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Alexander's
Alexander's, Inc. is a real estate investment trust that owns 7 properties in New York metropolitan area, including 731 Lexington Avenue, the headquarters of Bloomberg L.P. It is controlled by Vornado Realty Trust. It was founded by George Farkas and Louis Schwadron in 1928.
Alexander's originated as a department store chain that included 16 stores at its peak in 1981 before it filed for bankruptcy in 1992. Six of Alexander's 11 stores (at the time of the 1992 bankruptcy) were located in buildings owned by the company. Locations included a store that occupied the entire block between East 58th and 59th streets and Lexington and Third Avenues in Manhattan (now the location of 731 Lexington Avenue), a store in The Mall at the World Trade Center, an anchoring store in the bustling shopping district of Fordham Road in The Bronx, and a store in Paramus, New Jersey that featured one of the largest murals in the world.
In 1928, George Farkas, a Brooklyn native, opened a store on Third Avenue in the Bronx with $7,500 (~$107,924 in 2024) and named it for his deceased father, Alexander. Catering to the well-to-do middle class, the store offered discounted designer clothing and high-quality private label goods. Its advertising slogan at one time was "You'll find Alexander's has what you're looking for; how lucky can you get?!"
The chain thrived even during the Great Depression, and opened a location on Fordham Road and the Grand Concourse in The Bronx in 1933. At its heyday in the 1930s, this store was known for its discount bargains and had more sales per square foot than any other store in the United States.
Farkas was known for being a master at selecting locations for his stores, buying the real estate instead of leasing.
In February 1959, the company opened a store in Rego Park, Queens.
In 1963, the company opened its flagship store on 59th street in Manhattan after it bought the land from a company controlled by Joseph P. Kennedy Sr. for what seemed like a high price of $125 (~$978.00 in 2024) per square foot.
In December 1968, Alexander's became a public company via an initial public offering, raising $41.17 million (~$283 million in 2024), in part to prevent a takeover from competitor E. J. Korvette. Founder George Farkas retired that year due to failing health and one of his sons, Alexander S. Farkas, became CEO.
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Alexander's
Alexander's, Inc. is a real estate investment trust that owns 7 properties in New York metropolitan area, including 731 Lexington Avenue, the headquarters of Bloomberg L.P. It is controlled by Vornado Realty Trust. It was founded by George Farkas and Louis Schwadron in 1928.
Alexander's originated as a department store chain that included 16 stores at its peak in 1981 before it filed for bankruptcy in 1992. Six of Alexander's 11 stores (at the time of the 1992 bankruptcy) were located in buildings owned by the company. Locations included a store that occupied the entire block between East 58th and 59th streets and Lexington and Third Avenues in Manhattan (now the location of 731 Lexington Avenue), a store in The Mall at the World Trade Center, an anchoring store in the bustling shopping district of Fordham Road in The Bronx, and a store in Paramus, New Jersey that featured one of the largest murals in the world.
In 1928, George Farkas, a Brooklyn native, opened a store on Third Avenue in the Bronx with $7,500 (~$107,924 in 2024) and named it for his deceased father, Alexander. Catering to the well-to-do middle class, the store offered discounted designer clothing and high-quality private label goods. Its advertising slogan at one time was "You'll find Alexander's has what you're looking for; how lucky can you get?!"
The chain thrived even during the Great Depression, and opened a location on Fordham Road and the Grand Concourse in The Bronx in 1933. At its heyday in the 1930s, this store was known for its discount bargains and had more sales per square foot than any other store in the United States.
Farkas was known for being a master at selecting locations for his stores, buying the real estate instead of leasing.
In February 1959, the company opened a store in Rego Park, Queens.
In 1963, the company opened its flagship store on 59th street in Manhattan after it bought the land from a company controlled by Joseph P. Kennedy Sr. for what seemed like a high price of $125 (~$978.00 in 2024) per square foot.
In December 1968, Alexander's became a public company via an initial public offering, raising $41.17 million (~$283 million in 2024), in part to prevent a takeover from competitor E. J. Korvette. Founder George Farkas retired that year due to failing health and one of his sons, Alexander S. Farkas, became CEO.