Document:

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                                                                    EXHIBIT 4.5

                                DEPOSIT AGREEMENT
                       dated as of ________________, 19__
                                      among
                                ALEXANDER'S, INC.
                             a Delaware corporation,
               ________________, a [national banking association],
                                 and the holders
                   from time to time of the Depositary Shares
                                described herein.

          WHEREAS it is desired to provide, as hereinafter set forth in this
Deposit Agreement, for the deposit of shares of ___% Preferred Shares Series __,
$1.00 par value per share, of ALEXANDER'S, INC. with the Depositary (as
hereinafter defined) for the purposes set forth in this Deposit Agreement and
for the issuance hereunder of Receipts (as hereinafter defined) evidencing
Depositary Shares (as hereinafter defined) in respect of the Stock (as
hereinafter defined) so deposited;

          NOW, THEREFORE, in consideration of the premises contained herein, the
parties hereto agree as follows.

                                    ARTICLE I

                                   DEFINITIONS

          The following definitions shall for all purposes, unless otherwise
indicated, apply to the respective terms used in this Deposit Agreement and the
Receipts:

          "Beneficial Owner" shall mean a person who owns Depositary Shares
either directly or constructively through the application of Section 544 of the
Code, as modified by Section 856(h)(1)(B) of the Code.

          "Certificate of Designation" shall mean the Certificate of Designation
filed with the Secretary of State of the State of Delaware establishing the
Stock as a series of preferred shares of the Company.

          "Certificate of Incorporation" shall mean the Amended and Restated
Certificate of Incorporation of the Company.

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          "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

          "Company" shall mean Alexander's, Inc., a Delaware corporation, and
its successors.

          "Constructive Owner" shall mean a person who owns Depositary Shares
either directly or constructively through the application of Section 318(a) of
the Code, as modified by Section 856(d)(5) of the Code.

          "Deposit Agreement" shall mean this Deposit Agreement, as amended or
supplemented from time to time.

          "Depositary" shall mean _____________________, a [national banking
association], and any successor as Depositary hereunder.

          "Depositary Shares" shall mean Depositary Shares, each representing a
[______] interest in either a share of the Stock or an Excess Share, if the
relevant share of Stock has, pursuant to the Certificate of Incorporation, been
automatically exchanged for an Excess Share and evidenced by a Receipt.

          "Depositary's Agent" shall mean an agent appointed by the Depositary
pursuant to Section 7.05.

          "Depositary's Office" shall mean the office of the Depositary at
__________________, ____________________, ____________________, at which at any
particular time its depositary receipt business shall be administered.

          "Excess Shares" shall mean shares of Excess Stock, $1.00 par value per
share, of the Company which, upon a transfer of an interest in the trust
described in Section [5(e)(I) of Article IV] of the Certificate of
Incorporation, would automatically be converted into shares of Stock.

          "Receipt" shall mean one of the depositary receipts issued hereunder,
whether in definitive or temporary form.

          "Record Holder" as applied with respect to a Depositary Share shall
mean the person in whose name a Receipt evidencing such Depositary Share is
registered on the books of the Depositary maintained for such purpose.

          "Registrar" shall mean any bank or trust company which shall be
appointed to register ownership and transfers of Receipts as herein provided.

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          "Stock" shall mean shares of the Company's Preferred Shares, Series ,
$1.00 par value per share.

                                   ARTICLE II

           FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY,
                 TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

          SECTION 2.01. Form and Transfer of Receipts. Definitive Receipts shall
be engraved or printed or lithographed and shall be substantially in the form
set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided. Pending the
preparation of definitive Receipts, the Depositary, upon the written order of
the Company delivered in compliance with Section 2.02, shall execute and deliver
temporary Receipts which are printed, lithographed, typewritten, mimeographed or
otherwise substantially of the tenor of the definitive Receipts in lieu of which
they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the persons executing such Receipts may determine, as
evidenced by their execution of such Receipts. If temporary Receipts are issued,
the Company and the Depositary will cause definitive Receipts to be prepared
without unreasonable delay. After the preparation of definitive Receipts, the
temporary Receipts shall be exchangeable for definitive Receipts upon surrender
of the temporary Receipts at an office described in the third paragraph of
Section 2.02, without charge to the holder. Upon surrender for cancellation of
any one or more temporary Receipts, the Depositary shall execute and deliver in
exchange therefor definitive Receipts representing the same number of Depositary
Shares as represented by the surrendered temporary Receipt or Receipts. Such
exchange shall be made at the Company's expense and without any charge to the
holder therefor. Until so exchanged, the temporary Receipts shall in all
respects be entitled to the same benefits under this Deposit Agreement, and with
respect to the Stock, as definitive Receipts.

          Receipts shall be executed by the Depositary by the manual signature
of a duly authorized officer of the Depositary; provided that such signature may
be a facsimile if a Registrar for the Receipts (other than the Depositary) shall
have been appointed and such Receipts are countersigned by manual signature of a
duly authorized officer of the Registrar. No Receipt shall be entitled to any
benefits under this Deposit Agreement or be valid or obligatory for any purpose
unless it shall have been executed manually by a duly authorized officer of the
Depositary or, if a Registrar for the Receipts (other than the Depositary) shall
have been appointed, by facsimile signature of a duly authorized officer of the
Depositary and countersigned manually by a duly authorized officer of such
Registrar. The Depositary shall record on its books each Receipt so signed and
delivered as hereinafter provided.

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          Receipts may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of this
Deposit Agreement as may be required by the Company or the Depositary or
required to comply with any applicable law or any regulation thereunder or with
the rules and regulations of any securities exchange upon which the Stock, the
Depositary Shares or the Receipts may be listed or to conform with any usage
with respect thereto, or to indicate any special limitations or restrictions to
which any particular Receipts are subject.

          Title to Depositary Shares evidenced by a Receipt which is properly
endorsed, or accompanied by a properly executed instrument of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until transfer of a Depositary Share shall
be registered on the books of the Depositary as provided in Section 2.04, the
Depositary may, notwithstanding any notice to the contrary, treat the Record
Holder thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for
all other purposes.

