shares referred to above that constitute "control securities," within the
meaning of Form S-8, by certain of the Company's stockholders, as more fully set
forth therein.  The second part contains information required to be
set forth in the registration statement pursuant to Part II of Form
S-8.  Pursuant to the Note to Part I of Form S-8, the plan information
specified by Part I of Form S-8 is not required to be filed with the Securities
and Exchange Commission.  The Company will provide without charge to
any person, upon written or oral request of such person, a copy of each document
incorporated by reference in Item 3 of Part II of this Registration Statement
(which documents are also incorporated by reference in the reoffer prospectus as
set forth in Form S-8), other than exhibits to such documents that are not
specifically incorporated by reference, the other documents required to be
delivered to eligible employees pursuant to Rule 428(b) under the Securities Act
and additional information about the Plan.
(2)
Pursuant
      to Rules 457(c) and 457(h) under the Securities Act, the Proposed Maximum
      Offering Price Per Share and the Proposed Maximum Aggregate Offering Price
      as to the 895,000 shares of Common Stock registered with respect to future
      issuances under the Plan is based on the average of the high and low
      prices of the Common Stock reported on the New York Stock Exchange
      consolidated reporting system on June 17, 2008 and is estimated solely for
      the purpose of calculating the registration
fee.
PROSPECTUS
895,000
Shares
Common
Stock
This
prospectus relates to 895,000 shares of common stock of Alexander's, Inc. which
may be offered from time to time by stockholders of Alexander's, Inc. for their
own account.  We will not receive any proceeds from any sale of common
stock offered pursuant to this prospectus.
The
selling stockholders may offer and sell their shares of common stock at various
times and in various types of transactions, including sales in the open market,
sales in negotiated transactions and sales by a combination of these
methods.  Shares may be sold at the market price of the common stock
at the time of a sale, at prices relating to the market price over a period of
time, or at prices negotiated with the buyers of shares.  The shares
may be sold through underwriters or dealers which the selling stockholders may
select.  If underwriters or dealers are used to sell the shares, we
will name them and describe their compensation in a prospectus
supplement.  For a description of the various methods by which the
selling stockholders may offer and sell their common stock described in this
prospectus, see the section entitled "Plan of Distribution" on page 16 of this
prospectus.
Our
common stock is traded on the New York Stock Exchange under the symbol
"ALX."  On June 16, 2008, the closing price of our common stock was
$353.00.
Investing
in our common stock involves risks.  See the sections entitled
"Disclosure Regarding Forward-Looking Statements" and "Risk Factors" on page 1
of this prospectus to read about factors to consider in connection with
purchasing our common stock.
Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved these securities, or determined if this prospectus is
truthful or complete.  Any representation to the contrary is a
criminal offense.
The date
of this prospectus is June 17, 2008
TABLE OF CONTENTS
Page
THE
      COMPANY
i
DISCLOSURE
      REGARDING FORWARD-LOOKING STATEMENTS
1
RISK
      FACTORS
1
USE
      OF PROCEEDS
10
SELLING
      STOCKHOLDERS
10
DESCRIPTION
      OF CAPITAL STOCK
11
PLAN
      OF DISTRIBUTION
16
LEGAL
      MATTERS
18
WHERE
      YOU CAN FIND MORE INFORMATION
18
EXPERTS
18
INCORPORATION
      BY REFERENCE
18
THE COMPANY
Alexander's,
Inc. is a real estate investment trust ("
REIT
"), incorporated in
Delaware, engaged in leasing, managing, developing and redeveloping its
properties.  When used in this prospectus, the terms "we," "us,"
"our," "Company" and "Alexander's" refer to Alexander's, Inc. and its
consolidated subsidiaries.  We are managed by, and our properties are
leased and developed by, Vornado Realty Trust ("
Vornado
").  At
December 31, 2007, Vornado owned 32.8% of our outstanding common
stock.
Our
executive offices are located at 210 Route 4 East, Paramus, New Jersey 07652,
and our telephone number is (201) 587-8541.
i
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements contained herein constitute forward-looking statements as such term
is defined in Section 27A of the Securities Act of 1933, as amended (the "
Securities Act"
), and Section
21E of the Securities Exchange Act of 1934, as amended (the "
Exchange
Act")
.  Forward-looking statements are not guarantees of future
performance.  They involve risks, uncertainties and
assumptions.  Our future results, financial condition, results of
operations and business may differ materially from those expressed in these
forward-looking statements.  You can find many of these statements by
looking for words such as "approximates," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "would," "may" or other similar expressions in
this prospectus.  We also note the following forward-looking
statements:  "in the case of our development project," "the estimated
completion date," "estimated project costs" and "costs to
complete."  These forward-looking statements represent our intentions,
plans, expectations and beliefs and are subject to numerous assumptions, risks
and uncertainties.  Many of the factors that will determine these
items are beyond our ability to control or predict.  For a further
discussion of factors that could materially affect the outcome of our
forward-looking statements, see "Risk Factors" herein and "Item 1A - Risk
Factors" in our Annual Report on Form 10-K.
For these
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of
1995.  You are cautioned not to place undue reliance on the
forward-looking statements, which speak only as of the date of this prospectus
or the date of any document incorporated by reference.  All subsequent
written and oral forward-looking statements attributable to us or any person
acting on our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section.  We do not
undertake any obligation to release publicly any revisions to our
forward-looking statements to reflect events or circumstances after the date of
this prospectus.
RISK FACTORS
Material
factors that may adversely affect our business and operations are set forth
below.
REAL
ESTATE INVESTMENTS' VALUE AND INCOME FLUCTUATE DUE TO VARIOUS
FACTORS.
The value
of real estate fluctuates depending on conditions in the general economy and the
real estate business.  These conditions may also limit our revenues
and available cash.
The
factors that affect the value of our real estate include, among other
things:
·
national,
      regional and local economic
conditions;
·
consequences
      of any armed conflict involving, or terrorist attack against, the United
      States;
·
our
      ability to secure adequate
insurance;
·
local
      conditions such as an oversupply of space or a reduction in demand for
      real estate in the area;
·
competition
      from other available space;
·
whether
      tenants and users such as customers and shoppers consider a property
      attractive;
·
the
      financial condition of our tenants, including the extent of tenant
      bankruptcies or defaults;
·
whether
      we are able to pass some or all of any increased operating costs through
      to tenants;
·
how
      well we manage our properties;
·
fluctuations
      in interest rates;
·
changes
      in real estate taxes and other
expenses;
1
·
changes
      in market rental rates;
·
the
      timing and costs associated with property improvements and
      rentals;
·
changes
      in taxation or zoning laws;
·
government
      regulation;
·
availability
      of financing on acceptable terms or at
all;
·
potential
      liability under environmental or other laws or regulations;
      and
·
general
      competitive factors.
The rents
we receive and the occupancy levels at our properties may decline as a result of
adverse changes in any of these factors.  If our rental revenues
and/or occupancy levels decline, we generally would expect to have less cash
available to pay our indebtedness and distribute to our
stockholders.  In addition, some of our major expenses, including
mortgage payments, real estate taxes and maintenance costs, generally do not
decline when the related rents decline.
We
depend on leasing space to tenants on economically favorable terms and
collecting rent from our tenants, who may not be able to pay.
Our
financial results depend significantly on leasing space in our properties to
tenants on economically favorable terms.  In addition, because a
majority of our income is derived from renting real property, our income, funds
available to pay indebtedness and funds available for distribution to our
stockholders will decrease if a significant number of our tenants cannot pay
their rent or if we are not able to maintain our level of occupancy on favorable
terms.  If a tenant does not pay its rent, we might not be able to
enforce our rights as landlord without delays and might incur substantial legal
and other costs.
Bankruptcy
or insolvency of tenants may decrease our revenues, net income and available
cash.
From time
to time, some of our tenants have declared bankruptcy, and other tenants may
declare bankruptcy or become insolvent in the future.  If a major
tenant declares bankruptcy or becomes insolvent, the rental property at which it
leases space may have lower revenues and operational difficulties.  In
the case of our shopping centers, the bankruptcy or insolvency of a major tenant
could cause us to have difficulty leasing the remainder of the affected
property.  Our leases generally do not contain restrictions designed
to ensure the creditworthiness of our tenants.  As a result, the
bankruptcy or insolvency of a major tenant could result in a lower level of net
income and funds available for the payment of our indebtedness or distribution
to our stockholders.
