Studies in securities

Bibliographic data

Monograph

Identifikator:: 1757542078

URN:: urn:nbn:de:zbw-retromon-134903

Document type:: Monograph

Title:: Studies in securities

Edition:: Revised

Place of publication:: New York

Publisher:: Jas. J. Oliphant & Co.

Year of publication:: 1927

Scope:: 81 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Pullman Co.

Collection:: Economics Books

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.

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