          SECTION 2.02. Deposit of Stock; Execution and Delivery of Receipt in
Respect Thereof. Subject to the terms and conditions of this Deposit Agreement,
the Company may from time to time deposit shares of Stock under this Deposit
Agreement by delivery to the Depositary of a certificate or certificates for the
Stock to be deposited, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form
satisfactory to the Depositary, together with all such certifications as may be
required by the Depositary in accordance with the provisions of this Deposit
Agreement, and together with a written order of the Company directing the
Depositary to execute and deliver to, or upon the written order of, the person
or persons stated in such order a Receipt or Receipts for the number of
Depositary Shares relating to such deposited Stock.

          Deposited Stock shall be held by the Depositary at the Depositary's
Office or at such other place or places as the Depositary shall determine.

          Upon receipt by the Depositary of a certificate or certificates for
Stock deposited in accordance with the provisions of this Section, together with
the other documents required as above specified, and upon recordation of the
Stock so deposited on the books of the Company in the name of the Depositary or
its nominee, the Depositary, subject to the terms and conditions of this Deposit
Agreement, shall execute and deliver, to or upon the order of the person or
persons named in the written order delivered to the Depositary referred to in
the first paragraph of this Section, a Receipt or Receipts for the number of
Depositary Shares relating to the Stock so deposited and registered in such name
or names as may be requested by such person or persons. The Depositary shall
execute and deliver such Receipt or Receipts at the Depositary's Office or such
other offices, if any, as the Depositary

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may designate. Delivery at other offices shall be at the risk and expense of
the person requesting such delivery.

          Other than in the case of splits, combinations or other
reclassification affecting the Stock, or in the case of dividends or other
distributions of Stock, if any, there shall be deposited hereunder not more than
____________________ shares of Stock.

          SECTION 2.03. Redemption of Stock. Whenever the Company shall elect to
redeem shares of Stock in accordance with the provisions of the Certificate of
Designation, it shall (unless otherwise agreed in writing with the Depositary)
mail notice to the Depositary of such proposed redemption, by first class mail,
postage prepaid not less than [_] or more than [_] days prior to the date fixed
for redemption of Stock in accordance with Section ___ of the Certificate of
Designation. On the date of such redemption, provided that the Company shall
then have paid in full to the Depositary the redemption price of the Stock to be
redeemed, plus any accrued and unpaid dividends thereon, the Depositary shall
redeem the Depositary Shares relating to such Stock. The Depositary shall mail
notice of such redemption and the proposed simultaneous redemption of the number
of Depositary Shares relating to the Stock to be redeemed, by first-class mail,
postage prepaid, not less than 30 and not more than 60 days prior to the date
fixed for redemption of such Stock and Depositary Shares (the "Redemption
Date"), to the Record Holders of the Depositary Shares to be so redeemed, at the
addresses of such holders as they appear on the records of the Depositary; but
neither failure to mail any such notice to one or more such holders nor any
defect in any notice to one or more such holders shall affect the sufficiency of
the proceedings for redemption as to other holders. Each such notice shall
state: (i) the Redemption Date; (ii) the number of Depositary Shares to be
redeemed and, if fewer than all the Depositary Shares held by any such holder
are to be redeemed, the number of such Depositary Shares held by such holder to
be so redeemed; (iii) the redemption price; (iv) the place or places where
Receipts evidencing Depositary Shares are to be surrendered for payment of the
redemption price; and (v) that dividends in respect of the Stock underlying the
Depositary Shares to be redeemed will cease to accrue and accumulate at the
close of business on such Redemption Date. In case less than all the outstanding
Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed
shall be selected by lot or pro rata as may be determined by the Depositary to
be equitable.

          Notice having been mailed by the Depositary as aforesaid, from and
after the Redemption Date (unless the Company shall have failed to redeem the
shares of Stock to be redeemed by it as set forth in the Company's notice
provided for in the preceding paragraph) all dividends in respect of the
Depositary Shares so called for redemption shall cease to accrue and accumulate,
the Depositary Shares being redeemed from such proceeds shall be deemed no
longer to be outstanding, all rights of the holders of Receipts evidencing such
Depositary Shares (except the right to receive the redemption price) shall, to
the extent of such Depositary Shares, cease and terminate and, upon surrender in
accordance with such

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notice of the Receipts evidencing any such Depositary Shares (properly
endorsed or assigned for transfer, if the Depositary shall so require), such
Depositary Shares shall be redeemed by the Depositary at a redemption price per
Depositary Share equal to the proportionate part of the redemption price per
share paid in respect of the shares of Stock plus all money and other property,
if any, paid with respect to such Depositary Shares, including all amounts paid
by the Company in respect of dividends which on the Redemption Date have
accumulated on the shares of Stock to be so redeemed and have not theretofore
been paid. The foregoing shall be subject further to the terms and conditions of
the Certificate of Designation.

          If fewer than all the Depositary Shares evidenced by a Receipt are
called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the redemption payment, a
new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and
not called for redemption.

          SECTION 2.04. Registration of Transfer of Receipts. Subject to the
terms and conditions of this Deposit Agreement, the Depositary shall register on
its books from time to time transfers of Depositary Shares upon any surrender of
the Receipt or Receipts evidencing such Depositary Shares by the holder in
person or by a duly authorized attorney, properly endorsed or accompanied by a
properly executed instrument of transfer. Thereupon the Depositary shall execute
a new Receipt or Receipts evidencing the same aggregate number of Depositary
Shares as those evidenced by the Receipt or Receipts surrendered and deliver
such new Receipt or Receipts to or upon the order of the person entitled
thereto.

          SECTION 2.05. Split-ups and Combinations of Receipts; Surrender of
Depositary Shares and Withdrawal of Stock. Upon surrender of a Receipt or
Receipts at the Depositary's Office or at such other offices as it may designate
for the purpose of effecting a split-up or combination of such Receipt or
Receipts, and subject to the terms and conditions of this Deposit Agreement, the
Depositary shall execute and deliver a new Receipt or Receipts in the
denominations requested, evidencing the aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered.

