Full text: Statistical manual

Appraised: Leasehold, Cushman & Wakefield, Inc.; building, 
McKim, Mead & White, total in excess of $10,390,000. 
Security: Leasehold estate to 2004, at a fixed rental to 1962, 
with two renewals of 21 years each, in the plot of ground 
one entire block, bounded by 57th Street, 58th Street, 
Eighth Avenue and Broadway-——total ground area 32,360 sq. 
ft., and the 25-story office building thereon erected. Build- 
ing has a total street frontage of 739 feet, and a net rentable 
area of 520,745 square feet. 
Earnings: The upper 13 floors of this building are under a 
long-term lease to General Motors Corporation for a period 
extending beyond the maturity of these bonds, at an annual 
rental of $700,000. 
Prior Lien: The fee estate is mortgaged for $2,050,000 but 
General Motors Corporation covenants in its lease that in 
event of the foreclosure of the fee mortgage, it will pur- 
chase in the fee and hold the leasehold estate intact for 
the benefit of these bonds. 
Note: 1928 gross income was reported as $1,461,000, and net as 
equivalent to more than twice the interest requirements on 
the $5,917,500 6s then outstanding—on a basis of a 90% 
Price range, January to Mav, 1930—98-97. 
42nd and Lexington Avenue (Chanin) Office Building 
(New York City) 
First Leasehold 64% 1945 Sinking Fund Bonds 
Amount: $6,500,000. 
Dated: September 15, 1927. 
Maturity: September 1, 1945. 
Interest: March and September 1. 
Denominations: $1000, $500 and $100. 
Taxes: 2% Federal—Minn., Calif.. Conn., Penn., Vt, Md, D.C, 
Kan., Ky., Mass. 
Redemption: Sinking Fund 101—otherwise 10215 to 1933: 102 to 
1939, thereafter 101. 
Trustee: Straus National Bank & Trust Company. 
Appraised: Cushman & Wakefield, Ine. $11,200,000, Coats & 
Burchard Co., $12,382,750, 
Assessed, 1930: Land at $4,600,000. Land & Building, $11,000,000. 
Security: Leasehold estate from Manhattan Storage & Ware- 
house Company for 21 years with four additional renewals 
of 21 years each: average annual present rental $315,000.

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