<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[XX]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarterly period ended:                JUNE 30, 1997

                                       or

[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number:   1-6064

                                ALEXANDER'S, INC.
             (Exact name of registrant as specified in its charter)

                   DELAWARE                               51-0100517
(State or other jurisdiction of incorporation          (I.R.S. Employer
               or organization)                     Identification Number)

PARK 80 WEST, PLAZA II, SADDLE BROOK, NEW JERSEY             07663
    (Address of principal executive offices)              (Zip Code)

                                  (201)587-8541
              (Registrant's telephone number, including area code)


   (Former name, former address and former fiscal year, if changed since last
                                    report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 [X] Yes [ ] No

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

           Indicate by check mark whether the registrant has filed all reports
required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court.

                                 [ ] Yes [ ] No

      As of August 1, 1997 there were 5,000,850 common shares outstanding.


                                  Page 1 of 18
<PAGE>   2

                                ALEXANDER'S, INC.

                                      INDEX



                                                                  Page Number
                                                                  -----------
PART I. FINANCIAL INFORMATION:

     Item 1. Financial Statements:

             Consolidated Balance Sheets as of June 30, 1997
             and December 31, 1996..................................    3

             Consolidated Statements of Operations for the Three and
             Six Months Ended June 30, 1997 and June 30, 1996.......    4

             Consolidated Statements of Cash Flows for the Six
             Months Ended June 30, 1997 and June 30, 1996...........    5

             Notes to Consolidated Financial Statements.............    6

     Item 2. Management's Discussion and Analysis of Financial
             Condition and Results of Operations....................    8


PART II.     OTHER INFORMATION:

     Item 4. Submission of Matters to a Vote of Security Holders....   12

     Item 6. Exhibits and Reports on Form 8-K.......................   12


Signatures   .......................................................   13

Exhibit Index ......................................................   14

Exhibit 10   .......................................................   15

Exhibit 27   .......................................................   18


                                  Page 2 of 18
<PAGE>   3
PART I.  FINANCIAL INFORMATION

                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS
                   (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                       JUNE 30,     DECEMBER 31,
                                                         1997          1996
                                                       ---------    ------------
<S>                                                    <C>           <C>      
 ASSETS:

 Real estate, at cost:
   Land                                                $  45,999     $  45,999
   Buildings, leaseholds and Improvements
      (including $483 and $242 of
      construction in progress at
      June 30, 1997 and December 31, 1996)               114,763       114,280
   Capitalized expenses and predevelopment
      costs                                               55,935        47,488
                                                       ---------     ---------
         Total                                           216,697       207,767
   Less accumulated depreciation and
      amortization                                       (40,243)      (39,375)
                                                       ---------     ---------
                                                         176,454       168,392
   Investment in unconsolidated joint
      venture                                             10,953        12,613
                                                       ---------     ---------    
   Real estate, net                                      187,407       181,005

 Cash and cash equivalents                                14,204         5,480
 Restricted cash                                           4,087         5,620
 Accounts receivable, net of allowance for
   doubtful accounts of $147 in each period                  528           201
 Receivable arising from the straight-lining
   of rents, net                                           6,397         5,984
 Deferred lease and other expenses                        12,294         9,966
 Deferred debt expense                                     1,647         2,364
 Other assets                                              1,761           965
                                                       ---------     ---------




 TOTAL ASSETS                                          $ 228,325     $ 211,585
                                                       =========     =========

LIABILITIES AND DEFICIENCY IN NET ASSETS:
Liabilities:
Debt                                                   $ 208,353     $ 192,347
Amounts due to Vornado Realty Trust and
 its affiliate                                             7,570         6,207
Accounts payable and accrued liabilities                   3,925         4,246
Other liabilities from discontinued operations             2,339         2,622
Minority interest                                            600           600
                                                       ---------     ---------

 TOTAL LIABILITIES                                       222,787       206,022
                                                       ---------     ---------          
Commitments and contingencies

Stockholders' Equity:

