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%
occupancy.
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.