ALX · CIK 0000003499
What Alexander's, Inc. told the SEC could break it.
Alexander's is a study in concentration on every axis. A single tenant, Bloomberg, supplied about 61% of rental revenue ($129.3M) in 2025 — all at its flagship 731 Lexington Avenue — so a Bloomberg departure or default would severely impair the REIT. Every one of its properties and dollars of revenue comes from New York City, leaving it fully exposed to that single market's economic cycles, real-estate swings, fiscal policy, and climate risk. It is also externally managed by Vornado Realty Trust (a ~32% owner) and dependent on Steven Roth, chairman and CEO of both companies, concentrating governance and conflict-of-interest risk. On top of that sits lease-rollover exposure — the Home Depot and IKEA expirations alone cut roughly $22.8M of rental revenue in 2025.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Bloomberg = ~61% of rental revenue ($129.3M) at 731 Lexington Avenuehigh
Alexander's is extraordinarily dependent on a single tenant — Bloomberg accounted for ~61% of rental revenue ($129.3M) in 2025 (55%/54% in 2024/2023), all at its most significant property, 731 Lexington Avenue; losing Bloomberg as a tenant or a Bloomberg default would severely impair the REIT's results and financial condition. (Captured as a named Bloomberg lease edge; this records the concentration severity.)
“Bloomberg accounted for reve nue of $ 129,317,000 , $ 125,349,000 and $ 120,351,000 in the years ended December 31, 2025 , 2024 and 2023, respectively, representing approximately 61 %, 55 % and 54 % of our rental reve”
SEC filing →As of 2026
Geographic concentration
- all properties and all revenue are in New York City (731 Lexington/Manhattan, Rego Park & Flushing/Queens)high
All of Alexander's properties — and all of its revenues — come from New York City (its flagship 731 Lexington Avenue in Manhattan plus Rego Park and Flushing in Queens), so it is fully exposed to NYC economic cycles, real-estate-market declines, terrorism risk in midtown Manhattan, NYC/NYS fiscal policy and climate/natural-disaster risk (storms, flooding, sea-level rise) concentrated in that single market.
“All of our properties are in New York City and are affected by the economic cycles and risks inherent to this area. All of our revenues come from properties located in New York City.”
Key person
- external management by Vornado and dependence on Steven Roth (Chairman/CEO of both Alexander's and Vornado) — related-party concentrationmedium
Alexander's is externally managed by Vornado Realty Trust (which also owns ~32% of Alexander's) under related-party management and development agreements, and is dependent on Steven Roth, who is Chairman and CEO of both Alexander's and Vornado; loss of Roth or a change in the Vornado relationship would harm operations, and the overlapping control concentrates governance and conflict-of-interest risk.
“We are dependent on the efforts of Steven Roth, the Chairman of our Board of Directors and our Chief Executive Officer.”
SEC filing →As of 2026
Other disclosures
- lease-rollover and anchor-tenant dependence — Home Depot and IKEA lease expirations cut ~$22.8M of rental revenue; reliance on Rego Park II anchorsmedium
Alexander's faces meaningful lease-rollover risk — Home Depot's lease expiration at 731 Lexington Avenue ($13.8M) and IKEA's at Rego Park I ($9.0M) reduced rental revenue by ~$22.8M in 2025 — and it depends on anchor tenants to attract shoppers to its Rego Park II retail property; failure to re-lease vacated space on favorable terms or adverse developments at anchor tenants would pressure results.
“(i) $13,831,000 of lower rental revenue from Home Depot's lease expiration at 731 Lexington Avenue and (ii) $9,001,000 of lower rental revenue from IKEA's lease expiration at Rego Park I,”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Bloomberg L.P.
“Bloomberg accounted for reve nue of $ 129,317,000 , $ 125,349,000 and $ 120,351,000 in the years ended December 31, 2025 , 2024 and 2023, respectively, representing approximately 61 %, 55 % and 54 % of our rental reve”
Cited →
Its suppliers
“We pay Vornado an annual management fee equal to the sum of (i) $ 2,800,000 , (ii) 2 % of gross revenue from the Rego Park II shopping center, (iii) $ 0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $ 387,000 , escalating at 3 % per annum, for managing the common area of 731 Lexington Avenue.”
Cited →
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