The completion of this project was the crowning event in the transition of Alexander’s from a failed discount retailer to a profitable REIT. In the late 1970s, Interstate Properties, a regional REIT managed by Steven Roth, who is also chairman and CEO of Vornado Realty Trust, started buying up shares in the publicly traded Alexander’s, with the declared intention of unlocking the value in the retailer’s properties. By the time Alexander’s went bankrupt in 1992, Interstate and Vornado together owned more than 60 percent of its common stock. In 1993, Alexander’s emerged from bankruptcy repurposed to focus on its biggest asset: the land under its 11 stores. Of most interest was the entire block it owned just south of Bloomingdale’s flagship store on Lexington Avenue.

Owner
Alexander’s, Inc.
Paramus, NJ

Developer
Vornado Realty Trust
New York, NY

Architects
Cesar Pelli & Associates
New Haven, CT

SLCE Architects
New York, NY

Principal Author
David Taksuye

ULI Awards for Excellence 2005 Winner