Some
of our tenants represent a significant portion of our revenues.  Loss
of these tenant relationships or deterioration in the tenants' credit quality
could adversely affect results.
Bloomberg
L.P. accounted for 32%, 34% and 34% of our consolidated revenues in the years
ended December 31, 2007, 2006 and 2005, respectively.  If we fail to
maintain a relationship with any of our significant tenants or fail to perform
our obligations under agreements with these tenants, or if any of these tenants
fail or become unable to perform their obligations under the agreements, we
expect that any one or more of these events would adversely affect our results
of operations and financial condition.
Inflation
may adversely affect our financial condition and results of
operations.
Although
inflation has not materially impacted our operations in the recent past,
increased inflation could have a pronounced negative impact on our mortgage and
debt interest and general and administrative expenses as these costs could
increase at rates higher than our rents.  Inflation could also have an
adverse effect on consumer spending which could impact our tenants' sales and,
in turn, our average rents, where applicable.
2
Real
estate is a competitive business.
We
operate in a highly competitive environment.  All of our properties
are located in the greater New York City metropolitan area.  We
compete with a large number of real estate property owners and developers, some
of which may be willing to accept lower returns on their
investments.  Principal factors of competition are rents charged,
attractiveness of location, the quality of the property and breadth and quality
of services provided.  Our success depends upon, among other factors,
trends of national and local economies, the financial condition and operating
results of current and prospective tenants and customers, availability and cost
of capital, construction and renovation costs, taxes, governmental regulations,
legislation and population trends.
We
may incur costs to comply with environmental laws.
Our
operations and properties are subject to various federal, state and local laws
and regulations concerning the protection of the environment including air and
water quality, hazardous or toxic substances and health and
safety.  Under some environmental laws, a current or previous owner or
operator of real estate may be required to investigate and clean up hazardous or
toxic substances released at a property.  The owner or operator may
also be held liable to a governmental entity or to third parties for property
damage or personal injuries and for investigation and clean-up costs incurred by
those parties because of the contamination.  These laws often impose
liability without regard to whether the owner or operator knew of the release of
the substances or caused such release.  The presence of contamination
or the failure to remediate contamination may impair our ability to sell or
lease real estate or to borrow using the real estate as
collateral.  Other laws and regulations govern indoor and outdoor air
quality including those that can require the abatement or removal of
asbestos-containing materials in the event of damage, demolition, renovation or
remodeling and also govern emissions of and exposure to asbestos fibers in the
air.  The maintenance and removal of lead paint and certain electrical
equipment containing polychlorinated biphenyls (PCBs) and underground storage
tanks are also regulated by federal and state laws.  We are also
subject to risks associated with human exposure to chemical or biological
contaminants such as molds, pollens, viruses and bacteria which, above certain
levels, can be alleged to be connected to allergic or other health effects and
symptoms in susceptible individuals.  We could incur fines for
environmental compliance and be held liable for the costs of remedial action
with respect to the foregoing regulated substances or tanks or related claims
arising out of environmental contamination or human exposure at or from our
properties.
Each of
our properties has been subjected to varying degrees of environmental assessment
at various times.  Except as referenced below, the environmental
assessments did not, as of the date of this prospectus, reveal any environmental
condition material to our business.  However, identification of new
compliance concerns or undiscovered areas of contamination, changes in the
extent or known scope of contamination, discovery of additional sites, human
exposure to the contamination or changes in clean-up or compliance requirements
could result in significant costs to us.
In July
2006, we discovered an oil spill at our Kings Plaza Regional Shopping
Center.  We have notified the NYSDEC about the spill and have
developed a remediation plan.  The NYSDEC has approved a portion of
the remediation plan and clean-up is ongoing.  The estimated costs
associated with this clean-up will aggregate approximately $2,500,000 and a
claim has been made under our insurance policy, subject to our $500,000
deductible which was accrued in 2006.  Of this amount, $426,000 has
been paid as of December 31, 2007.
3
Some
of our potential losses may not be covered by insurance.
We carry
commercial liability and all-risk property insurance for (i) fire,
(ii) flood, (iii) rental loss, (iv) extended coverage, and
(v) "acts of terrorism," as defined in the Terrorism Risk Insurance Program
Reauthorization Act ("
TRIPRA
") of 2007, which
expires in 2014, with respect to our assets, with limits of (i) $965,000,000 per
occurrence, including terrorist acts, as defined, for our 731 Lexington Avenue
property, and (ii) $500,000,000 per occurrence, including terrorist acts, as
defined, for our other properties.  To the extent that we incur losses
in excess of our insurance coverage, these losses would be borne by us and could
be material.
Our debt
instruments, consisting of mortgage loans secured by our properties (which are
generally non-recourse to us), contain customary covenants requiring us to
maintain insurance.  Although we believe that we have adequate
insurance coverage for the purposes of these agreements, we may not be able to
obtain an equivalent amount of coverage at reasonable costs in the
future.  Further, if lenders insist on greater coverage than we are
able to obtain, it could adversely affect our ability to finance and/or
refinance our properties.
Compliance
or failure to comply with the Americans with Disabilities Act or other safety
regulations and requirements could result in substantial costs.
The
Americans with Disabilities Act generally requires that public buildings,
including our properties, be made accessible to disabled
persons.  Noncompliance could result in the imposition of fines by the
federal government or the award of damages to private litigants.  If,
under the Americans with Disabilities Act, we are required to make substantial
alterations and capital expenditures in one or more of our properties, including
the removal of access barriers, it could adversely affect our financial
condition and results of operations, as well as the amount of cash available for
distribution to our stockholders.
Our
properties are subject to various federal, state and local regulatory
requirements, such as state and local fire and life safety
requirements.  If we fail to comply with these requirements, we could
incur fines or private damage awards.  We do not know whether existing
requirements will change or whether compliance with future requirements will
require significant unanticipated expenditures that will affect our cash flow
and results of operations.
OUR
INVESTMENTS ARE CONCENTRATED IN THE GREATER NEW YORK CITY METROPOLITAN
AREA.  CIRCUMSTANCES AFFECTING THIS AREA GENERALLY COULD ADVERSELY
AFFECT OUR BUSINESS.
All
of our properties are in the greater New York City metropolitan area and are
affected by the economic cycles and risks inherent in that area.
During
the years ended December 31, 2007, 2006 and 2005, all of our revenues came from
properties located in the greater New York City metropolitan
area.  Like other real estate markets, the real estate market in this
area has experienced economic downturns in the past, and we cannot predict how
economic conditions will impact this market in either the short or long
term.  Declines in the economy or a decline in the real estate market
in this area could hurt the value of our properties and our financial
performance.  The factors affecting economic conditions in this region
include:
·
business
      layoffs or downsizing;
·
industry
      slowdowns;
·
relocations
      of businesses;
·
changing
      demographics;
4
·
increased
      telecommuting and use of alternative work
  places;
·
financial
      performance and productivity of the publishing, advertising, financial,
      technology, retail, insurance and real estate
  industries;
·
infrastructure
      quality; and
·
any
      oversupply of, or reduced demand for, real
  estate.
It is
impossible for us to assess the future effects of the current uncertain trends
in the economic and investment climates of the greater New York City
metropolitan region, and more generally of the United States, on the real estate
market in this area.  If these conditions persist, or if there is any
local, national or global economic downturn, our businesses and future
profitability may be adversely affected.
We
are subject to risks that affect the general retail environment.
A
substantial proportion of our properties are in the retail shopping center real
estate market.  This means that we are subject to factors that affect
the retail environment generally, including the level of consumer spending and
consumer confidence, the threat of terrorism and increasing competition from
discount retailers, outlet malls, retail websites and catalog
companies.  These factors could adversely affect the financial
condition of our retail tenants and the willingness of retailers to lease space
in our shopping centers.
Terrorist
attacks, such as those of September 11, 2001 in New York City, may adversely
affect the value of our properties and our ability to generate cash
flow.
