and light guarantee to the main building, and to carry a 
superstructure in the future. This property, though sepa- 
rately mortgaged, is in fact part of the Savoy-Plaza unit, 
and the security should be so viewed. 
Record: The earnings of this property are not separately re- 
ported, but are incorporated in the earnings of the parent 
company, United States Realty & Improvement Company. 
(See page 16.) 
Graybar Building 
(New York City) 
First Mortgage 5% Leasehold Series A 1946 Sinking Fund 
Bonds 
Amount: $10,500,000. 
Dated: June 1, 1928. 
Maturity: June 1, 1946. 
Interest: June and December Ist. 
Denominations: $1,000 and $500. 
Taxes: 2% Federal—Pennsylvania, Connecticut, Maryland, 
California and Massachusetts. 
Redemption: 103 to 1933; then 102 to 1938; then 101 to 1943; 
thereafter par. 
Trustee: Chase National Bank, New York. 
Appraised: 
Horace S. Ely & Company.... 
Assessed 1930: 
Land ....... $5,900,000 
Land and building .............- ........ 16,700,000 
Security: Leasehold estate, 68,200 square feet area, entire block 
frontage on the west side of Lexington Avenue, between 
43rd and 44th Streets, and the 30-story office building 
erected thereon. The building has a direct entrance into 
the Grand Central Terminal and the subway stations, con- 
tains 1,000,000 square feet rentable area, and was completed 
in 1927. The fee is owned by the New York Central in- 
terest, and the lease extends to 1988 (the rentals to 1946 
being $300,000 per annum). The New York Central inter- 
ests then have an option to purchase the building at its 
then value, or grant two more 21-year renewals of the 
lease on a 5% valuation rental. 
Equity: These bonds are followed by an issue of $1,500,000 
51,9 Series B bonds, of which $240,000 have been paid off 
to June 2, 1929. 
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