Common stock; $1.00 par value per share;
  authorized, 10,000,000 shares;
  issued 5,173,450                                         5,174         5,174
Additional capital                                        24,843        24,843
Deficit                                                  (23,519)      (23,494)
                                                       ---------     ---------         
                                                           6,498         6,523
Less treasury shares, 172,600 shares at
  cost                                                      (960)         (960)
                                                       ---------     ---------    
 Total stockholders' equity                                5,538         5,563
                                                       ---------     ---------    





TOTAL LIABILITIES AND STOCKHOLDERS'
  EQUITY                                               $ 228,325     $ 211,585
                                                       =========     =========
</TABLE>

                 See notes to consolidated financial statements.

                                    Page 3 of 18
<PAGE>   4
                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share amounts)

<TABLE>
<CAPTION>
                                                FOR THE THREE MONTHS ENDED       FOR THE SIX MONTHS ENDED
                                                ---------------------------     ---------------------------
                                                 JUNE 30,        JUNE 30,        JUNE 30,        JUNE 30,
                                                   1997            1996            1997            1996
                                                -----------     -----------     -----------     -----------
<S>                                             <C>             <C>             <C>             <C>        
Revenues:
 Property rentals                               $     4,630     $     4,504     $     8,850     $     7,453
 Expense reimbursements                                 803             499           1,294             967
 Equity in income of unconsolidated
   joint venture                                      1,328             683           2,615           1,950
                                                -----------     -----------     -----------     -----------
Total revenues                                        6,761           5,686          12,759          10,370
                                                -----------     -----------     -----------     -----------

Expenses:
 Operating (including management fee
   to Vornado of $210 and $420 each for
   the three and six months ended 1997
   and 1996, respectively)                            2,265           1,429           3,877           2,453
 General and administrative (including
   management fee to Vornado of $540
   and $1,080 each for the three and
   six months ended 1997 and 1996,
   respectively)                                      1,032           1,262           2,013           2,422
 Depreciation and amortization                          582             556           1,153             823
                                                -----------     -----------     -----------     -----------
Total expenses                                        3,879           3,247           7,043           5,698
                                                -----------     -----------     -----------     -----------

Operating income                                      2,882           2,439           5,716           4,672

Interest and debt expense (including
  interest on loan from Vornado)                     (3,311)         (3,419)         (6,605)         (6,736)
Interest and other income, net                          612           1,033             864           1,655
                                                -----------     -----------     -----------     -----------

Income (loss) from continuing operations                183              53             (25)           (409)
Income from discontinued operations                      --          11,602              --          11,602
                                                -----------     -----------     -----------     -----------

Net income (loss)                               $       183     $    11,655     $       (25)    $    11,193
                                                ===========     ===========     ===========     ===========

Net income (loss) per share:
 Continuing operations                          $       .04     $       .01     $        --     $      (.08)
 Discontinued operations                                 --            2.32              --            2.32
                                                -----------     -----------     -----------     -----------
 Net income (loss)                              $       .04     $      2.33     $        --     $      2.24
                                                ===========     ===========     ===========     ===========

Weighted average number of common
  shares outstanding during period                5,000,850       5,000,850       5,000,850       5,000,850
</TABLE>

                 See notes to consolidated financial statements.


                                  Page 4 of 18
<PAGE>   5
                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

<TABLE>
<CAPTION>
                                                                FOR THE SIX MONTHS ENDED
                                                                ------------------------
                                                                  JUNE 30,     JUNE 30,
                                                                    1997         1996
                                                                  --------     --------
<S>                                                             <C>            <C>      
CASH FLOWS FROM OPERATING ACTIVITIES:
   Loss from continuing operations                                $    (25)    $   (409)
    Adjustments to reconcile loss from continuing
       operations to net cash provided by
       continuing operating activities:
         Depreciation and amortization
            (including debt issuance costs)                          2,069        1,827
         Straight-lining of rental income                             (413)        (971)
         Equity in income of unconsolidated joint
            venture (net of distributions of
            $4,275 and $4,149 in 1997 and 1996)                      1,660        2,199
    Change in assets and liabilities:
         Accounts receivable                                          (327)        (336)
         Amounts due to Vornado Realty Trust and its affiliate      (1,090)         371
         Liability for postretirement healthcare benefits               --         (810)
         Accounts payable and accrued liabilities                     (321)         805
         Other liabilities from discontinued operations               (283)      (1,038)
         Other                                                        (956)        (718)
                                                                  --------     --------   

