Rising interest rates: Higher interest rates increase the cost of capital for REITs, impacting development costs, property valuations, and potentially squeezing profit margins.

New York City real estate market conditions: The company's performance is highly concentrated in the New York City metropolitan area. Factors such as leasing activity, potential oversupply, and overall demand in this specific market directly affect its revenues and occupancy rates.

Tenant concentration risk: Alexander's has significant revenue dependence on major tenants, such as Bloomberg L.P. at its flagship property. Any future lease non-renewal or unfavorable renegotiation could substantially impact the company's income.