All of
our properties are located in the greater New York City metropolitan
area.  In the aftermath of a terrorist attack, tenants in this area
may choose to relocate their businesses to less populated, lower-profile areas
of the United States that are not as likely to be targets of future terrorist
activity and fewer customers may choose to patronize businesses in this
area.  This would trigger a decrease in the demand for space in these
markets, which could increase vacancies in our properties and force us to lease
our properties on less favorable terms.  As a result, the value of our
properties and the level of our revenues could decline materially.
WE
MAY ACQUIRE OR SELL ADDITIONAL ASSETS OR DEVELOP ADDITIONAL
PROPERTIES.  OUR FAILURE OR INABILITY TO CONSUMMATE THESE TRANSACTIONS
OR MANAGE THE RESULTS OF THESE TRANSACTIONS COULD ADVERSELY AFFECT OUR
OPERATIONS AND FINANCIAL RESULTS.
We
may acquire or develop properties and this may create risks.
Although
our stated business strategy is not to engage in acquisitions, we may acquire or
develop properties when we believe that an acquisition or development project is
otherwise consistent with our business strategy.  We may not, however,
succeed in consummating desired acquisitions or in completing developments on
time or within budget.  In addition, we may face competition in
pursuing acquisition or development opportunities that could increase our
costs.  When we do pursue a project or acquisition, we may not succeed
in leasing newly developed or acquired properties at rents sufficient to cover
their costs of acquisition or development and
operations.  Difficulties in integrating acquisitions may prove costly
or time-consuming and could divert management's
attention.  Acquisitions or developments in new markets or industries
where we do not have the same level of market knowledge may result in poorer
than anticipated performance.  We may abandon acquisition or
development opportunities that we have begun pursuing and consequently fail to
recover expenses already incurred and have devoted management time to a matter
not consummated.
5
It
may be difficult to buy and sell real estate quickly.
Real estate investments are
relatively difficult to buy and sell quickly.  Consequently, we may
have limited ability to vary our portfolio promptly in response to changes in
economic or other conditions.  Moreover, our ability to buy, sell or
finance real estate assets may be adversely affected during periods of
uncertainty or unfavorable conditions in the credit markets as we, or potential
buyers of our assets, may experience difficulty in obtaining financing.
OUR
ORGANIZATIONAL AND FINANCIAL STRUCTURE GIVES RISE TO OPERATIONAL AND FINANCIAL
RISKS.
We
depend on dividends and distributions from our direct and indirect
subsidiaries.  The creditors of these subsidiaries are entitled to
amounts payable to them by the subsidiaries before the subsidiaries may pay any
dividends or distributions to us.
Substantially
all of our properties and assets are held through subsidiaries.  We
depend on cash distributions and dividends from our subsidiaries for
substantially all of our cash flow.  The creditors of each of our
direct and indirect subsidiaries are entitled to payment of that subsidiary's
obligations to them when due and payable, before that subsidiary may make
distributions or dividends to us.  Thus, our ability to pay dividends,
if any, to our security holders depends on our subsidiaries' ability to first
satisfy their obligations to their creditors and our ability to satisfy our
obligations, if any, to our creditors.
In
addition, our participation in any distribution of the assets of any of our
direct or indirect subsidiaries upon the liquidation, reorganization or
insolvency of the subsidiary is only after the claims of the creditors,
including trade creditors, and preferred security holders, if any, of the
applicable direct or indirect subsidiaries are satisfied.
Our
existing financing documents contain covenants and restrictions that may
restrict our operational and financial flexibility.
At
December 31, 2007, substantially all of the individual properties we own were
encumbered by mortgages.  These mortgages contain covenants that limit
our ability to incur additional indebtedness on these properties, provide for
lender approval of tenants' leases in certain circumstances, and provide for
yield maintenance or defeasance premiums to prepay them.  These
mortgages may significantly restrict our operational and financial
flexibility.  In addition, if we were to fail to perform our
obligations under existing indebtedness or become insolvent or were liquidated,
secured creditors would be entitled to payment in full from the proceeds of the
sale of the pledged assets prior to any proceeds being paid to other creditors
or to any holders of our securities.  In such an event, it is possible
that we would have insufficient assets remaining to make payments to other
creditors or to any holders of our securities.
We
have indebtedness, and this indebtedness and the cost to service it may
increase.
As of
December 31, 2007, we had approximately $1,110,197,000 in total debt
outstanding.  Our ratio of total debt to total enterprise value was
47.6% at December 31, 2007.  "Enterprise value" means the market
equity value of our common stock, plus debt, less cash and cash equivalents at
such date.  In addition, we have significant debt service
obligations.  For the year ended December 31, 2007, our scheduled cash
payments for principal and interest were $78,927,000.  In the future,
we may incur additional debt, and thus increase the ratio of total debt to total
enterprise value.  If our level of indebtedness increases, there may
be an increased risk of default that could adversely affect our financial
condition and results of operations.  In addition, in a rising
interest rate environment, the cost of refinancing our existing debt and any new
debt or market rate security or instrument may increase.
6
We
have issued outstanding and exercisable stock appreciation
rights.  The exercise of these stock appreciation rights may impact
our liquidity.
As of
December 31, 2007, we had 500,000 stock appreciation rights ("
SARs
") that were outstanding
and exercisable.  These SARs have a weighted-average exercise price of
$70.38 and are scheduled to expire on March 4, 2009.  Because the SARs
agreements require that they be settled in cash, we would have had to pay
$141,437,000 to the holders of these SARs, had they exercised their SARs on
December 31, 2007.  Any change in our stock price from the closing
price of $353.25 at December 31, 2007 would increase or decrease the amount we
would have to pay upon exercise.
We
might fail to qualify or remain qualified as a REIT, and may be required to pay
income taxes at corporate rates.
Although
we believe that we will remain organized and will continue to operate so as to
qualify as a REIT for federal income tax purposes, we might fail to remain
qualified.  Qualification as a REIT, for federal income tax purposes,
is governed by highly technical and complex provisions of the Internal Revenue
Code of 1986, as amended (the "
Internal Revenue Code
"), for
which there are only limited judicial or administrative
interpretations.  Qualification as a REIT also depends on various
facts and circumstances that are not entirely within our control.  In
addition, legislation, new regulations, administrative interpretations or court
decisions might significantly change the tax laws with respect to the
requirements for qualification as a REIT or the federal income tax consequences
of qualification as a REIT.
In order
to qualify and maintain our qualification as a REIT for federal income tax
purposes, we are required, among other conditions, to distribute as dividends to
our stockholders at least 90% of annual REIT taxable income.  As of
December 31, 2007, we had reported net operating loss carryovers ("
NOLs
") of $1,597,000, which
generally would be available to offset the amount of REIT taxable income that we
otherwise would be required to distribute.  However, the NOLs reported
on the tax returns are not binding on the Internal Revenue Service and are
subject to adjustment as a result of future audits.  In addition,
under Section 382 of the Internal Revenue Code, the ability to use our NOLs
could be limited if, generally, there are significant changes in the ownership
of our outstanding stock.  Since our reorganization as a REIT
commencing in 1995, we have not paid regular dividends and do not believe that
we will be required to, and may not, pay regular dividends until the NOLs have
been fully utilized.
We
face possible adverse changes in tax laws.
From time
to time changes in state and local tax laws or regulations are enacted, which
may result in an increase in our tax liability.  The shortfall in tax
revenues for states and municipalities in recent years may lead to an increase
in the frequency and size of such changes.  If such changes occur, we
may be required to pay additional taxes on our assets or
income.  These increased tax costs could adversely affect our
financial condition and results of operations and the amount of cash available
for payment of dividends.
Loss
of our key personnel could harm our operations and adversely affect the value of
our common stock.
We are
dependent on the efforts of Steven Roth, our Chief Executive Officer, and
Michael D. Fascitelli, our President.  While we believe that we could
find replacements for these key personnel, the loss of their services could harm
our operations and adversely affect the value of our common stock.
7
ALEXANDER'S
CHARTER DOCUMENTS AND APPLICABLE LAW MAY HINDER ANY ATTEMPT TO ACQUIRE
US.
Provisions
in Alexander's certificate of incorporation and bylaws, as well as provisions of
the Internal Revenue Code and Delaware corporate law, may delay or prevent
a change in control of the Company or a tender offer, even if such action might
be beneficial to stockholders, and limit the stockholders' opportunity to
receive a potential premium for their shares of common stock over then
prevailing market prices.
