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000001 - Document and Entity Information - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	ALEXANDERS INC
Entity Central Index Key	0000003499
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	5,105,936
Entity Public Float		$ 622,802
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

000100 - Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Real estate, at cost:
Land	$ 74,974	$ 74,974
Buildings and leasehold improvements	978,842	934,782
Development and construction in progress	1,367	40,535
Total	1,055,183	1,050,291
Accumulated depreciation and amortization	(170,877)	(157,232)
Real estate, net	884,306	893,059
Cash and cash equivalents	490,950	397,220
Short-term investments	0	23,000
Restricted cash	88,150	85,567
Accounts receivable, net of allowance for doubtful accounts of $1,070 and $1,047, respectively	2,789	4,224
Receivable arising from the straight-lining of rents	182,762	175,680
Deferred lease and other property costs, net (including unamortized leasing fees to Vornado of $50,169 and $48,949, respectively)	68,666	68,835
Deferred debt issuance costs, net of accumulated amortization of $13,788, and $18,855, respectively	11,159	8,167
Other assets	43,193	23,548
Total assets	1,771,975	1,679,300
Liabilities and Equity
Notes and mortgages payable	1,339,321	1,246,411
Amounts due to Vornado	43,316	43,785
Accounts payable and accrued expenses	34,754	41,610
Liability for income taxes and other	3,737	3,718
Total liabilities	1,421,128	1,335,524
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	0	0
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,105,936 shares	5,173	5,173
Additional capital	31,801	31,501
Retained earnings	311,783	304,055
Alexander's equity before treasury stock	348,757	340,729
Treasury stock: 67,514 shares, at cost	(375)	(375)
Total Alexander's equity	348,382	340,354
Noncontrolling interest in consolidated subsidiary	2,465	3,422
Total equity	350,847	343,776
Total liabilities and equity	$ 1,771,975	$ 1,679,300

000110 - Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Assets
Allowance for doubtful accounts	$ 1,070	$ 1,047
Unamortized leasing fees to Vornado	50,169	48,949
Deferred debt issuance costs, accumulated amortization	$ 13,788	$ 18,855
Liabilities and Equity
Perferred stock: par value per share	$ 1.00	$ 1.00
Preferred stock: authorized shares	3,000,000	3,000,000
Preferred stock: issued shares	0	0
Preferred stock: outstanding shares	0	0
Common stock: par value per share	$ 1.00	$ 1.00
Common stock: authorized shares	10,000,000	10,000,000
Common stock: issued shares	5,173,450	5,173,450
Common stock: outstanding shares	5,105,936	5,105,936
Treasury stock: shares	67,514	67,514

000200 - Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
REVENUES
Property rentals	$ 43,424	$ 40,790	$ 86,889	$ 81,005
Expense reimbursements	18,612	18,376	38,019	36,705
Total revenues	62,036	59,166	124,908	117,710
EXPENSES
Operating (including fees to Vornado of $1,217, $1,266 $2,553, $2,508, respectively)	19,951	18,817	41,138	37,873
Depreciation and amortization	8,577	7,801	16,811	15,248
General and administrative (including management fees to Vornado of $540 and $1,080 in each three and six-month period)	700	1,313	1,799	2,437
Total expenses	29,228	27,931	59,748	55,558
OPERATING INCOME	32,808	31,235	65,160	62,152
Interest and other income, net	1,715	204	1,820	487
Interest and debt expense	(14,319)	(15,131)	(29,124)	(29,877)
Net loss on early extinguishment of debt	0	0	0	(1,238)
Income before income taxes	20,204	16,308	37,856	31,524
Income tax (expense) benefit	(9)	(159)	151	(259)
Net income	20,195	16,149	38,007	31,265
Net (income) loss attributable to the noncontrolling interest	(38)	(600)	357	(602)
Net income attributable to Alexander's	$ 20,157	$ 15,549	$ 38,364	$ 30,663
Net income per common share - basic
Net income per common share - basic	$ 3.95	$ 3.05	$ 7.51	$ 6.01
Weighted average shares - basic	5,106,351	5,105,936	5,106,144	5,105,936
Net income per common share - diluted
Net income per common share - diluted	$ 3.95	$ 3.05	$ 7.51	$ 6.01
Weighted average shares - diluted	5,106,351	5,105,936	5,106,144	5,105,936
Dividends per common share	$ 3.00	$ 2.50	$ 6.00	$ 2.50

000210 - Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Consolidated Statements of Income Parentheticals
Fees to Vornado	$ 1,217	$ 1,266	$ 2,553	$ 2,508
Management fees to Vornado	$ 540	$ 540	$ 1,080	$ 1,080