          Any holder of Depositary Shares (other than Depositary Shares
representing an interest in Excess Shares) may withdraw the number of whole
shares of Stock underlying such Depositary Shares and all money and other
property, if any, underlying such Depositary Shares by surrendering Receipts
evidencing such Depositary Shares at the Depositary's Office or at such other
offices as the Depositary may designate for such withdrawals. Thereafter,
without unreasonable delay, the Depositary shall deliver to such holder, or to
the person or persons designated by such holder as hereinafter provided, the
number of whole shares of Stock and all money and other property, if any,
underlying the Depositary Shares so surrendered for withdrawal, but holders of
such whole shares of Stock will not thereafter be entitled to deposit such Stock
hereunder or to receive Receipts evidencing Depositary

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Shares therefor. If a Receipt delivered by a holder to the Depositary in
connection with such withdrawal shall evidence a number of Depositary Shares
relating to other than a number of whole shares of Stock, the Depositary shall
at the same time, in addition to such number of whole shares of Stock and such
money and other property, if any, to be so withdrawn, deliver to such holder, or
(subject to Section 3.02) upon his order, a new Receipt evidencing such excess
number of Depositary Shares. Delivery of the Stock and money and other property
being withdrawn may be made by delivery of such certificates, documents of title
and other instruments as the Depositary may deem appropriate.

          If the Stock and the money and other property being withdrawn are to
be delivered to a person or persons other than the Record Holder of the
Depositary Shares evidenced by the Receipt or Receipts being surrendered for
withdrawal of Stock, such holder shall execute and deliver to the Depositary a
written order so directing the Depositary, and the Depositary may require that
the Receipt or Receipts surrendered by such holder for withdrawal of such shares
of Stock be properly endorsed in blank or accompanied by a properly executed
instrument of transfer.

          Delivery of the Stock and money and other property, if any, underlying
the Depositary Shares surrendered for withdrawal shall be made by the Depositary
at the Depositary's Office, except that, at the request, risk and expense of the
holder surrendering such Depositary Shares and for the account of such holder,
such delivery may be made at such other place as may be designated by such
holder.

          SECTION 2.06. Limitations on Execution and Delivery, Transfer,
Surrender and Exchange of Receipts. As a condition precedent to the execution
and delivery, registration of transfer, split-up, combination, surrender or
exchange of any Receipt, the Depositary, any of the Depositary's Agents or the
Company may require payment to it of a sum sufficient for the payment (or, in
the event that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any charges or expenses payable by the holder of a
Receipt pursuant to Section 5.07, may require the production of evidence
satisfactory to it as the identity and genuineness of any signature and may also
require compliance with such regulations, if any, as the Depositary or the
Company may establish consistent with the provisions of this Deposit Agreement.

          The delivery of Receipts against Stock may be suspended, the
registration of transfer of Depositary Shares may be refused and the
registration of transfer, surrender or exchange of outstanding Depositary Shares
may be suspended (i) during any period when the register of stockholders of the
Company is closed or (ii) if any such action is deemed necessary or advisable by
the Depositary, any of the Depositary's Agents or the Company at any time or
from time to time because of any requirement of law or of any government or
governmental body or commission or under any provision of this Deposit
Agreement.

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          SECTION 2.07. Lost Receipts, etc. In case any Receipt shall be
mutilated, destroyed, lost or stolen, the Depositary in its discretion may
execute and deliver a Receipt of like form and tenor in exchange and
substitution for such mutilated Receipt, or in lieu of and in substitution for
such destroyed, lost or stolen Receipt, upon (i) the filing by the holder
thereof with the Depositary of evidence satisfactory to the Depositary of such
destruction or loss or theft of such Receipt, or the authenticity thereof and of
his or her ownership thereof and (ii) the furnishing of the Depositary with
reasonable indemnification satisfactory to it.

          SECTION 2.08. Cancellation and Destruction of Surrendered Receipts.
All Receipts surrendered to the Depositary or any Depositary's Agent shall be
canceled by the Depositary. Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy all Receipts so canceled.

          SECTION 2.09. REIT Restrictions. In the event that shares of Stock
deposited with the Depositary are, pursuant to the Certificate of Incorporation,
automatically exchanged for Excess Shares, such Excess Shares shall remain on
deposit with the Depositary, as agent for the trustee of the trust described in
Section [5(e)(I) of Article IV] of the Certificate of Incorporation.
Notwithstanding any other provision of this Agreement, such Excess Shares, and
the related Depositary Shares and Receipts, shall be subject to the provisions
of the Certificate of Incorporation, including, without limitation, the
limitations on dividends and voting rights described therein. In the event that
Excess Shares, an interest in which is represented by a Depositary Share, are,
pursuant to the Certificate of Incorporation, automatically exchanged for shares
of Stock, such shares of Stock shall remain on deposit with the Depositary and
such Depositary Share shall represent an interest in such shares of Stock.
Holders of Depositary Shares representing an interest in Excess Shares who
receive amounts from the Depositary in violation of the provisions of the
Certificate of Incorporation shall repay such amounts to the Depositary and the
Depositary shall pay over any amounts so received to the Company.

                                   ARTICLE III

                       CERTAIN OBLIGATIONS OF THE HOLDERS
                           OF RECEIPTS AND THE COMPANY

          SECTION 3.01. Filing Proofs, Certificates and Other Information. Any
holder of a Depositary Share may be required from time to time to file such
proof of residence, or other matters or other information, to execute such
certificates and to make such representations and warranties as the Depositary
or the Company may reasonably deem necessary or proper. The Depositary or the
Company may withhold the delivery, or delay the registration of transfer,
redemption or exchange, of any Depositary Share or the withdrawal of any Stock
underlying Depositary Shares or the distribution of any dividend or

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other distribution or the sale of any rights or of the proceeds thereof until
such proof or other information is filed or such certificates are executed or
such representations and warranties are made.

