Alexander's
Alexander's is a New York metropolitan area real estate investment trust that evolved from a department-store chain founded in 1928.
Last updated August 25, 2026
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Overview
Alexander's is a United States real estate investment trust focused on owning and operating a small portfolio of prominent properties in the New York metropolitan area. The company is the successor to Alexander's department-store chain, which was founded in the Bronx in 1928 by George Farkas and named for his deceased father, Alexander. The original retail business built its reputation by selling discounted designer clothing, private-label merchandise, and general department-store goods to middle-class customers. Its strategy combined competitive pricing with carefully selected, company-owned real estate. The retail chain expanded through the twentieth century and reached 16 stores at its peak in 1981. Notable locations included stores on Fordham Road in the Bronx, in Rego Park, at Roosevelt Field, at the World Trade Center, in Paramus, New Jersey, and at Lexington Avenue and 59th Street in Manhattan. The Manhattan flagship opened in 1963 on land acquired from an entity associated with Joseph P. Kennedy Sr. The company also became known for its large Paramus store and the monumental Stefan Knapp mural displayed on its exterior. Alexander's became a public company in 1968. Founder George Farkas retired that year because of declining health, and his son Alexander S. Farkas became chief executive. During the 1970s, the chain faced intensifying competition from larger department stores, including Macy's and Bloomingdale's, as well as discount retailers such as Kmart. Attempts to broaden the merchandise offer did not reverse the deterioration of the retail business. Interstate Properties, controlled by Steven Roth, gained control after a 1980 proxy contest and increasingly emphasized the value of Alexander's underlying real estate. Retail profitability ended in 1987. Ownership and control issues involving Interstate Properties and Donald Trump, who acquired a substantial stake in the 1980s, added financial and governance complexity. In 1992, Alexander's filed for bankruptcy and closed all 11 remaining stores on May 15, eliminating approximately 5,000 retail jobs. The company emerged from bankruptcy in 1993 after restructuring its liabilities and retaining valuable property interests. Its post-bankruptcy identity became increasingly centered on real estate rather than retailing. Vornado Realty Trust became the controlling shareholder after acquiring interests associated with Citicorp in 1995. Alexander's now owns seven properties in the New York metropolitan area, including 731 Lexington Avenue, a mixed-use complex associated with the headquarters of Bloomberg L.P. Its portfolio also includes retail, office, and related commercial real estate assets. The company therefore remains active as a property owner and real estate investment trust, even though the Alexander's department-store brand no longer operates retail stores.
History
George Farkas founded Alexander's in 1928 by opening a store on Third Avenue in the Bronx with approximately $7,500. He named the business after his deceased father, Alexander. The store targeted relatively affluent middle-class shoppers with discounted designer clothing and quality private-label goods. Its combination of bargain pricing and strong locations helped it withstand the Great Depression. In 1933, Alexander's opened a major store at Fordham Road and the Grand Concourse in the Bronx. During the 1930s, that location became known for unusually strong sales productivity. Farkas emphasized acquiring real estate rather than leasing store sites. This approach gave the chain control over important urban locations and later provided a valuable asset base when retail performance weakened. A Rego Park, Queens, store opened in February 1959. In 1963, the company opened a major Manhattan store at Lexington Avenue and 59th Street after acquiring the site from an entity controlled by Joseph P. Kennedy Sr. The chain also developed large suburban and mall locations, including its tenth store at Roosevelt Field in 1971. When the World Trade Center mall was completed in 1974, Alexander's became an anchor tenant there. The company went public through an initial public offering in December 1968. The offering raised approximately $41.17 million and was partly intended to help resist a potential takeover by E. J. Korvette. George Farkas retired as chief executive that year because of failing health, and his son Alexander S. Farkas succeeded him. By the 1970s, however, consumers were increasingly shifting toward larger department stores and discount chains. Alexander's attempted in 1981 to expand beyond its traditional leisure-apparel focus, but the retail business continued to face pressure. A 1980 proxy contest resulted in control passing to Interstate Properties, led by Steven Roth. Interstate increasingly viewed the company through the value of its real estate. In 1984, at Interstate's request, Alexander S. Farkas stepped down as chief executive and was succeeded by his brother Robin Farkas. Donald Trump acquired roughly 20 percent of Alexander's in 1986. By 1988, Interstate and Trump had each increased their positions to approximately 27 percent. Trump's shares were pledged as collateral for a personal loan and were transferred to the lender in 1991 after he was unable to satisfy the related obligations. Alexander's last profitable year from retail operations was 1987. In 1992, the company was forced into bankruptcy by Steven Roth and creditors. A put option held by the Gruss family relating to an 18 percent interest in the partnership owning the 59th Street property was an additional financial burden; Alexander's reportedly lacked the funds to satisfy the $35 million obligation. The company closed all 11 remaining stores on May 15, 1992, laying off approximately 5,000 people. Alexander's emerged from bankruptcy in 1993. The restructuring removed liabilities while allowing the company to benefit from the rising value of its real estate. The company's share price rose substantially during the year following the bankruptcy, reflecting the market's reassessment of its property holdings. In 1995, Vornado Realty Trust acquired the interest in Alexander's associated with Citicorp and became its controlling shareholder. Alexander's subsequently operated primarily as a real estate investment trust rather than as a retailer. The former retail portfolio also left a cultural legacy. The Paramus store displayed a 280-panel abstract mural by Stefan Knapp, measuring approximately 200 by 50 feet and weighing more than 250 short tons. The store was demolished after its 1992 closure, but the mural was preserved in sections and later exhibited or placed into public display projects. In 2012, Alexander's sold Kings Plaza mall in Brooklyn to Macerich and distributed part of the proceeds to shareholders. The modern company owns seven properties in the New York metropolitan area, including 731 Lexington Avenue, and remains controlled by Vornado Realty Trust.
