Exhibit 12.1

Alexander's, Inc.

Consolidated Ratios of Earnings to Fixed Charges

	Year Ended December 31,															Nine Months Ended September 30,
	2003			2004			2005			2006			2007			2007			2008
Earnings:
Pretax income (loss) from continuing operations	$	(18,948	)	$	(37,331	)	$	21,298		$	(88,239	)	$	114,341		$	80,233		$	23,563
Fixed charges		51,346			65,546			69,875			69,366			70,151			52,460			54,562
Capitalized interest		(37,516	)		(25,087	)		(6,935	)		(1,378	)		(4,567	)		(2,965	)		(7,575	)
Total Earnings (1)	$	(5,118	)	$	3,128		$	84,238		$	(20,251	)	$	179,925		$	129,728		$	70,550
Fixed charges (2):
Interest and debt expense	$	13,691		$	40,320		$	62,678		$	67,726		$	65,322		$	49,299		$	46,789
1/3 of rent expense - interest factor (3)		139			139			262			262			262			196			198
Capitalized interest		37,516			25,087			6,935			1,378			4,567			2,965			7,575
Total fixed charges (4)	$	51,346		$	65,546		$	69,875		$	69,366		$	70,151		$	52,460		$	54,562
Ratio of earnings to fixed charges		-			-			1.21			-			2.56			2.47			1.29
Deficiency in earnings available to cover fixed charges (5)	$	(56,464	)	$	(62,418	)	$	-		$	(89,617	)	$	-		$	-		$	-

(1) For purposes of the calculation, earnings represents pretax income from continuing operations plus fixed charges less capitalized interest.

(2) There were no preference securities outstanding during the periods shown.

(3) This is the portion of operating lease rental expense deemed to represent the interest factor.

(4) For purposes of this calculation, fixed charges represent interest expense from continuing operations, including amortizaiton of deferred debt issuance costs, plus the portion of operating lease rental expense that management considers representative of the interest factor, plus capitalized interest.

(5) Included if ratio indicates less than one-to-one coverage.