Net cash provided by operating activities                              314          920
                                                                  --------     --------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Additions to real estate                                         (8,930)     (24,051)
   Cash restricted for construction financing                          965         (122)
   Cash restricted for operating liabilities                           568        7,846
                                                                  --------     --------
Net cash used in investing activities                               (7,397)     (16,327)
                                                                  --------     --------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Issuance of debt                                                 16,667       10,527
   Debt repayments                                                    (661)        (522)
   Deferred debt expense                                              (199)          --
                                                                  --------     --------
Net cash provided by financing activities                           15,807       10,005
                                                                  --------     --------

Net increase (decrease) in cash and cash equivalents                 8,724       (5,402)
Cash and cash equivalents at beginning of period                     5,480        8,471
                                                                  --------     --------

Cash and cash equivalents at end of period                        $ 14,204     $  3,069
                                                                  ========     ========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
   Cash payments for interest (including capitalized
     interest of $4,579 and $4,455)                               $ 10,268     $ 10,187
                                                                  ========     ========
</TABLE>

                 See notes to consolidated financial statements.


                                  Page 5 of 18
<PAGE>   6
                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



1. CONSOLIDATED FINANCIAL STATEMENTS

    The consolidated balance sheet as of June 30, 1997, the consolidated
   statements of operations for the three and six months ended June 30, 1997 and
   June 30, 1996, and the consolidated statements of cash flows for the six
   months ended June 30, 1997 and June 30, 1996 are unaudited. In the opinion of
   management, 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 generally accepted accounting
   principles have been condensed or omitted. These condensed consolidated
   financial statements should be read in conjunction with the financial
   statements and notes thereto included in the Company's 1996 Annual Report to
   Shareholders. The results of operations for the three and six months ended
   June 30, 1997 are not necessarily indicative of the operating results for the
   full year.


2. RELATED PARTY TRANSACTIONS

      Under a three-year management and development agreement (the "Management
   Agreement") with Vornado Realty Trust ("Vornado") which commenced March 2,
   1995, Alexander's incurred fees of $938,000 in each of the three months ended
   June 30, 1997 and 1996 and $1,875,000 and $3,468,000 in the six months ended
   June 30, 1997 and 1996. The fees for the six months ended June 30, 1996,
   included $1,443,000 related to the completion of the redevelopment of the
   Rego Park I property in the quarter ended March 31, 1996.

    In addition to the fee payable pursuant to the Management Agreement, the
   Company pays Vornado a leasing fee under the terms of its leasing agreement.
   Alexander's incurred leasing fees of $625,000 in each of the three months
   ended June 30, 1997 and 1996 and $1,250,000 in each of the six months ended
   June 30, 1997 and 1996. Vornado is due $5,490,000 at June 30, 1997 under such
   agreement, subject to the payment of rents by tenants. The lease which
   Vornado had previously negotiated with Caldor on behalf of the Company for
   its Fordham Road property was rejected in June 1997 in Caldor's bankruptcy
   proceedings, resulting in $1,254,000 of previously recorded leasing fees
   payable and $1,507,000 of deferred lease expense being reversed in the
   quarter ended June 30, 1997.