Primarily
to facilitate maintenance of its qualification as a REIT, Alexander's
certificate of incorporation generally prohibits ownership, directly, indirectly
or beneficially, by any single stockholder of more than 9.9% of the outstanding
shares of preferred stock of any class or 4.9% of outstanding common stock of
any class.  The Board of Directors may waive or modify these ownership
limits with respect to one or more persons if it is satisfied that ownership in
excess of these limits will not jeopardize Alexander's status as a REIT for
federal income tax purposes.  In addition, the Board of Directors has,
subject to certain conditions and limitations, exempted Vornado and certain of
its affiliates from these ownership limitations.  Stocks owned in
violation of these ownership limits will be subject to the loss of rights and
other restrictions.  These ownership limits may have the effect of
inhibiting or impeding a change in control.
Alexander's
Board of Directors is divided into three classes of
directors.  Directors of each class are chosen for three-year
staggered terms.  Staggered terms of directors may have the effect of
delaying or preventing changes in control or management, even though changes in
management or a change in control might be in the best interest of our
stockholders.
In
addition, Alexander's charter documents authorize the Board of Directors
to:
·
cause
      Alexander's to issue additional authorized but unissued common stock or
      preferred stock;
·
classify
      or reclassify, in one or more series, any unissued preferred
      stock;
·
set
      the preferences, rights and other terms of any classified or reclassified
      stock that Alexander's issues; and
·
increase,
      without stockholder approval, the number of shares of beneficial interest
      that Alexander's may issue.
The Board
of Directors could establish a series of preferred stock with terms that could
delay, deter or prevent a change in control of Alexander's or other transaction
that might involve a premium price or otherwise be in the best interest of our
stockholders, although the Board of Directors does not, at present, intend to
establish a series of preferred stock of this kind.  Alexander's
charter documents contain other provisions that may delay, deter or prevent a
change in control of the Company or other transaction that might involve a
premium price or otherwise be in the best interest of our
stockholders.
In
addition, Vornado and Interstate Properties (
"
Interstate
"
) (the three
general partners of which are trustees of both Vornado and Directors of
Alexander's) together beneficially own approximately 60.0% of our outstanding
shares of common stock.  This degree of ownership may also reduce the
possibility of a tender offer or an attempt to change control of the
Company.
We
may change our policies without obtaining the approval of our
stockholders.
Our
operating and financial policies, including our policies with respect to
acquisitions of real estate or other assets, growth, operations, indebtedness,
capitalization and dividends, are exclusively determined by our Board of
Directors.  Accordingly, our stockholders do not control these
policies.
8
OUR
OWNERSHIP STRUCTURE AND RELATED-PARTY TRANSACTIONS MAY GIVE RISE TO CONFLICTS OF
INTEREST.
Steven
Roth, Vornado and Interstate may exercise substantial influence over
us.  They and some of our other directors and officers have interests
or positions in other entities that may compete with us.
At
December 31, 2007, Interstate and its partners owned approximately 8.3% of the
common shares of beneficial interest of Vornado and approximately 27.2% of our
outstanding common stock.  Steven Roth, David Mandelbaum and Russell
B. Wight, Jr. are the partners of Interstate.  Mr. Roth is the
Chairman of our Board of Directors and Chief Executive Officer, the Chairman of
the Board of Trustees and Chief Executive Officer of Vornado and the Managing
General Partner of Interstate.  Mr. Wight and Mr. Mandelbaum
are both trustees of Vornado and members of our Board of
Directors.  In addition, Vornado manages and leases the real estate
assets of Interstate.
At
December 31, 2007, Vornado owned 32.8% of our outstanding common stock, in
addition to the 27.2% owned by Interstate and its partners.  In
addition to the relationships described in the immediately preceding paragraph,
Michael D. Fascitelli, the President and a trustee of Vornado, is our President
and a member of our Board of Directors.  Richard West is a trustee of
Vornado and a member of our Board of Directors.  In addition, Joseph
Macnow, our Executive Vice President and Chief Financial Officer, holds the same
positions with Vornado.
Because
of their overlapping interests, Vornado, Mr. Roth, Interstate and the other
individuals noted in the preceding paragraphs may have substantial influence
over Alexander's, and on the outcome of any matters submitted to Alexander's
stockholders for approval.  In addition, certain decisions concerning
our operations or financial structure may present conflicts of interest among
Vornado, Messrs. Roth, Mandelbaum and Wight and Interstate and other
security holders.  Vornado, Mr. Roth and Interstate may, in the
future, engage in a wide variety of activities in the real estate business which
may result in conflicts of interest with respect to matters affecting us, such
as:  which of these entities or persons, if any, may take advantage of
potential business opportunities; the business focus of these entities; the
types of properties and geographic locations in which these entities make
investments; potential competition between business activities conducted, or
sought to be conducted, by us; competition for properties and tenants; possible
corporate transactions such as acquisitions; and other strategic decisions
affecting the future of these entities.
There
may be conflicts of interest between Vornado, its affiliates and
us.
Vornado
manages, develops and leases our properties under agreements that have one-year
terms expiring in March of each year, which are automatically
renewable.  Because we share common senior management with Vornado and
because five of the trustees of Vornado also constitute the majority of our
directors, the terms of the foregoing agreements and any future agreements may
not be comparable to those we could have negotiated with an unaffiliated third
party.
For a
description of Interstate's ownership of Vornado and Alexander's, see "Steven
Roth, Vornado and Interstate may exercise substantial influence over
us.  They and some of our other directors and officers have interests
or positions in other entities that may compete with us," above.
9
THE
NUMBER OF SHARES OF ALEXANDER'S COMMON STOCK AND THE MARKET FOR THOSE SHARES
GIVE RISE TO VARIOUS RISKS.
Alexander's
has available for issuance shares of its common stock and outstanding and
exercisable options to purchase its common stock.  The issuance of
this stock or the exercise of these options could decrease the market price of
the shares of common stock currently outstanding.
As of
December 31, 2007, we had authorized but unissued 4,826,550 shares of common
stock, par value of $1.00 per share, and 3,000,000 shares of preferred stock,
par value $1.00 per share.  In addition, as of December 31, 2007,
61,900 options were outstanding and exercisable at a weighted-average exercise
price of $70.38, and as of December 31, 2007, 500,000 SARs were outstanding and
exercisable at a weighted-average exercise price of
$70.38.  Additionally, 895,000 shares are available for future grant
under the terms of our 2006 Omnibus Stock Plan (the "
Plan
").  These
awards may be granted in the form of options, restricted stock, SARs or other
equity-based interests, and, if granted, would reduce the number of shares
available for future grant;
provided
,
however
, that an award that
may be settled only in cash would not reduce the number of shares available
under the Plan.  We cannot predict the impact that future issuances of
common or preferred stock or any exercise of outstanding options or grants of
additional equity-based interests would have on the market price of our common
stock.
Changes
in market conditions could decrease the market price of our
securities.
The value
of our securities depends on various market conditions, which may change from
time to time.  Among the market conditions that may affect the value
of our securities are the following:
·
the
      extent of institutional investor interest in
us;
·
the
      reputation of REITs generally and the attractiveness of their equity
      securities in comparison to other equity securities, including securities
      issued by other real estate companies, and fixed income
      securities;
·
our
      financial condition and performance;
and
·
general
      financial market and economic
conditions.
USE OF PROCEEDS
The
shares of common stock described in this prospectus are being offered for sale
from time to time by the selling stockholders who acquire the shares pursuant to
the Plan.  We will not receive any proceeds from any sale of common
stock offered pursuant to this prospectus.
SELLING STOCKHOLDERS
The
common stock being registered by this prospectus consists of 895,000 shares that
will be held by persons who acquired or will acquire those shares from the Plan,
pursuant to its terms.
We are
registering these shares to permit the selling stockholders to resell their
shares when they deem appropriate.  The selling stockholders may
resell all, a portion, or none of their shares, at any time and from time to
time.  The selling stockholders may also sell, transfer or otherwise
dispose of some or all of their shares in transactions exempt from the
registration requirements of the Securities Act.  We do not know when
or in what amounts the selling stockholders may offer their common stock for
sale under this prospectus. We will provide the names of any selling
stockholders and the number of shares of common stock sold by such selling
stockholders by means of a prospectus supplement.
