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ALEXANDER'S AND BRADLEES ENTER INTO AGREEMENTS FOR SIX STORE PROPERTIES

ALEXANDER'S AND BRADLEES ENTER INTO AGREEMENTS FOR SIX STORE PROPERTIES
 NEW YORK, Sept. 23 /PRNewswire/ -- Alexander's, Inc. (NYSE: ALX), announced today that it has entered into agreements with Bradlees, Inc., covering six store properties.
 The agreements involve the sale of leases on three Alexander's store properties for cash and the net lease or net sublease on a long-term basis of three other store properties, the consideration for which will consist primarily of future rental payments. THe company estimates that the value of the transaction is approximately $82 million, of which $28,275,000 will be in cash and the balance in the present value of future rental payments. The proposed transaction is subject to approval of the bankruptcy court. The agreements are subject to higher and better offers.
 The three store leases to be sold are: Bruckner Boulevard, Bronx; Central Park Avenue, Yonkers; and Sunrise Highway, Valley Stream, Long Island. The stores to be net leased or net subleased are: 63rd Road and Queens Boulevard, Rego Park, Queens; Fordham Road and Grand Concourse, Bronx; and Roosevelt Avenue, Flushing.
 The company expects to complete four of the transactions promptly after final approval by the bankruptcy court. The sale of leases for the company's Bruckner Boulevard and Yonkers stores, for $28 million in cash, is expected to close about Feb. 1, 1993.
 The company noted that the net lease of the Rego Park store covers the third floor of that facility and requires the company to make improvements to the property at an estimated cost of approximately $10 million.
 -0- 9/23/92
 /CONTACT: Roanne Kulakoff of Kekst and Company, 212-593-2655, for Alexander's/
 (ALX) CO: Alexander's, Inc.; Bradlees, Inc. ST: New York IN: REA SU: TNM


GK-AH -- NY010 -- 2484 09/23/92 08:54 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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