          SECTION 3.02. Payment of Taxes or Other Governmental Charges. Holders
of Depositary Shares shall be obligated to make payments to the Depositary of
certain charges and expenses, as provided in Section 5.07. Registration of
transfer of any Depositary Share or any withdrawal of Stock and delivery of all
money or other property, if any, underlying such Depositary Share may be refused
until any such payment due is made, and any dividends or other distributions may
be withheld or all or any part of the Stock or other property relating to such
Depositary Shares and not theretofore sold may be sold for the account of the
holder thereof (after attempting by reasonable means to notify such holder prior
to such sale), and such dividends or other distributions or the proceeds of any
such sale may be applied to any payment of such charges or expenses, the holder
of such Depositary Share remaining liable for any deficiency. The Depositary
shall act as the withholding agent for any payments, distributions and exchanges
made with respect to the Depositary Shares and Receipts, and the Stock or other
securities or assets represented thereby (collectively, the "Securities"). The
Depositary shall be responsible with respect to the Securities for the timely
(i) collection and deposit of any required withholding or backup withholding
tax, and (ii) filing of any information returns or other documents with federal
(and other applicable) taxing authorities. In the event the Depositary is
required to pay any such amounts, the Company shall reimburse the Depositary for
payment thereof upon the request of the Depositary and the Depositary shall,
upon the Company's request and as instructed by the Company, pursue its rights
against such holder at the Company's expense.

          SECTION 3.03. Warranty as to Stock. The Company hereby represents and
warrants that the Stock, when issued, will be validly issued, fully paid and
nonassessable. Such representation and warranty shall survive the deposit of the
Stock and the issuance of the Receipts.

          SECTION 3.04. Restrictions on Ownership and Transfer. Holders,
Beneficial Owners and Constructive Owners of Depositary Shares shall at all
times be subject to the provisions of the Certificate of Incorporation,
including, without limitation, the restrictions on ownership and transfer
contained therein.

                                   ARTICLE IV

                        THE DEPOSITED SECURITIES; NOTICES

          SECTION 4.01. Cash Distributions. Whenever the Depositary shall
receive any cash dividend or other cash distribution on the Stock, the
Depositary shall, subject to

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Sections 2.09, 3.01, 3.02 and 3.04, distribute to the Record Holders of
Depositary Shares on the record date fixed pursuant to Section 4.04 such amounts
of such dividend or distribution as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares held by such holders; provided,
however, that in case the Company or the Depositary shall be required to
withhold and shall withhold from any cash dividend or other cash distribution in
respect of the Stock an amount on account of taxes or as otherwise required
pursuant to law, regulation or court process, the amount made available for
distribution or distributed in respect of Depositary Shares shall be reduced
accordingly. The Depositary shall distribute or make available for distribution,
as the case may be, only such amount, however, as can be distributed without
attributing to any holder of Depositary Shares a fraction of one cent, and any
balance not so distributable shall be held by the Depositary (without liability
for interest thereon) and shall be added to and be treated as part of the next
sum received by the Depositary for distribution to Record Holders of Depositary
Shares then outstanding.

          SECTION 4.02. Distributions Other than Cash. Whenever the Depositary
shall receive any distribution other than cash on the Stock, the Depositary
shall, subject to Sections 2.09, 3.01, 3.02 and 3.04, distribute to the Record
Holders of Depositary Shares on the record date fixed pursuant to Section 4.04
such amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares held
by such holders, in any manner that the Depositary may deem equitable and
practicable for accomplishing such distribution. If in the opinion of the
Depositary such distribution cannot be made proportionately among such Record
Holders, or if for any other reason (including any requirement that the Company
or the Depositary withhold an amount on account of taxes or governmental
charges) the Depositary deems, after consultation with the Company, such
distribution not to be feasible, the Depositary may, with the approval of the
Company, adopt such method as it deems equitable and practicable for the purpose
of effecting such distribution, including the sale (at public or private sale)
of the securities or property thus received, or any part thereof, at such place
or places and upon such terms as it may deem proper. The net proceeds of any
such sale shall, subject to Sections 2.09, 3.01, 3.02 and 3.04, be distributed
or made available for distribution, as the case may be, by the Depositary to the
Record Holders of Depositary Shares entitled thereto as provided by Section 4.01
in the case of a distribution received in cash. The Company shall not make any
distribution of such securities unless the Company shall have provided an
opinion of counsel to the effect that such securities have been registered under
the Securities Act of 1933 or do not need to be registered.

          SECTION 4.03. Subscription Rights, Preferences or Privileges. If the
Company shall at any time offer or cause to be offered to the persons in whose
names Stock is recorded on the books of the Company any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, such rights, preferences or
privileges shall, subject to the provisions of Sections 2.09 and 3.04, in each
such instance be made available by the Depositary to the Record Holders of

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Depositary Shares in such manner as the Depositary may determine, either by the
issue to such Record Holders of warrants representing such rights, preferences
or privileges or by such other method as may be approved by the Depositary in
its discretion with the approval of the Company; provided, however, that (i) if
at the time of issue or offer of any such rights, preferences or privileges the
Depositary determines that it is not lawful or (after consultation with the
Company) not feasible to make such rights, preferences or privileges available
to holders of Depositary Shares by the issue of warrants or otherwise, or (ii)
if and to the extent so instructed by holders of Depositary Shares who do not
desire to exercise such rights, preferences or privileges, then the Depositary,
in its discretion (with the approval of the Company, in any case where the
Depositary has determined that it is not feasible to make such rights,
preferences or privileges available), may, if applicable laws or the terms of
such rights, preferences or privileges permit such transfer, sell such rights,
preferences or privileges at public or private sale, at such place or places and
upon such terms as it may deem proper. The net proceeds of any such sale shall,
subject to Sections 2.09, 3.01, 3.02 and 3.04, be distributed by the Depositary
to the Record Holders of Depositary Shares entitled thereto as provided by
Section 4.01 in the case of a distribution received in cash. The Company shall
not make any distribution of such rights, preferences or privileges unless the
Company shall have provided an opinion of counsel to the effect that such
rights, preferences or privileges have been registered under the Securities Act
of 1933 or do not need to be registered.

          If registration under the Securities Act of 1933 of the securities to
which any rights, preferences or privileges relate is required in order for
holders of Depositary Shares to be offered or sold the securities to which such
rights, preferences or privileges relate, the Company agrees with the Depositary
that it will file promptly a registration statement pursuant to such Act with
respect to such rights, preferences or privileges and securities and use its
best efforts and take all steps available to it to cause such registration
statement to become effective sufficiently in advance of the expiration of such
rights, preferences or privileges to enable such holders to exercise such
rights, preferences or privileges. In no event shall the Depositary make
available to the holders of Depositary Shares any right, preference or privilege
to subscribe for or to purchase any securities unless and until such a
registration statement shall have become effective, or unless the offering and
sale of such securities to such holders are exempt from registration under the
provision of such Act.

