ORIGINAL
NAME                       ISSUE DATE                PRIN              DOC #
----------------------------------------------------------------------------
PIPITONE                   5/10/99                  $ 12,262           9810R2
HITEL                      5/10/99                  $ 48,582           9812R2
MARSALA                    5/10/99                  $ 53,979           9813R2
BOOT                       5/10/99                  $ 53,979           9816R2
HIRSCH                     5/10/99                  $ 52,325           9818R
MARSALA                    5/10/99                  $115,644           9820R
HIRSCH, G                  5/10/99                  $  5,141           9822R
COSGROVE                   5/10/99                  $ 15,423           9823R
CALDERON*                  5/10/99                  $ 51,411           9824R
FIELDS                     5/10/99                  $ 15,423           9825R
HECHT, I P                 5/10/99                  $ 25,705           9826R
EVANS                      5/10/99                  $  5,141           9827R
DONER                      5/10/99                  $ 10,282           9828R
MARCUS                     5/10/99                  $ 25,705           9829R
MARSALA                    5/10/99                  $ 25,705           9830R
HITEL                      5/10/99                  $ 51,411           9831R
NAGEL                      5/10/99                  $  5,141           9832R
GILBERTI                   5/10/99                  $ 25,705           9833R
BALISTRERI                 5/10/99                  $  5,141           9834R
KIRK                       5/10/99                  $ 25,705           9835R
CAPLAN                     5/10/99                  $ 15,423           9836R


* Filed herewith
<PAGE>



                          NY REGIONAL RAIL CORPORATION
                                 4302 FIRST AVE.
                               BROOKLYN, NY 11232
                        (718) 788-3690 FAX (718) 788-4462



                              PROMISSORY NOTE 9824R


May 10, 1999



FOR THE VALUE RECEIVED, the undersigned promises to pay to the order of John and
Silvia Calderon, the sum of fifty one thousand four hundred eleven ($51,411)
United States of America Dollars.

The Note amount shall be paid to Note Holder in a single payment of the sum of
fifty one thousand four hundred eleven ($51,411) US Dollars, plus all accrued
interest due, on or before October 31, 1999. Interest will be Ten percent (10%)
per annum.

In addition, the maker provides to the Note holder, listed above, the
IRREVOCABLE right to convert this Note into Common Shares of NEW YORK REGIONAL
RAIL CORPORATION ("NYRR"), as said Common Shares are available under the
provisions of the non-public offering exemption as provided in the U.S.
Securities Act of 1933 (and Regulation D there under) for as long as this Note
remains open. The conversion rights granted will be calculated at the choice of
Note Holder based on:

         (i)      on the value of the Note divided by ($.08) or
         (ii)     on the value of the Note divided by the ninety percent (90%)
                  of the average closing price of the common shares for the
                  previous ten trading days prior to the date the conversion is
                  exercised by the Note holder.

The conversion rights represented by this Note are exercisable at the option of
the Note Holder in whole at any time subsequent to the effective date of the
Company's registration statement filed with the Securities and Exchange
Commission ("SEC"). If the Note has not been converted prior to October 31, 1999
it shall automatically be extended for an additional 60-day period. Maker may
only pay this Note upon 30 days advance written notice to holder.

Upon exercise of the Note conversion into Common shares the maker grants Note
Holder an OPTION to acquire a block of .50 shares of non-restricted Common Stock
for twelve cents ($0.12) a share for every share that the shareholder acquires
through converting this NOTE into NYRR common stock. Said OPTION will be
exercisable until the later of April 30, 2000 or ninety (90) days following the
SEC's approval of NYRR's registration statement.

Maker warrants that Common shares provided to Note Holder on conversion of Note
or any other Common shares issued to Holder as result of provisions of this Note
will be issued without restrictions. If Common Stock is not available under
Regulation D, Rule 504, the Maker warrants that the Common stock discussed
herein will be registered without restrictions when Maker files any Common Stock
registration with the SEC, or files to become a fully reporting company.


To receive a certificate for the Common shares when the conversion or Option is
exercised, the Note will be presented to the Corporation, with the accompanying
form of subscription duly executed. A subscription form is provided as an
attachment to this Note. Upon receipt of a properly executed subscription form
and within the above mentioned exercise period parameters, the Maker will cause
to have issued the appropriate number of common shares, said shares being sent
from the Transfer Agent no later than ten business days from receipt of the
subscription form. If said shares are not sent by the aforementioned date Maker
agrees to issue additional shares as a penalty. Said penalty shares will be
calculated by multiplying the number of issued converted shares (N) by 0.0125
and then by each additional delay period (P), each delay period being five
business days or part, thereof.


Penalty Shares  =  N  x  0.0125 x  P

Maker agrees that Holder will receive a lower conversion price or strike price
than defined herein if Maker provides a lower price to a third party at any time
in the period from the date of this note to the date Holder converts this Note
or exercises its warrants.

In the event of default, the undersigned agrees to pay all reasonable attorney
fees and costs of collection.



New York Regional Rail Corporation



By:_________________________
     W. Robert Bentley, President