10
DESCRIPTION OF CAPITAL STOCK
The
following descriptions are summaries of the material terms and provisions of our
preferred stock and our common stock contained in our certificate of
incorporation and by-laws.  The following summary is qualified in its
entirety by reference to our certificate of incorporation and by-laws, copies of
which are filed as exhibits to our previous filings with the Securities and
Exchange Commission (the "
Commission
").
Our
certificate of incorporation authorizes the issuance of up to 26,000,000 shares
of capital stock, consisting of 10,000,000 shares of common stock, par value
$1.00 per share (the "
common
stock
"), 3,000,000 shares of preferred stock, par value $1.00 per share
(the "
preferred stock
")
and 13,000,000 shares of excess stock, par value $1.00 per share (the "
excess stock
").  As
of December 31, 2007, we had issued 5,173,450 shares of common stock, of which
5,043,950 and 5,035,950 were outstanding as of December 31, 2007 and 2006,
respectively.  No shares of preferred stock or shares of excess stock
are issued and outstanding as of the date of this prospectus.
Description
of Common Stock
Our
common stock is traded on the New York Stock Exchange under the symbol
"ALX."  As of December 31, 2007, we had issued 5,173,450 shares of
common stock, of which 5,043,950 and 5,035,950 were outstanding as of December
31, 2007 and 2006, respectively.
Dividend and
Voting Rights of Holders of Common Stock
.
Holders
of our common stock are entitled to receive dividends when, if and as authorized
by the Board of Directors out of assets legally available to pay
dividends.
Each
share of common stock entitles the holder to one vote on all matters voted on by
stockholders, including elections of directors.  There is no
cumulative voting in the election of directors, which means that the holders of
a majority of the outstanding common stock can elect all of the directors then
standing for election.
Our
certificate of incorporation requires the affirmative vote of two-thirds of the
outstanding shares of our stock entitled to vote before we may merge with
another corporation.
Holders
of common stock do not have any conversion, redemption or preemptive rights to
subscribe to any securities of our Company.  In the event of our
dissolution, liquidation or winding-up, after the payment or provision of our
debt and other liabilities and the preferential amounts to which holders of our
preferred stock are entitled, if any such preferred stock is outstanding, the
holders of the common stock are entitled to share ratably in any assets
remaining for distribution to stockholders.
The
common stock has equal dividend, distribution, liquidation and other rights, and
there are no preference, appraisal or exchange rights applicable
thereto.  All outstanding shares of common stock are fully paid and
nonassessable.
Wachovia
Bank, N.A., is the transfer agent for the common stock.
The Common Stock
Beneficial Ownership Limit
.  Our certificate of incorporation
contains a number of provisions that restrict the ownership and transfer of
shares and are designed to safeguard us against an inadvertent loss of REIT
status.  These provisions also seek to deter non-negotiated
acquisitions of, and proxy fights for, us by third parties.  In order
to maintain our qualification as a REIT under the Internal Revenue Code, not
more than 50% of the value of our outstanding shares of capital stock may be
owned, directly or constructively, by five or fewer individuals at any time
during the last
half of a
taxable year, and the shares of capital stock must be beneficially owned by 100
or more persons during at least 335 days of a taxable year of 12 months, or
during a proportionate part of a shorter taxable year.  The Internal
Revenue Code defines "individuals" to include some entities for purposes of the
preceding sentence.  All references to a holder's ownership of common
stock in this section assumes application of the applicable attribution rules of
the Internal Revenue Code under which, for example, a holder is deemed to own
shares owned by his or her spouse.
11
Our
certificate of incorporation contains a limitation that restricts stockholders
from owning more than 4.9% of the outstanding shares of common
stock.  In certain circumstances, the Board of Directors may reduce
the common stock beneficial ownership limit to as little as 2%, but only if any
person who owns shares in excess of such new limit could continue to do
so.  The Board of Directors has, subject to certain conditions and
limitations, exempted our manager, Vornado, and certain of its affiliates from
the common stock beneficial ownership limit.  As a result, it is less
likely as a practical matter that another holder of common stock could obtain an
exemption.
Attribution
Rules
.  Investors should be aware that, under the applicable
attribution rules of the Internal Revenue Code, events other than a purchase or
other transfer of common stock can result in ownership of common stock in excess
of the common stock beneficial ownership limit.  For instance, if two
stockholders, each of whom owns 3% of the outstanding common stock, were to
marry, then after their marriage both stockholders would be deemed to own 6% of
the outstanding shares of common stock, which is in excess of the common stock
beneficial ownership limit.  Similarly, if a stockholder who owns 4%
of the outstanding common stock were to purchase a 50% interest in a corporation
which owns 3% of the outstanding common stock, then the stockholder would be
deemed to own 5.5% of the outstanding shares of common stock.  You
should consult your own tax advisors concerning the application of the
attribution rules of the Internal Revenue Code in your particular
circumstances.
The Constructive
Ownership Limit
.  Under the Internal Revenue Code, rental
income received by a REIT from persons with respect to which the REIT is
treated, under the applicable attribution rules of the Internal Revenue Code, as
owning a 10% or greater interest does not constitute qualifying income for
purposes of the income requirements that REITs must satisfy.  For
these purposes, a REIT is treated as owning any stock owned, under the
applicable attribution rules of the Internal Revenue Code, by a person that owns
10% or more of the value of the outstanding shares of the REIT.  The
attribution rules of the Internal Revenue Code applicable for these purposes are
different from those applicable with respect to the common stock beneficial
ownership limit.  All references to a stockholder's ownership of
common stock in this section assume application of the applicable attribution
rules of the Internal Revenue Code.
In order
to ensure that our rental income will not be treated as nonqualifying income
under the rule described in the preceding paragraph, and thus to ensure that we
will not inadvertently lose our REIT status as a result of the ownership of
shares of a tenant, or a person that holds an interest in a tenant, our
certificate of incorporation contains an ownership limit that restricts, with
certain exceptions, stockholders from owning more than 9.9% of the outstanding
shares of any class (the "
common stock beneficial ownership
limit
").
Stockholders
should be aware that events other than a purchase or other transfer of shares
can result in ownership, under the applicable attribution rules of the Internal
Revenue Code, of shares in excess of the constructive ownership
limit.  As the attribution rules that apply with respect to the
constructive ownership limit differ from those that apply with respect to the
common stock beneficial ownership limit, the events other than a purchase or
other transfer of shares which can result in share ownership in excess of the
constructive ownership limit can differ from those which can result in share
ownership in excess of the common stock beneficial ownership
limit.  You should consult your own tax
advisors
concerning the application of the attribution rules of the Internal Revenue Code
in your particular circumstances.
12
Issuance of
Excess Stock if the Ownership Limits Are Violated
.  Our
certificate of incorporation provides that a transfer of shares of common stock
that would otherwise result in ownership, under the applicable attribution rules
of the Internal Revenue Code, of common stock in excess of the common stock
beneficial ownership limit or the constructive ownership limit, or which would
cause the shares of capital stock of Alexander's to be beneficially owned by
fewer than 100 persons, would have no effect, and the purported transferee would
acquire no rights or economic interest in such common stock.  In
addition, common stock that would otherwise be owned, under the applicable
attribution rules of the Internal Revenue Code, in excess of the common stock
beneficial ownership limit or the constructive ownership limit will be
automatically exchanged for shares of excess stock.  These shares of
excess stock would be transferred, by operation of law, to us as trustee of a
trust for the exclusive benefit of a beneficiary designated by the purported
transferee or purported holder.  While held in trust, the trustee
shall vote the shares of excess stock in the same proportion as the holders of
the outstanding shares of common stock have voted.  Any dividends or
distributions received by the purported transferee or other purported holder of
the excess stock before our discovery of the automatic exchange for shares of
excess stock must be repaid to us upon demand.