          If any other action under the laws of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to the
holders of Depositary Shares, the Company agrees with the Depositary that the
Company will use its best efforts to take such action or obtain such
authorization, consent or permit sufficiently in advance of the expiration of
such rights, preferences or privileges to enable such holders to exercise such
rights, preferences or privileges.

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                                       12

          SECTION 4.04. Notice of Dividends, etc.; Fixing of Record Date for
Holders of Depositary Shares. Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash shall be
made, or if rights, preferences or privileges shall at any time be offered, with
respect to the Stock, or whenever the Depositary shall receive notice of any
meeting at which holders of Stock are entitled to vote or any solicitation of
consents in respect of the Stock or any call for redemption of any shares of
Stock, or of which holders of Stock are entitled to notice, the Depositary shall
in each such instance fix a record date (which shall be the same date as the
record date fixed by the Company with respect to the Stock) for the
determination of the holders of Depositary Shares who shall be entitled to
receive a distribution in respect of such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, or to give
instructions for the exercise of voting rights at any such meeting, or who shall
be entitled to receive notice of such meeting or any such call for redemption.

          SECTION 4.05. Voting Rights. Upon receipt of notice of any meeting at
which the holders of the Stock are entitled to vote or any solicitation of
consents in respect of the Stock, the Depositary shall, as soon as practicable
thereafter, mail to the Record Holders of Depositary Shares a notice which shall
contain (i) such information as is contained in such notice of meeting or
consent solicitation and (ii) a statement informing Record Holders of Depositary
Shares that they may instruct the Depositary as to the exercise of the voting
rights pertaining to the amount of Stock underlying their respective Depositary
Shares and a brief statement as to the manner in which such instructions may be
given. Upon the written request of the holders of Depositary Shares on the
record date established in accordance with Section 4.04, the Depositary shall
endeavor insofar as practicable to vote or cause to be voted, in accordance with
the instructions set forth in such requests, the maximum number of whole shares
of Stock underlying the Depositary Shares as to which any particular voting or
consent instructions are received. The Company hereby agrees to take all action
which may be deemed necessary by the Depositary in order to enable the
Depositary to vote such Stock or cause such Stock to be voted. In the absence of
specific instructions from the holder of a Depositary Share, the Depositary will
abstain from voting (but, at its discretion, not from appearing at any meeting
with respect to such Stock unless directed to the contrary by the holders of all
the Depositary Shares) to the extent of the Stock underlying the Depositary
Shares. Holders of Depositary Shares representing interests in Excess Shares may
provide the Depositary with voting instructions only in respect of matters as to
which Excess Shares are entitled to vote.

          SECTION 4.06. Changes Affecting Deposited Securities and
Reclassification, Recapitalization, etc. Subject to the provisions of Sections
2.09 and 3.04 hereof, upon any change in par or liquidation value, split-up,
combination or any other reclassification of the Stock, or upon any
recapitalization, reorganization, merger, amalgamation or consolidation
affecting the Company or to which it is a party, the Depositary may in its
discretion, with the approval of, and shall upon the instructions of, the
Company, and (in either case) in such

<PAGE>

                                       13

manner as the Depositary may deem equitable, (i) make such adjustments in (a)
the fraction of an interest in one share of Stock underlying one Depositary
Share and (b) the ratio of the redemption price per Depositary Share to the
redemption price of a share of the Stock, in each case as may be necessary fully
to reflect the effects of such change in par or liquidation value, split-up,
combination or other reclassification of the Stock, or of such recapitalization,
reorganization, merger, amalgamation or consolidation and (ii) treat any
securities which shall be received by the Depositary in exchange for or upon
conversion of or in respect of the Stock as new deposited securities so received
in exchange for or upon conversion of or in respect of such Stock and Receipts
then outstanding shall thenceforth represent the proportionate interest of
holders thereof in the new deposited property so received in exchange for or
upon conversion of or in respect of such Stock. In any such case the Depositary
may in its discretion, with the approval of the Company, execute and deliver
additional Receipts, or may call for the surrender of all outstanding Receipts
to be exchanged for new Receipts specifically describing such new deposited
securities.

          SECTION 4.07. Delivery of Reports. The Depositary will forward to
Record Holders of Receipts, at their respective addresses appearing in the
Depositary's books, all notices, reports and communications received from the
Company which are delivered to the Depositary and which the Company is required
or otherwise determines to furnish to the holders of Stock or Receipts.

          SECTION 4.08. List of Holders. Promptly upon request from time to time
by the Company, the Depositary shall furnish to it a list, as of a recent date,
of the names, addresses and holdings of Depositary Shares of all persons in
whose names Depositary Shares are registered on the books of the Depositary or
Registrar, as the case may be and such other information as the Company may
reasonably request in order to assess or establish the Company's status as a
real estate investment trust under the Code.

                                    ARTICLE V

                    THE DEPOSITARY, THE DEPOSITARY'S AGENTS,
                          THE REGISTRAR AND THE COMPANY

          SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by
the Depositary; Registrar. Upon execution of this Deposit Agreement, the
Depositary shall maintain at the Depositary's Offices, or at any Registrar's
Office, at which the Depositary shall have complete access to all books and
records maintained on the Company's behalf, facilities for the execution and
delivery, surrender and exchange of Receipts and the registration and
registration of transfer of Depositary Shares, and at the offices of the
Depositary's Agents, if any, facilities for the delivery, surrender and exchange
of Receipts

<PAGE>

                                       14

and the registration of transfer of Depositary Shares, all in accordance with
the provisions of this Deposit Agreement.

          The Depositary shall keep books at the Depositary's Office for the
registration and registration of transfer of Depositary Shares, which books at
all reasonable times shall be open for inspection by the Record Holders of
Depositary Shares. The Depositary may close such books, at any time or from time
to time, when deemed expedient by it in connection with the performance of its
duties hereunder.

          The Depositary shall make available for inspection by holders of
Receipts at the Depositary's Office and at such other places as it may from time
to time deem advisable during normal business hours any reports and
communications received from the Company that are both received by the
Depositary as the holder of Stock and made generally available to the holders of
Stock.