000300 - Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Treasury Stock	Alexander's Equity	Non-controlling Interest
Shares Issued, Beginning Balance at Dec. 31, 2009		5,173,000
Total equity at Dec. 31, 2009	$ 314,626	$ 5,173	$ 31,501	$ 275,921	$ (375)	$ 312,220	$ 2,406
Net income (loss)	31,265			30,663		30,663	602
Dividends paid	(12,765)			(12,765)		(12,765)
Shares Issued, Ending Balance at Jun. 30, 2010		5,173,000
Total equity at Jun. 30, 2010	$ 333,126	$ 5,173	31,501	293,819	(375)	330,118	3,008
Shares Issued, Beginning Balance at Dec. 31, 2010	5,173,450	5,173,000
Total equity at Dec. 31, 2010	$ 343,776	$ 5,173	31,501	304,055	(375)	340,354	3,422
Net income (loss)	38,007			38,364		38,364	(357)
Dividends paid	(30,636)			(30,636)		(30,636)
Distributions	(600)						(600)
Deferred stock unit grant	$ 300		300			300
Shares Issued, Ending Balance at Jun. 30, 2011	5,173,450	5,173,000
Total equity at Jun. 30, 2011	$ 350,847	$ 5,173	$ 31,801	$ 311,783	$ (375)	$ 348,382	$ 2,465

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

000400 - Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 38,007	$ 31,265
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	18,254	16,982
Straight-lining of rental income	(7,082)	(7,931)
Stock-based compensation expense	300	0
Changes in operating assets and liabilities:
Accounts receivable, net	1,435	294
Other assets	(22,642)	6,827
Amounts due to Vornado	(469)	47
Accounts payable and accrued expenses	(3,709)	(7,247)
Income tax liability of taxable REIT subsidiary	34	350
Other liabilities	(15)	(48)
Net cash provided by operating activities	24,113	40,539
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from maturing short-term investments	23,000	40,000
Construction in progress and real estate additions	(8,039)	(23,715)
Restricted cash	(2,583)	5,750
Net cash provided by investing activities	12,378	22,035
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	250,000	16,204
Debt repayments	(157,090)	(35,348)
Dividends paid	(30,636)	(12,765)
Debt issuance costs	(4,435)	0
Distributions to noncontrolling interests	(600)	0
Net cash provided by (used in) financing activities	57,239	(31,909)
Net increase in cash and cash equivalents	93,730	30,665
Cash and cash equivalents at beginning of period	397,220	412,734
Cash and cash equivalents at end of period	490,950	443,399
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (of which $956 was capitalized in 2010)	28,516	26,994
Cash payments for income taxes	0	43
NON-CASH TRANSACTIONS
Non-cash additions to real estate included in accounts payable and accrued expenses	2,391	0
Write-off of fully amortized and depreciated assets	$ 6,510	$ 674

000410 - Consolidated Statements of Cash Flows (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2010 USD ($)
Consolidated Statements of Cash Flows
Interest Paid, Capitalized	$ 956

010101 - Organization

6 Months Ended

Jun. 30, 2011

Organization [Abstract]

Organization

1. Organization

Alexander's, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “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”) (NYSE: VNO).

010201 - Basis of Presentation

6 Months Ended

Jun. 30, 2011

Basis of Presentation [Abstract]

Basis of Presentation

2. Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Alexander's and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

The results of operations for the three and six months ended June 30, 2011 are not necessarily indicative of the operating results for the full year.

We currently operate in one business segment.

010301 - Relationship with Vornado

6 Months Ended

Jun. 30, 2011

Relationship with Vornado [Abstract]

Relationship with Vornado

3. Relationship with Vornado

At June 30, 2011, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $3,000,000, (ii) 3% of gross income from the Kings Plaza Regional Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $256,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue.

In addition, Vornado is entitled to a development fee of 6% of development costs, as defined, with minimum guaranteed fees of $750,000 per annum.

Leasing Agreements

Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers. Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. The total of these amounts is payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balance at one-year LIBOR plus 1.0% (1.78% at June 30, 2011).

3. Relationship with Vornado – continued

Other Agreements

We have also entered into agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado, to supervise cleaning, engineering and security services at our Lexington Avenue and Kings Plaza properties for an annual fee of the cost for such services plus 6%.

The following is a summary of fees to Vornado under the agreements discussed above.