    In March 1995, the Company borrowed $45,000,000 from Vornado, the
   subordinated tranche of a $75,000,000 secured financing. The loan has a
   three-year term and presently bears interest at 15.60% (previously bore
   interest at 16.43% through March 1997). The Company incurred interest on its
   loan from Vornado of $1,775,000 and $1,889,000 in the three months ended June
   30, 1997 and 1996, of which $1,250,000 and $1,203,000 were capitalized.
   Interest on the loan was $3,626,000 and $3,758,000 in the six months ended
   June 30, 1997 and 1996, of which $2,479,000 and $1,857,000 were capitalized.


                                  Page 6 of 18
<PAGE>   7
                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



3. CONTINGENCIES

    Paramus Property

    The Company owns 39.3 acres of land, including its former store building,
   located in Paramus, New Jersey. Approximately 9 acres located on the
   property's periphery are subject to condemnation by the State of New Jersey.
   Alexander's and the New Jersey Department of Transportation ("DOT") are
   negotiating an agreement, pursuant to which the DOT will pay approximately
   $14,700,000 for the property subject to condemnation and grant the Company
   the right to develop up to 550,000 square feet on the remaining acreage. The
   agreement with the DOT is subject to negotiation of final documentation and
   to certain municipal approvals.

    Environmental Matters

    The results of a 1993 Phase I Environmental Study at the Kings Plaza
   Shopping Center property ("Center") - a 50% owned joint venture - showed that
   certain adjacent properties owned by third parties have experienced
   contamination by petroleum hydrocarbons. The Center commissioned a Phase II
   Environmental Study and Contamination Assessment/Site Investigation in June
   1997 to evaluate and delineate environmental conditions. These additional
   reports indicate that the Center is required to engage in remediation
   activities at the property due to the presence of petroleum and other
   hydrocarbons. Management believes that the remediation will not have a
   material adverse effect on the Company's financial condition and results of
   operations.

    The Company is aware of the presence of asbestos-containing materials at
   several of its properties and believes that it manages such asbestos in
   accordance with applicable laws. The Company plans to abate or remove such
   asbestos as appropriate.

    Caldor Corporation ("Caldor")

    Property rentals from Caldor, which filed for relief under Chapter 11 of the
   United States Bankruptcy Code in September 1995, represented approximately
   29% and 36% of the Company's consolidated revenues for the six months ended
   June 30, 1997 and the year ended December 31, 1996. Caldor rejected its
   Fordham Road lease effective June 6, 1997 and accordingly, no longer pays
   rent; Alexander's has filed a claim for damages based on such rejection. The
   annual base rental under this lease was $3,537,000 (approximately 15% of the
   Company's consolidated revenues). The rejection of the Fordham Road lease and
   the loss of property rental payments, if any, under the Caldor lease for the
   Flushing property, could have a material adverse affect on the Company's
   financial condition and results of operations.


                                  Page 7 of 18
<PAGE>   8
                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

   Certain statements made in this report may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act"). Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among others, the
following: general economic and business conditions, which will, among other
things, affect demand for retail space or retail goods, availability and
creditworthiness of prospective tenants, lease rents and the terms and
availability of financing; adverse changes in the real estate markets including,
among other things, competition with other companies and technology; risks of
real estate development and acquisition; governmental actions and initiatives;
and environmental/safety requirements.

RESULTS OF OPERATIONS

   The Company's revenues, which consist of property rentals, tenant expense
reimbursements and equity in income of unconsolidated joint venture were
$6,761,000 in the quarter ended June 30, 1997, compared to $5,686,000 in the
prior year's quarter, an increase of $1,075,000. Revenues were $12,759,000 for
the six months ended June 30, 1997, compared to $10,370,000 for the prior year's
six months, an increase of $2,389,000.

   Property rentals were $4,630,000 in the quarter ended June 30, 1997 compared
to $4,504,000 in the prior year's quarter, an increase of $126,000. This
increase resulted primarily from leases commencing during the quarter with
Circuit City, Bed Bath & Beyond and Old Navy for the remaining 112,000 square
feet at the Company's Rego Park I property, partially offset by the loss of rent
resulting from Caldor's rejection of its Fordham Road lease. Property rentals
for the six months ended June 30, 1997 were $8,850,000 compared to $7,453,000
for the prior year's six months, an increase of $1,397,000. In addition to the
items during the quarter noted above, the increase in the six months reflected
six months of paid parking and rents for 234,000 square feet of the Company's
Rego Park I property, compared to four months in 1996. The Company expects its
property rentals to be adversely affected by the rejection of Caldor's Fordham
Road lease - see Liquidity and Capital Resources.

