Schulco Company, Inc.
List of Deals
- 1926 guaranteed 6 1/2% mortgage sinking fund gold bonds
- 1926 guaranteed 6 1/2% mortgage sinking fund gold bonds issue B
Schulco Company was incorporated in New York on June 14, 1926. Organized to be a general real estate business, it was created by the Schulte Retail Stores Corporation to acquire thirteen parcels of real estate located in greater New York. The most important properties were the twelve-story Longacre Building, located at 42 nd Street and Broadway, and the twenty-three-story building at the northwest corner of 38 th Street and Eighth Avenue. All properties were leased for thirty-five years, ending in 1961. The properties were leased to both Schulte Real Stores Corporation and D.A. Schulte.
Shortly after Schulco Company was formed, Lehman Brothers and Redmond & Company managed a public offering of $3.5 million 6 ½ percent mortgage bonds with a twenty-year maturity date. The proceeds were used to purchase the thirteen properties.