- 2012
Kings Plaza is sold
[1]Alexander's sells the Kings Plaza mall in Brooklyn to Macerich and distributes proceeds to shareholders.
- 1995
Vornado becomes controlling shareholder
[1]Vornado Realty Trust acquires the interest associated with Citicorp and assumes control.
- 1993
Company emerges from bankruptcy
[1]Alexander's completes bankruptcy restructuring and continues with a real-estate-centered business.
- 1992
Retail operations end in bankruptcy
[1]Alexander's files for bankruptcy and closes all 11 remaining stores on May 15.
- 1986
Donald Trump acquires a major stake
[1]Donald Trump purchases approximately 20 percent of Alexander's.
- 1984
Leadership changes within the Farkas family
[1]Alexander S. Farkas resigns as chief executive at Interstate's request and Robin Farkas succeeds him.
- 1981
Store network reaches its peak
[1]Alexander's reaches 16 stores and management attempts to broaden its merchandise offering beyond leisure apparel.
- 1980
Interstate Properties gains control
[1]Following a proxy contest, Interstate Properties, controlled by Steven Roth, takes control of Alexander's.
- 1974
World Trade Center mall anchor
[1]Alexander's becomes an anchor store in the newly completed World Trade Center mall.
- 1971
Tenth store opens at Roosevelt Field
[1]Alexander's opens its tenth store at the Roosevelt Field shopping mall.
Products and positioning
A New York metropolitan area real estate investment trust with a legacy as a regional department-store operator.
Historical retail · 1928
Department-store merchandise
The original Alexander's business sold discounted designer clothing, quality private-label goods, apparel, home items, and other general merchandise. Its proposition combined recognizable merchandise and bargain pricing, with stores positioned in dense urban neighborhoods, suburban shopping areas, and major malls. Retail operations ended in 1992.
Mixed-use real estate
731 Lexington Avenue
A major Manhattan property owned by Alexander's and associated with Bloomberg L.P.'s headquarters. It represents the company's post-retail role as an owner of strategically located office and mixed-use real estate in the New York metropolitan area.
Commercial real estate
Retail and shopping-center properties
Alexander's modern portfolio includes retail-oriented and other commercial properties across the New York metropolitan area. The company owns seven properties and generates its identity and business purpose from real-estate ownership rather than operating department stores.
Brand decisions
2012
Kings Plaza sale and shareholder distributionOtherBackground
Alexander's continued to manage its business as a real-estate owner rather than a department-store operator.
Action taken
The company sold Kings Plaza mall in Brooklyn to Macerich and used the proceeds for a large dividend to shareholders.
Aftermath
The transaction reduced the company's property holdings and returned capital to shareholders.
Property sale. $751 million sale; $122 per-share dividend (November 2012)
1992
Department stores close during bankruptcyOtherBackground
Retail operations had not produced a profit since 1987, and the company faced creditor pressure and a put option relating to an ownership interest in the 59th Street property.
Action taken
Alexander's filed for bankruptcy and closed all 11 remaining stores on May 15, 1992.
Aftermath
Approximately 5,000 employees lost their jobs. The company emerged in 1993 with fewer liabilities and a business increasingly centered on real estate.
Employee layoffs. Approximately 5,000 employees laid off (May 1992)
1980
Control shifts toward real-estate valueStrategyBackground
Alexander's faced increasing retail competition, while its owned properties represented a significant source of corporate value.
Action taken
Interstate Properties gained control after a proxy contest and pursued a strategy focused increasingly on maximizing the value of Alexander's real estate.
Aftermath
The company moved toward a property-centered identity, ultimately surviving the failure of its retail operations through bankruptcy restructuring.
1968
Initial public offeringOtherBackground
Alexander's pursued public financing during a period when the company faced a potential takeover attempt by competitor E. J. Korvette.
Action taken
The company completed an initial public offering in December 1968.
Aftermath
The offering made Alexander's a public company and coincided with George Farkas's retirement and the succession of Alexander S. Farkas as chief executive.
IPO proceeds. Approximately $41.17 million raised (December 1968)
Recent events
Alexander’s reports quarterly earnings[2]
Reported:
Alexander’s announced quarterly earnings results, reporting earnings per share of $5.33, below the $8.20 analyst consensus estimate.
Sources3 sources
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