		Three Months Ended				Six Months Ended
		June 30,				June 30,
(Amounts in thousands)		2011		2010		2011		2010
Company management fees		$	750	$	750	$	1,500	$	1,500
Development fees			188		189		376		1,044
Leasing fees			1,765		1,338		3,280		2,671
Property management fees and payments for cleaning, engineering
	and security services		1,007		1,056		2,133		2,088
		$	3,710	$	3,333	$	7,289	$	7,303

At June 30, 2011, we owed Vornado $41,885,000 for leasing fees, and $1,431,000 for management, property management and cleaning fees.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

010401 - Notes and Mortgages Payable

6 Months Ended

Jun. 30, 2011

Notes and Mortgages Payable [Abstract]

Notes and Mortgages Payable

4. Notes and Mortgages Payable

The following is a summary of our outstanding notes and mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it at maturity.

					Balance at
			Interest Rate at		June 30,		December 31,
(Amounts in thousands)		Maturity	June 30, 2011		2011		2010
First mortgage, secured by the Paramus property		Oct. 2011	5.92	%	$	68,000	$	68,000
Construction loan, secured by the
	Rego Park II Shopping Center⁽¹⁾	Dec. 2011	1.50	%		277,200		277,200
First mortgage, secured by the Rego Park I
	Shopping Center (100% cash collateralized)	Mar. 2012	0.75	%		78,246		78,246
First mortgage, secured by the office space
	at the Lexington Avenue property	Feb. 2014	5.33	%		345,875		351,751
First mortgage, secured by the retail space
	at the Lexington Avenue property⁽²⁾	Jul. 2015	4.93	%		320,000		320,000
First mortgage, secured by the Kings Plaza
	Regional Shopping Center⁽³⁾	Jun. 2016	1.95	%		250,000		151,214
					$	1,339,321	$	1,246,411
___________________

(1)	This loan bears interest at LIBOR plus 1.20%.
(2)	In the event of a substantial casualty, as defined, up to $75,000 of this loan may become recourse to us.
(3)	On June 10, 2011, we completed a $250,000 refinancing of this property. The five-year interest-only loan is at LIBOR plus 1.70%. We retained net proceeds of approximately $95,000 after repaying the existing loan and costs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

010501 - Liability for Income Taxes

6 Months Ended

Jun. 30, 2011

Liability for Income Taxes [Abstract]

Liability for Income Taxes

5. Liability for Income Taxes

In accordance with the provisions of Accounting Standards Codification 740, Income Taxes (“ASC 740”), we have an income tax liability of $3,075,000 and $3,041,000 as of June 30, 2011 and December 31, 2010, respectively. This ASC 740 liability, which includes $2,549,000 and $2,466,000 of accrued interest as of June 30, 2011 and December 31, 2010, respectively, is included as a component of “liability for income taxes and other,” on our consolidated balance sheets. If this liability were reversed, it would result in non-cash income and reduce our effective tax rate. Of this liability, $2,523,000 is expected to reverse in the third quarter of 2011 as a result of the expiration of the applicable statute of limitations. Interest expense related to the ASC 740 liability is included as a component of “interest and debt expense” on our consolidated statements of income. We recognized interest of $45,000 and $111,000 in the three months ended June 30, 2011 and 2010, respectively, and $83,000 and $223,000 in the six months ended June 30, 2011 and 2010, respectively.

As of June 30, 2011, Taxable REIT Subsidiary tax returns for the years 2004 through 2010 and REIT tax returns for the years 2007 through 2010 remain open to examination by the major taxing jurisdictions to which we are subject.

010601 - Fair Value

6 Months Ended

Jun. 30, 2011

Fair Value [Abstract]

Fair Value

6. Fair Value

ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Financial assets recorded at fair value in our consolidated financial statements at December 31, 2010 consist solely of short-term investments (CDARS classified as available-for-sale) and are presented in the table below based on their level in the fair value hierarchy. There were no financial assets recorded at fair value at June 30, 2011 and no financial liabilities recorded at fair value at June 30, 2011 and December 31, 2010.

		As of December 31, 2010
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Short-term investments	$	23,000	$	23,000	$	-	$	-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

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-Name Accounting Standards Codification
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+ Details

010701 - Interest and Other Income, net

6 Months Ended

Jun. 30, 2011

Interest and Other Income, net [Abstract]

Interest and Other Income, net

7. Interest and Other Income, net

In the second quarter of 2011, we recognized $1,657,000 of income from the collection of prior period tenant utility costs.

010801 - Net Loss on Early Extinguishment of Debt

6 Months Ended

Jun. 30, 2011

Net Loss on Early Extinguishment of Debt [Abstract]

Net Loss on Early Extinguishment of Debt

8. Net Loss on Early Extinguishment of Debt

In the first quarter of 2010, we acquired through the open market, $27,500,000 of our Kings Plaza debt for $28,738,000 in cash, which resulted in a net loss of $1,238,000.