   Tenant expense reimbursements were $803,000 in the quarter ended June 30,
1997, compared to $499,000 the prior year's quarter, an increase of $304,000.
Tenant expense reimbursements for the six months ended June 30, 1997 were
$1,294,000 compared to $967,000 for the prior year's six months, an increase of
$327,000. These increases reflect a corresponding increase in operating expenses
passed through to tenants as a result of six months of operations at the
Company's Rego Park I property this year, compared to four months in 1996.

   Equity in income of unconsolidated joint venture ("the Kings Plaza Shopping
Center") was $1,328,000 in the quarter ended June 30, 1997, compared to $683,000
in the prior year's quarter, an increase of $645,000. Equity in income of the
Kings Plaza Shopping Center was $2,615,000 for the six months ended June 30,
1997, compared to $1,950,000 in the prior year's six months, an increase of
$665,000. These increases resulted primarily from higher rents.

   Operating expenses were $2,265,000 in the quarter ended June 30, 1997,
compared to $1,429,000 in the prior year's quarter, an increase of $836,000.
Operating expenses were $3,877,000 in the six months ended June 30, 1997,
compared to $2,453,000 in the prior year's six months, an increase of
$1,424,000. Of these increases, $667,000 was a second quarter charge to bad debt
expense, in connection with Caldor's rejection of its Fordham Road lease, for
the receivable from the straight-lining of rents. The remaining increase of
$757,000 for the six months resulted primarily from six months of operations at
the Rego Park I property this year, compared to four months in 1996.


                                  Page 8 of 18
<PAGE>   9
                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

   General and administrative expenses were $1,032,000 in the quarter ended June
30, 1997, compared to $1,262,000 in the prior year's quarter, a decrease of
$230,000. General and administrative expenses were $2,013,000 in the six months
ended June 30, 1997 compared to $2,422,000 in the prior year's six months, a
decrease of $409,000. These decreases resulted primarily from lower professional
fees.

   Interest and debt expense was $3,311,000 for the quarter ended June 30, 1997
compared to $3,419,000 for the prior year's quarter, a decrease of $108,000.
Interest and debt expense was $6,605,000 in the six months ended June 30, 1997
compared to $6,736,000 for the prior year's six months, a decrease of $131,000.
These decreases resulted primarily from more interest expense being capitalized
on redevelopment projects in 1997, offset by interest on the Rego Park I debt
being charged to income this year for six months versus four months last year.

   Interest and other income, net was $612,000 in the quarter ended June 30,
1997, compared to $1,033,000 in the prior year's quarter, a decrease of
$421,000. Interest and other income, net was $864,000 in the six months ended
June 30, 1997, compared to $1,655,000 in the prior year's six months, a decrease
of $791,000. These decreases resulted primarily from the amortization of
deferred gains in connection with the Company's postretirement healthcare
benefits and refunds in the prior year.

   Discontinued Operations

   The Company recorded income from discontinued operations of $11,602,000 in
the quarter ended June 30, 1996 comprised of (i) $9,602,000 from the settlement
of a tax certiorari proceeding against the County of Nassau for overpayment of
taxes on its former Valley Stream Store property and (ii) $2,000,000 from the
reduction of "Other liabilities of discontinued operations".

LIQUIDITY AND CAPITAL RESOURCES

   Alexander's current operating properties (five of its nine properties) do not
generate sufficient cash flow to pay all of its expenses. The Company's four
non-operating properties (Lexington Avenue, Paramus, the Kings Plaza Store and
Rego Park II) are in various stages of redevelopment. As rents commence from a
portion of the redevelopment properties, the Company expects that cash flow will
become positive.

