Wendy Silverstein
About Wendy A. Silverstein
Independent director of Alexander’s, Inc. (ALX) since 2015; age 64 as of the 2025 proxy. Silverstein is Co‑Chief Executive Officer of StacomSilverstein, with prior senior roles including EVP & Co‑Head of Capital Markets and Acquisitions at Vornado (1998–2015), CEO of New York REIT (2017–2018), and CIO–Real Estate at WeWork (2018–2019). The Board identifies her as independent and an “audit committee financial expert,” reflecting deep real estate and capital markets expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| StacomSilverstein | Co‑Chief Executive Officer | Current (as of 2025) | Executive leadership, real estate capital markets |
| Gapview Ventures | Founder | Since Jan 2023 | Strategic investing/advisory |
| Silver Eagle Advisory Group | Co‑Founder | Sep 2020–Dec 2022 | Advisory leadership |
| WeWork Companies, Inc. | Chief Investment Officer — Real Estate | Aug 2018–Sep 2019 | Portfolio and transaction leadership |
| New York REIT, Inc. | Chief Executive Officer | Mar 2017–Jul 2018 | Wind‑down/strategic execution |
| Winthrop REIT Advisors LLC | Consultant | 2016–Mar 2017 | Advisory on REIT matters |
| Vornado Realty Trust | EVP & Co‑Head of Capital Markets and Acquisitions | Apr 1998–Apr 2015 | Led capital markets and acquisitions |
External Roles
| Organization | Role | Tenure | Committees/Positions |
|---|---|---|---|
| TPG RE Finance Trust, Inc. (public) | Director | Since 2017 | Audit; Nominating & Corporate Governance; Compensation (Chair) |
| New York REIT, Inc. (public) | Director | Feb 2017–Jul 2018 | Board oversight during wind‑down |
| Toys “R” Us, Inc. (private, formerly public) | Director | 2005–Feb 2019 | Board oversight |
Board Governance
- Independence and controlled company status: ALX is a “controlled company” under NYSE rules (owned by a group including Vornado and Interstate) and is exempt from some NYSE requirements; nonetheless, the Board determined Silverstein is independent. The Board does not have a nominating committee .
- Leadership structure: CEO Steven Roth also serves as Chair; the Board has no independent lead director (Board deems structure appropriate for ALX). All directors attended the 2024 and 2023 annual meetings .
- Committees and expertise: Silverstein is a member of the Audit Committee; the Board determined she is qualified as an “audit committee financial expert.” Audit met 4 times in 2023. In 2025, the Compensation Committee consists of Silverstein and DiBenedetto (in 2023–2024 it consisted of West (Chair) and DiBenedetto; met once per year) .
- Attendance: The Board held six meetings in 2022; each director attended at least 75% of Board and committee meetings, and independent directors met six times in executive sessions without management .
- Related‑party framework (structural): ALX is managed and receives services from Vornado and its subsidiary BMS under long‑standing agreements; in 2021 ALX incurred $2.8m management fees, $141k development fees, $1.8m leasing fees, $1.05m sales commissions, and $5.54m property management and other fees to Vornado (balances due at year‑end also disclosed) .
Fixed Compensation (Director)
| Metric (USD) | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fees Earned or Paid in Cash | $95,000 | $95,000 | $95,000 | $94,000 |
| Dividends on Deferred Stock Units (All Other Comp) | $34,002 | $39,492 | $46,467 | $53,721 |
| Total Cash + Dividends | $129,002 | $134,492 | $141,467 | $147,721 |
Notes: Directors also receive meeting fees ($1,000 per Board/committee meeting; excludes Roth) and committee retainers ($15,000 Audit Chair; $10,000 Audit member; $10,000 Comp Chair; $5,000 Comp member). Silverstein’s row detail is shown in the proxy “Compensation of Directors” tables for each year .
Performance Compensation (Director Equity) — Design and Grants
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Equity Grant Type | Deferred Stock Units (DSUs) | DSUs | DSUs | DSUs |
| DSUs Granted (Count) | 284 | 326 | 449 | 357 |
| Grant Date Fair Value (FASB ASC 718) | $56,250 | $56,250 | $56,250 | $56,250 |
| Vesting/Settlement | Fully vested at grant; not convertible or transferable until director departs the Board; dividends payable on DSUs | Same | Same | Same |
Performance metrics tied to director compensation: None disclosed; DSUs are time‑vested and not performance‑conditioned .
Other Directorships & Interlocks
- TPG RE Finance Trust, Inc.: Director since 2017; serves on Audit, Nominating & Corporate Governance, and Compensation Committees (Compensation Committee Chair) .
- Compensation Committee interlocks: The ALX proxy reports no interlocking relationships requiring disclosure (2024 and 2025 references) .
Expertise & Qualifications
- Audit committee financial expert as defined by SEC Regulation S‑K; financial literacy standards met .
- Extensive capital markets experience; recognized real estate investing/operator expertise .
Equity Ownership
| As of Record Date | Beneficially Owned Shares | % of Shares Outstanding | Ownership Form/Notes |
|---|---|---|---|
| Mar 22, 2021 | 1,747 | <1% | All DSUs granted as director; dividends payable; not convertible until departure |
| Mar 21, 2022 | 2,031 | <1% | All DSUs; same terms |
| Mar 20, 2023 | 2,357 | <1% | All DSUs; same terms |
| Mar 25, 2024 | 2,806 | <1% | All DSUs; same terms |
| Mar 24, 2025 | 3,163 | <1% | All DSUs; same terms (directors may elect later conversion date) |
No pledging or hedging by Silverstein is disclosed in the principal security holder tables; ALX notes it lacks a formal anti‑hedging policy for the company, while executives are subject to Vornado’s anti‑hedging policy (director applicability not specified) .
Governance Assessment
-
Positives
- Independent director with “audit committee financial expert” designation; serves on Audit (4 meetings in 2023), enhancing financial oversight .
- Elevated influence on compensation oversight beginning 2025 as a member of the Compensation Committee (historically met once annually given ALX’s minimal executive cash comp) .
- Engagement signals: all directors attended the 2024 and 2023 annual meetings; in 2022 each director attended ≥75% of Board/committee meetings and independent directors held six executive sessions .
- Director pay structure aligns through equity DSUs and dividends; stable grant value ($56,250) and consistent cash retainer framework indicate low risk of pay‑for‑performance misalignment for directors .
-
Watch items / potential conflicts
- Controlled company status; no independent lead director; no nominating committee, concentrating power with Chair/CEO and controlling holders .
- Extensive related‑party arrangements with Vornado (ALX manager and large owner); Silverstein’s prior long tenure as a Vornado EVP may be viewed as a perceived alignment risk despite the Board’s independence determination .
- Compensation Committee historically met infrequently (once per year in 2023/2022), which is consistent with ALX’s structure but provides limited cadence for compensation oversight .
Overall, Silverstein brings strong financial and real estate capital markets expertise and is formally recognized as an audit committee financial expert, with growing compensation oversight responsibilities in 2025. The key governance risk factor is ALX’s controlled company framework (no lead independent director; heavy related‑party services from Vornado), not Silverstein’s individual independence, which the Board affirms under NYSE standards .