If the
purported transferee or purported holder elects to designate a beneficiary of an
interest in the trust with respect to the excess stock, he or she may only
designate a person whose ownership of the shares will not violate the common
stock beneficial ownership limit or the constructive ownership
limit.  When the designation is made, the excess stock will be
automatically exchanged for common stock.  Our certificate of
incorporation contains provisions designed to ensure that the purported
transferee or other purported holder of shares of excess stock may not receive,
in return for transferring an interest in the trust with respect to the excess
stock, an amount that reflects any appreciation in the shares of common stock
for which the shares of excess stock were exchanged during the period that the
shares of excess stock were outstanding but will bear the burden of any decline
in value during that period.  Any amount received by a purported
transferee or other purported holder for designating a beneficiary in excess of
the amount permitted to be received must be turned over to us.  Our
certificate of incorporation provides that we may purchase any shares of excess
stock that have been automatically exchanged for shares of common stock as a
result of a purported transfer or other event.  The price at which we
may purchase the excess stock will be equal to the lesser of:
·
in
      the case of shares of excess stock resulting from a purported transfer for
      value, the price per share in the purported transfer that resulted in the
      automatic exchange for shares of excess stock or, in the case of excess
      stock resulting from some other event, the market price of the shares of
      common stock exchanged on the date of the automatic exchange for excess
      stock; and
·
the
      market price of the shares of common stock exchanged for the excess stock
      on the date that we accept the deemed offer to sell the excess
      stock.
Our
purchase right with respect to excess stock will exist for 90 days, beginning on
the date that the automatic exchange for shares of excess stock occurred or, if
we did not receive a notice concerning the purported transfer that resulted in
the automatic exchange for shares of excess stock, the date that the Board of
Directors determines in good faith that an exchange for excess stock has
occurred.
Other Provisions
Concerning the Restrictions on Ownership
.  The Board of
Directors may exempt certain persons from the common stock beneficial ownership
limit or the constructive ownership limit if evidence satisfactory to the Board
of Directors is presented showing that such exemption will not jeopardize our
status as a REIT under the Internal Revenue Code.  Before granting an
exemption of this
kind, the
Board of Directors may require a ruling from the Internal Revenue Service, an
opinion of counsel satisfactory to it and representations and undertakings from
the applicant with respect to preserving our REIT status.
13
The Board
of Directors has, subject to certain conditions and limitations, exempted our
manager, Vornado, and certain of its affiliates from the common stock beneficial
ownership limit.  As a result, it is less likely as a practical matter
that another holder of common stock could obtain an exemption.
The
foregoing restrictions on ownership and transfer will not apply if the Board of
Directors determines that it is no longer in our best interests to attempt to
qualify, or continue to qualify, as a REIT.
Sections
382 and 383 of the Internal Revenue Code impose limitations upon the utilization
of a corporation's net operating loss and credit carryforwards and certain other
tax attributes, following significant changes in the corporation's stock
ownership.  In order to preserve our ability to use net operating loss
carryforwards to reduce taxable income, our certificate of incorporation also
contains additional provisions restricting the ownership of our outstanding
shares (the "
Section 382
ownership restrictions
").  The Section 382 ownership
restrictions merely reduce the risk of certain occurrences that could cause such
a limitation to arise.  It is still possible that, due to transfers
(either directly or indirectly) of our outstanding shares, we could become
subject to a limitation under Section 382 or 383.
Our
certificate of incorporation provides, in general, that, subject to the
exceptions described in the next paragraph, no person may acquire shares of our
Company, or options or warrants to acquire such shares, if as a result such
person (or another person to which such shares were attributed under certain
complex attribution rules, which differ in certain respects from those that
apply for purposes of the common stock beneficial ownership limit or the
constructive ownership limit) would own, directly or under such attribution
rules, 5% or more of the class of such outstanding shares (hereinafter, such
person's "
ownership interest
percentage
"). In addition, subject to the exceptions described in the
next paragraph, no person whose ownership interest percentage of a class of
shares equals or exceeds 5% can acquire or transfer such shares, or options or
warrants to acquire such shares.  The foregoing restrictions apply
independently to each class of our outstanding stock.
The
foregoing restrictions do not apply to (i) acquisitions and transfers of shares
of common stock by certain persons and their affiliates whose ownership interest
percentage of common stock on September 21, 1993 was 5% or more, (ii) transfers
of shares pursuant to an offering by us, to the extent determined by the Board
of Directors, and (iii) other transfers of shares specifically approved by the
Board of Directors.
Transfers
of shares, options or warrants in violation of the Section 382 ownership
restrictions would be void, and the transferee would acquire no rights in such
shares, options or warrants.  Thus, a purported acquiror would have no
right to vote such shares or to receive dividends.  Moreover, upon our
demand, a purported acquiror of shares, options or warrants would be required to
transfer them to an agent designated by us.  The agent, generally,
would sell such shares, options or warrants, remit the proceeds thereof to the
purported acquiror to the extent of such person's purchase price for the shares
and, to the extent possible, remit the balance of the proceeds to such person's
transferor.  A similar procedure would be applied to any dividends
paid to, and to the proceeds of any resale of shares, options or warrants by,
the purported acquiror.
The Board
of Directors has the authority to designate a date as of which the Section 382
ownership restrictions will no longer apply.
All
certificates representing shares of common stock will bear a legend referring to
the restrictions described above.
14
All
persons who own, directly or by virtue of the applicable attribution rules of
the Internal Revenue Code, more than 2% of the shares of outstanding common
stock must give a written notice to us containing the information specified in
our certificate of incorporation by January 31 of each year.  In
addition, each stockholder shall upon demand be required to disclose to us such
information as we may request, in good faith, in order to determine our status
as a REIT or to comply with Treasury Regulations promulgated under the REIT
provisions of the Internal Revenue Code.
Important
Provisions of Delaware Law and Our Certificate of Incorporation and
By-Laws
The
following is a summary of important provisions of Delaware law and our
certificate of incorporation and by-laws which affect us and our
stockholders.  The description below is intended as only a
summary.  You can access complete information by referring to the
Delaware General Corporation Law and our certificate of incorporation and
by-laws.
Business
Combinations with Interested Stockholders under Delaware Law
.
Section 203 of
the Delaware General Corporation Law prevents a publicly held corporation from
engaging in a "business combination" with an "interested stockholder" for a
period of three years after the date of the transaction in which the person
became an interested stockholder, unless:
·
before
      the date on which the person became an interested stockholder, the board
      of directors of the corporation approved either the business combination
      or the transaction in which the person became an interested
      stockholder;
·
the
      interested stockholder owned at least 85% of the outstanding voting stock
      of the corporation at the beginning of the transaction in which it became
      an interested stockholder, excluding stock held by directors who are also
      officers of the corporation and by employee stock plans that do not
      provide participants with the rights to determine confidentially whether
      shares held subject to the plan will be tendered in a tender or exchange
      offer; or
·
after
      the date on which the interested stockholder became an interested
      stockholder, the business combination is approved by the board of
      directors and the holders of two-thirds of the outstanding voting stock of
      the corporation voting at a meeting, excluding the voting stock owned by
      the interested stockholder.
As
defined in Section 203, an "interested stockholder" is generally a person owning
15% or more of the outstanding voting stock of the corporation.  As
defined in Section 203, a "business combination" includes mergers,
consolidations, stock and assets sales and other transactions with the
interested stockholder.
The
provisions of Section 203 may have the effect of delaying, deferring or
preventing a change in control of Alexander's, Inc.
Amendment of Our
Certificate of Incorporation and By-Laws
.
Amendments to our
certificate of incorporation must be approved by the Board of
Directors.  Unless otherwise required by law, the Board of Directors
may amend our by-laws by a majority vote of the directors then in
office.
Meetings of
Stockholders
.
Under our
by-laws, we will hold annual meetings of our stockholders at a date and time as
determined by the Board of Directors, chairman, vice chairman or
president.  Our by-laws require advance notice for our stockholders to
make nominations of candidates for the Board of Directors or bring other
business before an annual meeting of our stockholders.  The chairman
or vice chairman shall call special meetings of our stockholders whenever
stockholders owning at least a majority
of our
issued and outstanding shares entitled to vote on matters to be submitted to
stockholders shall request in writing such a meeting.
15
Board of
Directors
.
The Board of
Directors is divided into three classes.  As the term of each class
expires, directors in that class will be elected for a term of three years and
until their successors are duly elected and qualified.  These
staggered terms may reduce the possibility of an attempt to change control of
Alexander's.