          If the Receipts or the Depositary Shares evidenced thereby or the
Stock underlying such Depositary Shares shall be listed on the New York Stock
Exchange, the Depositary may, with the approval of the Company, appoint a
Registrar for registration of such Receipts or Depositary Shares in accordance
with any requirements of such Exchange. Such Registrar (which may be the
Depositary if so permitted by the requirements of such Exchange) may be removed
and a substitute registrar appointed by the Depositary upon the request or with
the approval of the Company. If the Receipts, such Depositary Shares or such
Stock are listed on one or more other stock exchanges, the Depositary will, at
the request of the Company, arrange such facilities for the delivery,
registration, registration of transfer, surrender and exchange of such Receipts,
such Depositary Shares or such Stock as may be required by law or applicable
stock exchange regulation.

          The Depositary may from time to time appoint Depositary's Agents to
act in any respect for the Depositary for the purposes of this Deposit Agreement
and may at any time appoint additional Depositary's Agents and vary or terminate
the appointment of such Depositary's Agents. The Depositary will notify the
Company of any such action.

          SECTION 5.02. Prevention of or Delay in Performance by the Depositary,
the Depositary's Agents, any Registrar or the Company. Neither the Depositary
nor any Depositary's Agent nor any Registrar nor the Company shall incur any
liability to any holder or any Depositary Share if by reason of any provision of
any present or future law, or regulation thereunder, of the United States of
America or of any other governmental authority or, in the case of the
Depositary, any Depositary's Agent or any Registrar, by reason of any provision,
present or future, of the Company's Certificate of Incorporation (including the
Certificate of Designation) or, in the case of the Company, the Depositary, any
Depositary's Agent or any Registrar, by reason of any act of God or war or other
circumstance beyond the control of the relevant party, the Depositary, any
Depositary's

<PAGE>

                                       15

Agent, any Registrar or the Company shall be prevented or forbidden from doing
or performing any act or thing which the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, any Depositary's Agent,
any Registrar or the Company incur any liability to any holder of a Depositary
Share (i) by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing which the terms of this Deposit Agreement
provide shall or may be done or performed, or (ii) by reason of any exercise of,
or failure to exercise, any discretion provided for in this Deposit Agreement
except, in case of any such exercise or failure to exercise discretion not
caused as aforesaid, if caused by the negligence, bad faith or willful
misconduct of the party charged with such exercise or failure to exercise.

          SECTION 5.03. Obligations of the Depositary, the Depositary's Agents,
any Registrar and the Company. Neither the Depositary nor any Depositary's Agent
nor any Registrar nor the Company assumes any obligation or shall be subject to
any liability under this Deposit Agreement to holders of Depositary Shares other
than that each of them agrees to use good faith in the performance of such
duties as are specifically set forth in this Deposit Agreement and for its
negligence, bad faith or willful misconduct.

          Neither the Depositary nor any Depositary's Agent nor any Registrar
nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of the Stock, the Depositary
Shares or the Receipts which in its opinion may involve it in expense or
liability unless indemnity satisfactory to it against all expense and liability
be furnished as often as may be required.

          Neither the Depositary nor any Depositary's Agent nor any Registrar
nor the Company shall be liable for any action or any failure to act by it in
reliance upon the written advice of legal counsel or accountants, or information
from any person presenting Stock for deposit, any holder of a Depositary Share
or any other person believed by it in good faith to be competent to give such
information. The Depositary, any Depositary's Agent, any Registrar and the
Company may each rely and shall each be protected in acting upon any written
notice, request, direction or other document believed by it to be genuine and to
have been signed or presented by the proper party or parties.

          The Depositary shall not be responsible for any failure to carry out
any instruction to vote any of the shares of Stock or for the manner or effect
of any such vote, as long as any such action or non-action is in good faith. The
Depositary undertakes, and any Registrar shall be required to undertake, to
perform such duties and only such duties as are specifically set forth in this
Deposit Agreement. The Depositary will indemnify the Company against any
liability which may arise out of acts performed or omitted by the Depositary or
its agents due to its or their negligence or bad faith. The Depositary, the
Depositary's Agents, any Registrar and the Company may own and deal in any class
of securities of the Company and its affiliates and in Depositary Shares. The
Depositary may

<PAGE>

                                       16

also act as transfer agent or registrar of any of the securities of
the Company and its affiliates.

          The Depositary hereby represents and warrants as follows: (i) the
Depositary has been duly organized and is validly existing and in good standing
under the laws of the State of ____________________, with full power, authority
and legal right under such law to execute, deliver and carry out the terms of
this Deposit Agreement; (ii) this Deposit Agreement has been duly authorized,
executed and delivered by the Depositary; and (iii) this Deposit Agreement
constitutes a valid and binding obligation of the Depositary, enforceable
against the Depositary in accordance with its terms, except as enforcement
thereof may be limited by bankruptcy, insolvency, reorganization or other
similar laws affecting enforcement of creditors' rights generally and except as
enforcement thereof is subject to general principles of equity (regardless of
whether enforcement is considered in a proceeding in equity or at law). The
Depositary shall not be accountable for the use or application by the Company of
the Depositary Shares or the Receipts or the proceeds thereof.

          SECTION 5.04. Resignation and Removal of the Depositary; Appointment
of Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by notice of its election so to do delivered to the Company, such
resignation to take effect upon the appointment of a successor Depositary and
its acceptance of such appointment as hereinafter provided.

          The Depositary may at any time be removed by the Company by notice of
such removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor Depositary and its acceptance of such appointment as
hereinafter provided.

          In case the Depositary acting hereunder shall at any time resign or be
removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor Depositary,
which shall be a bank or trust company having its principal office in the United
States of America and having a combined capital and surplus of at least
$50,000,000. If no successor Depositary shall have been so appointed within 60
days after delivery of such notice, the resigning or removed Depositary may
petition any court of competent jurisdiction for the appointment of a successor
Depositary. Every successor Depositary shall execute and deliver to its
predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor Depositary, without any
further act or deed, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon payment of
all sums due it and on the written request of the Company, shall execute and
deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Stock and any moneys or property held hereunder to
such successor and shall deliver to such successor

<PAGE>

                                       17

a list of the Record Holders of all outstanding Depositary Shares. Any successor
Depositary shall promptly mail notice of its appointment to the Record Holders
of Depositary Shares.

