ALEXANDERS INC — Director's Dealing 2004

May 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALEXANDERS INC (ALX)
CIK: 0000003499
Period of Report: 2004-05-25

Reporting Person: UNDERBERG NEIL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-25	Common Shares	M	1000	$70.375	Acquired	1500	Direct
2004-05-25	Common Shares	S	1000	$161.25	Acquired	500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-25	Option (Right to Buy)	$70.375	M	1000	Acquired	2009-03-04	Common Shares (1000)	Direct

Footnotes

F1: Number of shares beneficially owned as of May 25, 2004.

F2: Immediately