PLAN OF DISTRIBUTION
The
selling stockholders, or the Plan at the request of the selling stockholders,
may from time to time sell the shares of common stock directly to purchasers on
the New York Stock Exchange (or on any other national securities exchange where
the shares of common stock may be trading) or other over-the-counter market at
prices and at terms then prevailing or at prices related to the then current
market price or in negotiated transactions.  These shares of common
stock may be sold by one or more of the following:
·
a
      block trade in which the broker or dealer will attempt to sell shares as
      agent but may position and resell a portion of the block as principal to
      facilitate the transaction;
·
purchases
      by a broker or dealer as principal and resale by a broker or dealer for
      its account using this prospectus;
·
through
      the writing of options;
·
ordinary
      brokerage transactions in which the broker does not solicit purchasers and
      transactions in which the broker does solicit
  purchasers;
·
transactions
      directly with a market maker; and
·
in
      privately negotiated transactions not involving a broker or
      dealer.
Each sale
may be made either at market prices prevailing at the time of the sale, at
negotiated prices, at fixed prices which may be changed, or at prices related to
prevailing market prices.
The
selling stockholders will act independently of Alexander's in making decisions
with respect to the timing, manner and size of each sale.
Brokers
or dealers engaged by any of the selling stockholders to sell the shares may
arrange for other brokers or dealers to participate.  Brokers or
dealers engaged to sell the shares will receive compensation in the form of
commissions or discounts in amounts to be negotiated before each sale and which
may be in excess of customary discounts or commissions.  These brokers
or dealers and any other participating brokers or dealers may be determined to
be underwriters within the meaning of the Securities Act.  We will not
receive any proceeds from any sale of common stock offered pursuant to this
prospectus, and we anticipate that the brokers or dealers, if any, participating
in the sales of the shares will receive their usual and customary selling
commissions.
Some
persons participating in this offering may engage in transactions that
stabilize, maintain or otherwise affect the price of the securities, including
the entry of stabilizing bids or syndicate covering transactions or the
imposition of penalty bids.  The selling stockholders and any other
person participating in a distribution will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder including
Regulation M.  This regulation may limit the timing of purchases and
sales of any of the securities by the selling stockholders and any other
person.  The anti-manipulation rules under the Exchange Act may apply
to sales of securities in the market and to the activities of the selling
stockholders
and their affiliates.  Furthermore, Regulation M of the Exchange Act
may restrict the ability of any person engaged in the distribution of the
securities to engage in market-making activities with respect to the particular
securities being distributed for a period of up to five business days before the
distribution.  All of the foregoing may affect the marketability of
the securities and the ability of any person or entity to engage in
market-making activities with respect to the securities.
16
The
selling stockholders may enter into hedging transactions.  Persons
with whom they enter into hedging transactions may engage in short sales of our
common stock.  The selling stockholders may engage in short sales of
our common stock and transactions involving options, swaps, derivatives and
other transactions involving our securities or their investments in those
securities, and may sell and deliver the shares covered by this prospectus under
agreements to undertake these transactions or in settlement of securities
loans.  These transactions may be entered into with broker-dealers or
other financial institutions that may resell those shares.  The
selling stockholders may pledge their shares to secure
borrowings.  Upon delivery of the shares or a default by a selling
stockholder, the broker-dealer or financial institution may offer and sell the
pledged shares.
Selling
stockholders may resell all or a portion of their shares in open market
transactions in reliance upon available exemptions under the Securities Act
including in reliance upon Rule 144 under the Securities Act,
provided
that they meet the
criteria and conform to the requirements of one of these
exemptions.  The selling stockholders may decide not to sell all or a
portion of the shares offered under this prospectus.
Selling
stockholders may from time to time pledge or grant a security interest in some
or all of the common stock owned by them, and, if they default in the
performance of their secured obligations, the pledgees or secured parties may
offer and sell the shares of common stock from time to time under this
prospectus, or under an amendment to this prospectus under
Rule 424(b)(3) or other applicable provision of the Securities Act
amending the list of selling stockholders to include the pledgee, transferee or
other successors in interest as selling stockholders under this
prospectus.
To comply
with the securities laws of some states, if applicable, the shares will be sold
in those states only through brokers or dealers.  The shares may not
be sold in some states unless they have been registered or qualified for sale in
those states or an exemption from registration or qualification is available and
is complied with.
If
necessary, the specific shares of our common stock to be sold, the name of the
selling stockholders, the purchase and public offering prices, the names of any
agent, dealer or underwriter, and any applicable commissions or discounts will
be disclosed in an accompanying prospectus supplement or, if appropriate, a
post-effective amendment to the registration statement of which this prospectus
is a part.
We will
bear all expenses of the offering of the common stock that is offered in this
prospectus including, without limitation, all filing, registration and
qualification, printing, legal and accounting fees, except that the selling
stockholders will pay any applicable underwriting commissions and expenses,
brokerage fees and transfer taxes, and the fees and disbursements of their
counsel and experts.
The
selling stockholders are not restricted as to the price or prices at which they
may sell the shares of our common stock offered under this
prospectus.  Sales of shares at less than the market price may depress
the market price of our stock.  Moreover, the selling stockholders are
not restricted as to the number of shares which may be sold at any one time, and
it is possible that a significant number of shares could be sold at the same
time, which may also depress the market price of our stock.
17
LEGAL MATTERS
The
validity of the shares of common stock offered pursuant to this prospectus will
be passed upon by Shearman & Sterling LLP.
WHERE YOU CAN FIND MORE INFORMATION
We file
annual, quarterly and current reports, proxy statements and other information
with the Commission.  You may read and copy any document we file at
the Commission's public reference room at 100 F Street, N.E., Washington, DC
20549.  Please call the Commission at 1-800-SEC-0330 for further
information on its public reference room.  Our SEC filings are also
available to the public through the Commission's website at
http://www.sec.gov.  Our common shares are listed on the New York
Stock Exchange, and information about us is also available there.
We have
filed a registration statement on Form S-8 to register with the Commission the
securities described herein.  This prospectus is a part of that
registration statement and constitutes a prospectus of
Alexander's.  As allowed by Commission rules, this prospectus does not
contain all the information that can be found in the registration statement or
the exhibits to the registration statement.
EXPERTS
The
consolidated financial statements, the related financial statement schedules,
and the effectiveness of internal control over financial reporting incorporated
in this Prospectus by reference from the Alexander's, Inc. Annual Report on Form
10-K  for the year ended December 31, 2007, have been audited by
Deloitte & Touche LLP, an independent registered public accounting firm, as
stated in their reports, which are incorporated herein by reference, and have
been so incorporated in reliance upon the reports of such firm given upon their
authority as experts in accounting and auditing.
INCORPORATION BY REFERENCE
The
Commission allows us to "incorporate by reference" the information we file with
them, which means that we can disclose important information to you by referring
you to those documents.  The information incorporated by reference is
considered to be a part of this prospectus, and later information that we file
with the Commission will automatically update and supersede this
information.  In all cases, you should rely on the later information
over comparable but earlier dated information included in this
prospectus.  We incorporate by reference the documents listed below
and any future filings we make with the Commission under Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act:
·
Annual
      report on Form 10-K for the period ended December 31, 2007, filed with the
      Commission on February 25, 2008; and
·
Quarterly
      report on Form 10-Q for the period ended March 31, 2008, filed with
      the Commission on May 5, 2008.
On
request we will provide, at no cost to each person, including any beneficial
owner who receives a copy of this prospectus, a copy of any or all of the
documents incorporated in this prospectus by reference.  We will not
provide exhibits to any such documents, however, unless such exhibits are
specifically incorporated by reference into those documents.  Written
or telephone requests for such copies should be addressed to Alexander's
executive offices located at 210 Route 4 East, Paramus, New Jersey 07652,
Attention: Joseph Macnow, Chief Financial Officer, telephone number (212)
587-8541.
18
895,000
Shares
Common
Stock
______________________
Prospectus
______________________
June
17, 2008
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item
      1.
Plan
      Information.*
Item
      2.
Registrant
      Information and Employee Plan Annual
  Information.*
_____________
*
Information required by Part I to be contained in the Section 10(a) prospectus
is omitted from this Registration Statement in accordance with Rule 428 under
the Securities Act and the "Note" to Part I of Form S-8.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
      3.
Incorporation
      of Documents by Reference.