          Any corporation into or with which the Depositary may be merged,
consolidated or converted shall be the successor of such Depositary without the
execution or filing of any document or any further act. Such successor
Depositary may authenticate the Receipts in the name of the predecessor
Depositary or in the name of the successor Depositary.

          SECTION 5.05. Corporate Notices and Reports. The Company agrees that
it will transmit to the Depositary, and the Depositary will, promptly after
receipt thereof, transmit to the Record Holders of Depositary Shares, in each
case at the address recorded in the Depositary's books, copies of all notices,
reports and communications (including without limitation financial statements)
required by law, the rules of any national securities exchange upon which the
Stock, the Depositary Shares or the Receipts are listed or by the Company's
Certificate of Incorporation (including the Certificate of Designation) to be
furnished by the Company to holders of the Stock. Such transmission will be at
the Company's expense and the Company will provide the Depositary with such
number of copies of such documents as the Depositary may reasonably request. In
addition, the Depositary will transmit to the Record Holders of Depositary
Shares at the Company's expense such other documents as may be requested by the
Company.

          SECTION 5.06. Indemnification by the Company. The Company shall
indemnify the Depositary, any Depositary's Agent and any Registrar against, and
hold each of them harmless from, any loss, liability or expense (including the
costs and expenses of defending itself) which may arise out of (i) acts
performed or omitted in connection with this Deposit Agreement and the
Depositary Shares (a) by the Depositary, any Registrar or any of their
respective agents (including any Depositary's Agent), except for any liability
arising out of negligence, willful misconduct or bad faith on the respective
parts of any such person or persons, or (b) by the Company or any of its agents,
or (ii) the offer, sale or registration of the Depositary Shares or the Stock
pursuant to the provisions hereof. The obligations of the Company set forth in
this Section 5.06 shall survive any succession of any Depositary, Registrar or
Depositary's Agent.

          SECTION 5.07. Charges and Expenses. The Company shall pay all transfer
and other taxes and governmental charges arising solely from the existence of
the depositary arrangements. The Company shall pay all charges of the Depositary
in connection with the initial deposit of the Stock and the initial issuance of
the Receipts, any redemption of the Stock at the option of the Company and any
withdrawals of Stock by holders of Depositary Shares. All other transfer and
other taxes and governmental charges shall be at the expense of holders of
Depositary Shares. If, at the request of a holder of a Depositary Share, the
Depositary incurs charges or expenses for which it is not otherwise liable
hereunder, such

<PAGE>

                                       18

holder will be liable for such charges and expenses. All other charges and
expenses of the Depositary, any Depositary's Agent hereunder and any Registrar
(including, in each case, fees and expenses of counsel) incident to the
performance of their respective obligations hereunder will be paid upon
consultation and agreement between the Depositary and the Company as to the
amount and nature of such charges and expenses. The Depositary shall present its
statement for charges and expenses to the Company once every three months or at
such other intervals as the Company and the Depositary may agree.

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

          SECTION 6.01. Amendment. The form of the Receipts and any provisions
of this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment which
shall materially and adversely alter the rights of the existing holders of
Depositary Shares shall be effective unless such amendment shall have been
approved by the holders of at least a majority of the Depositary Shares then
outstanding. Every holder of an outstanding Depositary Share at the time any
such amendment becomes effective shall be deemed, by continuing to hold such
Depositary Share, to consent and agree to such amendment and to be bound by this
Deposit Agreement as amended thereby. In no event shall any amendment impair the
right, subject to the provisions of Sections 2.03, 2.06 and Article III, of any
owner of any Depositary Shares to surrender the Receipt evidencing such
Depositary Shares with instructions to the Depositary to deliver to the holder
the Stock and all money and other property, if any, represented thereby, except
in order to comply with mandatory provisions of applicable law.

          SECTION 6.02. Termination. This Deposit Agreement may be terminated by
the Company or the Depositary only after (a) (i) all outstanding Depositary
Shares shall have been redeemed and any accumulated and unpaid dividends on the
Stock represented by the Depositary Shares, together with all other moneys and
property, if any, to which holders of the related Receipts are entitled under
the terms of such Receipts or this Deposit Agreement, have been paid or
distributed as provided in this Deposit Agreement or provision therefor has been
duly made pursuant to Section 2.03 or (ii) there shall have been made a final
distribution in respect of the stock in connection with any liquidation,
dissolution or winding up of the Company and such distribution shall have been
distributed to the holders of Receipts pursuant to Section 4.01 or 4.02, as
applicable and (b) reasonable notice has been given to any holders of Receipts.

          If any Receipts shall remain outstanding after the date of termination
of this Deposit Agreement, the Depositary thereafter shall discontinue the
transfer of Receipts, shall

<PAGE>

                                       19

suspend the distribution of dividends to the holders thereof and shall not give
any further notices (other than notice of such termination) or perform any
further acts under this Deposit Agreement, except that the Depositary shall
continue to collect dividends and other distributions pertaining to Stock, shall
sell rights, preferences or privileges as provided in this Deposit Agreement and
shall continue to deliver the Stock and any money and other property represented
by Receipts upon surrender thereof by the holders thereof. At any time after the
expiration of two years from the date of termination, the Depositary may sell
Stock then held hereunder at public or private sale, at such places and upon
such terms as it deems proper and may thereafter hold the net proceeds of any
such sale, together with any money and other property held by it hereunder,
without liability for interest, for the benefit, pro rata in accordance with
their holdings, of the holders of Receipts that have not theretofore been
surrendered. After making such sale, the Depositary shall be discharged from all
obligations under this Deposit Agreement except to account for such net proceeds
and money and other property.

          Upon the termination of this Deposit Agreement, the Company shall be
discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary, any Depositary's Agents and any Registrar under
Sections 5.06 and 5.07.

                                   ARTICLE VII

                                  MISCELLANEOUS

          SECTION 7.01. Counterparts. This Deposit Agreement may be executed in
any number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall constitute
one and the same instrument.