   The Company estimates that its capital expenditure requirements for
redevelopment projects will include: (i) approximately $2,500,000 to complete
the Rego Park I project, (ii) the redevelopment of the Paramus property, which
may include razing the existing building (in which case, the carrying cost of
approximately $5,400,000 would be written-off), at a cost of approximately
$60,000,000 to $70,000,000, (iii) the redevelopment of the Kings Plaza Store
property at a cost of approximately $5,000,000 and (iv) improvements to the
Kings Plaza Shopping Center at a cost of approximately $15,000,000. Further, the
Company is evaluating redevelopment plans for the Lexington Avenue site, which
may involve razing the existing buildings (in which case, the carrying cost of
approximately $15,000,000 would be written-off) and developing a large multi-use
building requiring capital in excess of $300,000,000 to be expended. While the
Company anticipates that financing will be available after tenants have been
obtained for these redevelopment projects, there can be no assurance that such
financing will be obtained or if obtained, that such financings will be on terms
that are acceptable to the Company. In addition, it is uncertain as to when
these projects will commence.


                                  Page 9 of 18
<PAGE>   10
                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


   Property rentals from Caldor, which filed for relief under Chapter 11 of the
United States Bankruptcy Code in September 1995, represented approximately 29%
and 36% of the Company's consolidated revenues for the six months ended June 30,
1997 and the year ended December 31, 1996. Caldor rejected its Fordham Road
lease effective June 6, 1997 and accordingly, no longer pays rent; Alexander's
has filed a claim for damages based on such rejection. The annual base rental
revenue under this lease was $3,537,000 (approximately 15% of the Company's
consolidated revenues). The rejection of the Fordham Road lease and the loss of
property rental payments, if any, under the Caldor lease for the Flushing
Property, could have a material adverse effect on the Company's financial
condition and results of operations. In addition, Caldor failed to meet certain
financial tests required under the Company's Fordham Road mortgage. As a result,
the Company was required to remit the net cash flow from the Fordham Road
Property into an account of the lender as additional payments under the loan.
The amount remitted to the lender for the six months ended June 30, 1997 was
$407,000.

   The Company's leases with Circuit City, Bed Bath & Beyond and Old Navy for
the remaining 112,000 square feet at its Rego Park I property commenced during
the second quarter of 1997. In addition, the Company's lease with Sears for
289,000 square feet at its Kings Plaza Store property for use as a full-line
department store is expected to commence in the last quarter of 1997.

   In March 1997, the Company extended its Rego Park construction loan for one
year maturing on March 30, 1998. As of June 30, 1997, $75,000,000 was funded
under such construction loan (approximately $16,667,000 was borrowed in the six
months ended June 30, 1997). The loan bears interest at LIBOR plus 1.00% (6.88%
at June 30, 1997). The Company has also agreed with the bank to refinance the
existing loan through the issuance of rated commercial mortgage backed
securities later this year.

   The Company estimates that the fair market values of its assets are
substantially in excess of their historical cost and that there is additional
borrowing capacity. Alexander's continues to evaluate its needs for capital
which may be raised through (a) property specific or corporate borrowing, (b)
the sale of securities and (c) asset sales.

   In addition, the Company may receive proceeds from condemnation proceedings
of a portion of its Paramus property.

   Although there can be no assurance, the Company believes that these cash
sources will be adequate to fund cash requirements until its operations generate
adequate cash flow.

   CASH FLOWS

   Six Months Ended June 30, 1997

   Cash provided by operating activities of $314,000 was comprised of $3,291,000
from results of operations (net loss of $25,000 offset by non-cash items of
$3,316,000), partially offset by the net change in operating assets and
liabilities of $2,977,000. The adjustments for non-cash items are comprised of
(i) depreciation and amortization of $2,069,000 and (ii) equity in income of
unconsolidated joint venture of $1,660,000, offset by the effect of
straight-lining of rental income of $413,000.