The
Registrant incorporates by reference in this Registration Statement the
following documents filed by the Registrant with the Securities and Exchange
Commission (the "
Commission
"):
(a)          The
Registrant's annual report on Form 10-K filed for the period ended December 31,
2007 (filed February 25, 2008);
(b)          The
Registrant's quarterly report on Form 10-Q filed for the period ended March 31,
2008 (filed May 5, 2008); and
(c)          The
description of the common stock contained in the Registrant's Registration
Statement on Form 10 (File No. 1-6064) for registration of such common stock
under the Securities Exchange Act of 1934, as amended (the "
Exchange
Act
").
In
addition, all reports and other documents filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this
Registration Statement, but prior to the filing of a post-effective amendment to
this Registration Statement that indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, will be deemed
to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents.  Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein will be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any
other subsequently filed document that also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement.  Any such
statement so modified or superseded will not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
Item
      4.
Description
      of Securities
Not
required.
Item
      5.
Interests
      of Named Experts and Counsel.
Not
applicable.
Item
      6.
Indemnification
      of Directors and Officers.
Under
Section 145 of the General Corporation Law of the State of Delaware (the "
DGCL
"),
the Registrant has powers to indemnify its directors and officers against
liabilities that they may incur in such capacities, including liabilities under
the Securities Act.
The
Registrant's Certificate of Incorporation provides that the Registrant's
officers and directors will be indemnified to the fullest extent permitted by
Delaware law.  In addition, to the fullest extent permitted by
Delaware law, no director of the Registrant shall be personally liable to the
Registrant or the stockholders for monetary damages for breach of the director's
fiduciary duty.  Such provision does not limit a director's liability
to the Registrant or its stockholders resulting from:  (i) any
breach of the director's duty of loyalty to the Registrant or its stockholders;
(ii) acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law; (iii) unlawful payments of
dividends or unlawful stock repurchases or redemptions as provided in section
174 of the DGCL; or (iv) any transaction from which the director derived an
improper personal benefit.
The
Registrant's Certificate of Incorporation provides that the Registrant shall pay
the expenses incurred by an officer or a director of the Registrant in defending
a civil or criminal action, suit, or proceeding involving such person's acts or
omissions as an officer or a director of the Registrant if such person acted in
good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the Registrant or its stockholders and, with respect to
a criminal action or proceeding, if the person had no reasonable cause to
believe his or her conduct was unlawful. Unless ordered by a court,
indemnification
of an officer shall be made by the Registrant only as authorized in a specific
case upon the determination that indemnification of the officer or director is
proper under the circumstances because he or she has met the applicable standard
of conduct.  Such determination shall be made (i) by majority
vote of the directors of the Registrant who are not parties to the action, suit
or proceeding, (ii) by independent legal counsel in a written opinion, or
(iii) by the stockholders of the Registrant.  The Registrant's
Certificate of Incorporation authorizes the Registrant to pay the expenses
incurred by an officer or a director in defending a civil or criminal action,
suit, or proceeding in advance of the final disposition thereof, upon receipt of
an undertaking by or on behalf of such person to repay the expenses if it is
ultimately determined that the person is not entitled to be indemnified by the
Registrant.
The
Registrant has the power to purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee, or agent of the Registrant
or is liable as a director of the Registrant, or is or was serving, at the
request of the Registrant, as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust or other enterprise, against any
liability asserted against him and incurred by him in any such capacity or
arising out of his status as such, regardless of whether the Registrant would
have power to indemnify him against such liability.
The
Registrant has purchased a policy of directors' and officers' insurance that
insures both the Registrant and its officers and directors against expenses and
liabilities of the type normally insured against under such policies, including
the expense of the indemnifications described above.
Item
      7.
Exemption
      from Registration Claimed.
Not
applicable.
Item
      8.
Exhibits.
See
attached Exhibit Index.
Item
      9.
Undertakings.
(a)      The
undersigned Registrant hereby undertakes:
(i)           To
file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(1)
To
      include any prospectus required by Section 10(a)(3) of the Securities
      Act;
(2)
To
      reflect in the prospectus any facts or events arising after the effective
      date of the Registration Statement (or the most recent post-effective
      amendment thereof) which, individually or in the aggregate, represent a
      fundamental change in the information set forth in the Registration
      Statement; and
(3)
To
      include any material information with respect to the plan of distribution
      not previously disclosed in the Registration Statement or any material
      change to such information in the Registration
  Statement;
provided, however,
that
paragraphs (a)(i)(1) and (a)(i)(2) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the
Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are
incorporated by reference in this Registration Statement;
(ii)           That,
for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registra­tion statement
relating to the securi
ties
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof; and
(iii)           To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
(b)      The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is
incorporated by reference in this Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at the time shall be deemed to be the initial
bona fide
offering
thereof.
(c)      Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any Action) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication
of such issue.
SIGNATURE
Pursuant
to the requirements of the Securities Act, Alexander's, Inc., certifies that it
has reasonable grounds to believe that it meets all the requirements for filing
this Registration Statement on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Paramus, the State of New Jersey, on this 17
th
day of June,
2008.
ALEXANDER'S,
      INC.
By:
/s/
      Joseph Macnow
Joseph
      Macnow
Executive
      Vice President and Chief Financial
Officer
      (duly authorized officer and principal
financial
      and accounting officer)
POWER OF ATTORNEY
Each
person whose signature appears below hereby, severally and individually
constitutes and appoints each of Steven Roth and Joseph Macnow and each of them
severally, the true and lawful attorneys and agents of each of us to execute in
the name, place and stead of each of us (individually and in any capacity stated
below) any and all amendments (including post-effective amendments) to this
Registration Statement, and all instruments necessary or advisable in connection
therewith and to file the same with the Commission, each of said attorneys and
agents to have the power to act with or without the others and to have full
power and authority to do and perform in the name and on behalf of each of the
undersigned every act whatsoever necessary or advisable to be done in the
premises as fully and to all intents and purposes as any of the undersigned
might or could do in person, and we hereby ratify and confirm our signatures as
they may be signed by our said attorneys and agents or each of them to any and
all such amendments and instruments. This Power of Attorney has been signed on
June 17, 2008 by the following persons in the respective capacities indicated
below.
Pursuant
to the requirements of the Securities Act, this Registration Statement has been
signed below on June 17, 2008 by the following persons in the respective
capacities indicated below.
Signature
Title
/s/
      Steven Roth
Steven
      Roth
Chairman
      of the Board and Chief Executive Officer (principal executive
      officer)
/s/
      Joseph Macnow
Joseph
      Macnow
Executive
      Vice President and Chief Financial Officer (principal financial and
      accounting officer)
/s/
      Thomas R. DiBenedetto
Thomas
      R. DiBenedetto
Director
/s/
      Michael D. Fascitelli
Michael
      D. Fascitelli
Director
/s/
      David Mandelbaum
David
      Mandelbaum
Director
/s/
      Arthur I. Sonnenblick
Arthur
      I. Sonnenblick
Director
/s/
      Neil Underberg
Neil
      Underberg
Director
/s/
      Dr. Richard R. West
Dr.
      Richard R. West
Director
/s/
      Russell B. Wight, Jr.
Russell
      B. Wight, Jr.
Director
EXHIBIT
INDEX
Exhibit
      No.
Name of
      Exhibit
3.1
Amended
      and Restated Certificate of Incorporation of the Company (incorporated by
      reference to Exhibit 3.1 to the Registrant's Registration Statement on
      Form S-3 filed September 20, 1995).
3.2
By-laws
      of the Registrant, as amended (incorporated by reference to Exhibit 10.1
      to the Registrant's Quarterly Report on Form 10-Q for the quarter ended
      March 31, 2000).
4.1
Registrant's
      2006 Omnibus Stock Plan, as amended (incorporated by reference to Annex B
      to the Registrant's Definitive Proxy Statement on Schedule 14A filed on
      April 26, 2006) (File No. 001-06064).
5.1*
Opinion
      of Shearman & Sterling LLP.
23.1*
Consent
      of Deloitte & Touche LLP.
23.2
Consent
      of Shearman & Sterling LLP (included in Exhibit
  5.1).
24.1*
Powers
      of Attorney (included in Part II of the Registration
      Statement).
____________
* Filed
herewith