010901 - Stock-Based Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

We account for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. Our Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights and performance shares, as defined, to the directors, officers and employees of the Company and Vornado.

On May 26, 2011, the Company granted each of the members of its Board of Directors, 131 Deferred Stock Units (“DSUs”). The DSUs entitle the holder to receive shares of the Company's common stock without the payment of any consideration. The DSUs vested immediately but the shares of common stock underlying the units are not deliverable to the grantee until the grantee is no longer serving on the Company's Board of Directors. In connection with this grant, we expensed $300,000, representing the fair value of these awards on the date of grant. This expense is included as a component of “general and administrative” expense on our consolidated statements of income for the three and six months ended June 30, 2011.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Name Accounting Standards Codification
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-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

011001 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Insurance

We maintain general liability insurance with limits of $300,000,000 per occurrence and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for terrorist acts, with sub-limits for certain perils such as floods and earthquakes on each of our properties.

In June 2011, we formed Fifty Ninth Street Insurance Company, LLC (“FNSIC”), a wholly owned consolidated subsidiary, to act as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”). Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $275,000 deductible and 15% of the balance of a covered loss and the Federal government is responsible for the remaining 85% of a covered loss. We are ultimately responsible for any loss borne by FNSIC.

There can be no assurance that we will be able to maintain similar levels of insurance coverage in the future in amounts and on terms that are commercially reasonable. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.

Our mortgage loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on our 731 Lexington Avenue property, in the event of a substantial casualty, as defined. Our mortgage loans contain customary covenants requiring us to maintain insurance. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties.

Environmental Remediation

In July 2006, we discovered an oil spill at our Kings Plaza Regional Shopping Center. We have notified the New York State Department of Environmental Conservation (“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 the clean up will aggregate approximately $2,500,000. We have paid $500,000 of such amount and the remainder is covered under our insurance policy.

10. Commitments and Contingencies - continued

Paramus

In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a 40-year term with a purchase option in 2021 for $75,000,000. We have a $68,000,000 interest only, non-recourse mortgage loan on the property from a third party lender. The fixed interest rate on the debt is 5.92% with interest payable monthly until maturity in October 2011. The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $62,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years must include the debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.

Flushing Property

In the fourth quarter of 2003, we recognized $1,289,000 of income representing a non-refundable deposit of $1,875,000, net of $586,000 of costs associated with the transaction, from a party that had agreed to purchase this property, as such party had not met its obligations under a May 30, 2002 purchase contract. On September 10, 2002, November 7, 2002, and July 8, 2004, we received letters from the party demanding return of the deposit. On December 28, 2005, the party filed a complaint against us in the New York State Court alleging that we failed to honor the terms and conditions of the agreement. The complaint sought specific performance and, if specific performance was denied, it sought a return of the deposit plus interest and $50,000 in costs. In August 2010, the New York State Court entered judgment denying specific performance and ordered us to return the deposit together with accrued interest and fees. On August 12, 2010, we filed a notice of appeal and the judgment was stayed pending the appeal. In June 2011, we settled with the party for $2,400,000, and reversed $807,000 of the $3,207,000 litigation loss accrual. This reversal is included as a reduction of “general and administrative” expenses on our consolidated statements of income for the three and six months ended June 30, 2011.

Letters of Credit

Approximately $7,998,000 of standby letters of credit were issued and outstanding as of June 30, 2011.

Other

There are various other legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

011101 - Significant Tenants

6 Months Ended

Jun. 30, 2011

Significant Tenants [Abstract]

Significant Tenants

11. Significant Tenants

Bloomberg L.P. (“Bloomberg”) accounted for $41,504,000 and $41,169,000, or 33% and 35% of our consolidated revenues in the six months ended June 30, 2011 and 2010, respectively. No other tenant accounted for more than 10% of our consolidated revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to perform its obligations under its lease, it would adversely affect our results of operations and financial condition. We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis. In addition, we access and evaluate financial information regarding Bloomberg from private sources, as well as publicly available data.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 21, 22, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

011201 - Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

12. Earnings Per Share

The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted earnings per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period, including deferred stock units. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, including deferred stock units, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and six months ended June 30, 2011 and 2010.

			Three Months Ended				Six Months Ended
			June 30,				June 30,
(Amounts in thousands, except share and per share amounts)			2011		2010		2011		2010
	Net income attributable to common
		stockholders – basic and diluted	$	20,157	$	15,549	$	38,364	$	30,663

	Weighted average shares outstanding – basic and diluted			5,106,351		5,105,936		5,106,144		5,105,936

	Net income per common share – basic and diluted		$	3.95	$	3.05	$	7.51	$	6.01