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                                                                      EXHIBIT 12
 
                               ALEXANDER'S, INC.
 
              CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND
              COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND
 
<TABLE>
<CAPTION>
                                                        YEAR ENDED                         FIVE MONTHS      FISCAL YEAR ENDED
                                  -------------------------------------------------------     ENDED      ------------------------
                                  DECEMBER 31,   DECEMBER 31,  DECEMBER 31,  DECEMBER 31,  DECEMBER 31,  JULY 31,       JULY 25,
                                      1996           1995          1994        1993(1)       1993(1)      1993(2)         1992
                                  ------------   ------------  ------------  ------------  ------------  ---------      ---------
<S>                               <C>            <C>           <C>           <C>           <C>           <C>            <C>
Income/(loss) from continuing
  operations before reversal of
  deferred taxes.................   $ 13,097(4)    $ (9,102)      $4,033       $  9,644       $  946      $27,151(5)    $ (14,630)
Fixed charges(3).................     14,464         13,607        4,228          2,621          633        1,300           1,131
                                     -------       --------       ------         ------       ------      -------        --------
Income/(loss) from continuing
  operations before income taxes
  and fixed charges..............   $ 27,561       $  4,505       $8,261       $ 12,265       $1,579      $28,451       $ (13,499)
                                     =======       ========       ======         ======       ======      =======        ========
Fixed charges:
  Interest and debt expense......   $ 14,299       $ 13,442       $4,063       $  2,456       $  468      $ 1,135       $     966
   1/3 of rent expense - interest
    factor.......................        165            165          165            165          165          165             165
                                     -------       --------       ------         ------       ------      -------        --------
                                      14,464         13,607        4,228          2,621          633        1,300           1,131
  Capitalized interest...........      8,552          6,575        1,718            753          753           --              --
                                     -------       --------       ------         ------       ------      -------        --------
                                    $ 23,106       $ 20,182       $5,946       $  3,374       $1,386      $ 1,300       $   1,131
                                     =======       ========       ======         ======       ======      =======        ========
Ratio of earnings to fixed
  charges........................       1.20(4)          --         1.39           3.64         1.14        21.89(5)           --
Deficiency in earnings available
  to cover fixed charges.........         --       $(15,677)          --             --           --           --       $ (14,630)
                                                   ========                                                              ========
</TABLE>
 
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(1) In November 1993, the Company changed to a calendar year from a fiscal year
    ending on the last Saturday in July. The amounts for the year ended December
    31, 1993 are included for comparative purposes only.
 
(2) Includes 53 weeks.
 
(3) For purposes of this calculation, earnings before fixed charges consist of
    earnings before income taxes plus fixed charges. Fixed charges consist of
    interest expense on all indebtedness (including amortization of debt
    issuance costs) from continuing operations and the portion of operating
    lease rental expense that is representative of the interest factor (deemed
    to be one-third of operating lease rentals). Fixed charges does not include
    any interest paid to unsecured creditors or charged against the reserve from
    discontinued operations. Fixed charges also does not include any interest
    expensed or capitalized during the period the Company was in the retail
    business (prior to 5/15/92) except for its share of the Kings Plaza Mall
    interest expense.
 
(4) Includes gain of $14,372 from the reversal of the Company's postretirement
    healthcare liability without which the Company would have a deficiency in
    earnings to cover fixed charges of $9,827.
 
(5) Includes a gain on sales of leases of $28,779 without which the Company
    would have a deficiency in earnings to cover fixed charges of $1,628.
 
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