   Net cash used in investing activities of $7,397,000 was comprised of capital
expenditures of $8,930,000, offset by the release of $1,533,000 of restricted
cash.


                                  Page 10 of 18
<PAGE>   11

                                ALEXANDER'S, INC.
                                AND SUBSIDIARIES

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS



   Net cash provided by financing activities of $15,807,000 was comprised of
proceeds from the issuance of debt (net of deferred debt expense) of $16,468,000
on the Rego Park I property, offset by repayments of debt of $661,000.

   Six Months Ended June 30, 1996

   Cash provided by operating activities of $920,000 was comprised of $2,646,000
from results of operations (net loss of $409,000 offset by non-cash items of
$3,055,000), offset by a net change in operating assets and liabilities of
$1,726,000.

   Net cash used in investing activities of $16,327,000 was comprised primarily
of capital expenditures of $24,051,000, offset by the release of cash restricted
for operating liabilities of $7,846,000.

   Net cash provided by financing activities of $10,005,000 was comprised of
proceeds from the issuance of debt of $10,527,000, offset by repayments of debt
of $522,000.

RECENTLY ISSUED ACCOUNTING STANDARD

   In February 1997, the Financial Accounting Standards Board adopted Statement
No. 128 "Earnings Per Share". The statement is effective for fiscal years ending
after December 15, 1997. The Company believes that this pronouncement will not
have a material effect on its net income (loss) per share.


                                  Page 11 of 18
<PAGE>   12
                                ALEXANDER'S, INC.



     PART II.    OTHER INFORMATION

         ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                 On May 28, 1997, the Company held its annual meeting of
             stockholders. The matters on which the stockholders voted, in
             person or by proxy, were: (1) the election of the three nominees
             listed in the Proxy Statement to serve on the Board of Directors
             for a term of three years, or until their respective successors are
             duly elected and qualify and (2) the approval of the amendment to
             the Company's Omnibus Stock Plan. The three nominees were elected
             and the amendment to the Omnibus Stock Plan was approved. The
             results of the voting are shown below:

                              Election of Directors

<TABLE>
<CAPTION>
                                                             Votes Cast
                                                             Against or
                        Directors          Votes Cast For     Withheld
                  ---------------------    --------------    ----------
                  <S>                      <C>               <C>   
                  Steven Roth                4,630,660         71,112
                  Russell B. Wight, Jr.      4,630,909         70,863
                  Neil Underberg             4,630,906         70,866
</TABLE>


                 Approval of Amendment to the Omnibus Stock Plan

<TABLE>
<CAPTION>
                                                    Abstention
                                      Votes Cast     or Broker
                    Votes Cast For      Against      Non-Vote
                    --------------    ----------    ----------
                    <S>               <C>           <C>
                       2,325,696        649,021        3,504
</TABLE>


         ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K.

             (a) Exhibits:  The following exhibits are filed with this Quarterly
                 Report on Form 10-Q.


                 10 Registrant's Omnibus Stock Plan, as amended, dated May
                    28, 1997.

                 27 Financial Data Schedule

             (b) Reports on Form 8-K

                 None


                                  Page 12 of 18
<PAGE>   13
                                ALEXANDER'S, INC.


                                   SIGNATURES





Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                                   ALEXANDER'S, INC.
                                             -----------------------------
                                                      (Registrant)




Date:  August 7, 1997                              /s/ Joseph Macnow
                                             -----------------------------
                                                     JOSEPH MACNOW
                                             Vice President - Chief Financial
                                           Officer and Chief Accounting Officer


                                  Page 13 of 18
<PAGE>   14
                                ALEXANDER'S, INC.

                                  EXHIBIT INDEX


                                                             PAGE NUMBER IN
                                                                SEQUENTIAL
    EXHIBIT NO.                                                 NUMBERING
    -----------                                              --------------

        10       Registrant's Omnibus Stock Plan, as amended,
                 dated May 28, 1997.                              15

        27       Financial Data Schedule                          18


                                  Page 14 of 18