          SECTION 7.02. Exclusive Benefit of Parties. This Deposit Agreement is
for the exclusive benefit of the parties hereto, and their respective successors
hereunder, and shall not be deemed to give any legal or equitable right, remedy
or claim to any other person whatsoever.

          SECTION 7.03. Invalidity of Provisions. In case any one or more of the
provisions contained in this Deposit Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein or therein shall
in no way be affected, prejudiced or disturbed thereby.

          SECTION 7.04. Notices. Any and all notices to be given to the Company
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly

<PAGE>

                                       20

given if personally delivered or sent by mail or telegram or telex confirmed by
letter, addressed to the Company at 888 Seventh Avenue, New York, New York
10019, to the attention of the Treasurer, or at any other address of which the
Company shall have notified the Depositary in writing.

          Any and all notices to be given to the Depositary hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or by telegram or telex confirmed by
letter, addressed to the Depositary at the Depositary's Office or at any other
address of which the Depositary shall have notified the Company in writing.

          Any and all notices to be given to any Record Holder of a Depositary
Share hereunder or under the Receipts shall be in writing and shall be deemed to
have been duly given if personally delivered or sent by mail or by telegram or
telex confirmed by letter, addressed to such Record Holder at the address of
such Record Holder as it appears on the books of the Depositary, or if such
holder shall have filed with the Depositary a written request that notices
intended for such holder be mailed to some other address, at the address
designated in such request.

          Delivery of a notice sent by mail or by telegram or telex shall be
deemed to be effected at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a telegram or telex message) is
deposited, postage prepaid, in a post office letter box. The Depositary or the
Company may, however, act upon any telegram or telex message received by it from
the other or from any holder of a Depositary Share, notwithstanding that such
telegram or telex message shall not subsequently be confirmed by letter or as
aforesaid.

          SECTION 7.05. Depositary's Agents. The Depositary may from time to
time, with the prior approval of the Company, appoint Depositary's Agents to act
in any respect for the Depositary for the purposes of this Deposit Agreement and
may at any time appoint additional Depositary's Agents and vary or terminate the
appointment of such Depositary's Agents. The Depositary will notify the Company
of any such action.

          SECTION 7.06. Holders of Receipts Are Parties. The holders of
Depositary Shares from time to time shall be parties to this Deposit Agreement
and shall be bound by all of the terms and conditions hereof and of the Receipts
evidencing such Depositary Shares by acceptance of delivery thereof.

          SECTION 7.07. Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS
AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

<PAGE>

                                       21

          SECTION 7.08. Inspection of Deposit Agreement. Copies of this Deposit
Agreement shall be filed with the Depositary and the Depositary's Agents and
shall be open to inspection during business hours at the Depositary's Office and
the respective offices of the Depositary's Agents, if any, by any holder of a
Depository Share.

          SECTION 7.09. Headings. The headings of articles and sections in this
Deposit Agreement and in the form of Receipt set forth in Exhibit A hereto have
been inserted for convenience only and are not to be regarded as part of this
Deposit Agreement or the Receipts or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

<PAGE>

                                       22

          IN WITNESS WHEREOF, the Company and the Depositary have duly executed
this Deposit Agreement as of the day and year first above set forth, and all
holders of Depositary Shares shall become parties hereto by and upon acceptance
by them of delivery of Receipts evidencing such Depositary Shares and issued in
accordance with the terms hereof.

                                   ALEXANDER'S, INC.

                                   By:__________________________________________
                                                   [Name and Title]

                                   [___________________________________________]

                                   By:__________________________________________
                                                  [Authorized Officer]

<PAGE>

                                                                       EXHIBIT A

                           FORM OF DEPOSITARY RECEIPT
                              FOR DEPOSITARY SHARES

                        [GENERAL FORM OF FACE OF RECEIPT]

NUMBER                                         CERTIFICATE FOR DEPOSITARY SHARES

            DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH DEPOSITARY
            SHARE REPRESENTING ____________________ PREFERRED SHARES

                     This Depositary Receipt is transferable
                         in the City of _______________

                                ALEXANDER'S, INC.

                    Organized as a corporation under the laws
                            of the State of Delaware

          _________________________, as Depositary (the "Depositary"), hereby
certifies that _________________________ is the registered owner of
__________________ Depositary Shares ("Depositary Shares"), each Depositary
Share representing _____________ of one share of either
(i)______________________ Preferred Shares, Series __, $1.00 par value per share
(the "Stock"), or (ii) Excess Shares, if the relevant share of Stock has,
pursuant to the Amended and Restated Certificate of Incorporation, been
automatically exchanged for an Excess Share, of Alexander's, Inc., a Delaware
corporation (the "Company"), on deposit with the Depositary and, if such
Depositary Share represents an interest in a share of Stock, the same
proportionate interest in any and all other property received by the Depositary
in respect of such share of Stock held by the Depositary, subject to the terms
and entitled to the benefits of the Deposit Agreement dated as of
___________________, 200__ (the "Deposit Agreement"), between the Company, the
Depositary and all holders from time to time of Depositary Receipts. By
accepting this Depositary Receipt the holder hereof becomes a party to and
agrees to be bound by all the terms and conditions of the Deposit Agreement.
This Depositary Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless

<PAGE>

                                       A-2

it shall have been executed by the Depositary by the manual signature of a duly
authorized officer or, if executed in facsimile by the Depositary, countersigned
by a Registrar in respect of the Depositary Receipts by the manual signature of
a duly authorized officer thereof. "Excess Shares" means shares of Excess Stock,
$1.00 par value per share, of the Company which, upon a transfer of an interest
in the trust described in Section [5(e)(I) of Article IV] of the Amended and
Restated Certificate of Incorporation of the Company, would automatically be
converted into shares of Stock.

Dated:                                Depositary

                                       By:______________________________________
                                          Authorized Officer

                                       Registrar

                                       By:______________________________________
                                          Authorized Officer

<PAGE>

                                       A-3

                      [GENERAL FORM OF REVERSE OF RECEIPT]

                                ALEXANDER'S, INC.

          ALEXANDER'S, INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER
WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A STATEMENT OR SUMMARY OF
THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR
OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF WHICH ALEXANDER'S,
INC. IS AUTHORIZED TO ISSUE AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS
OF SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE
SECRETARY OF ALEXANDER'S, INC. AT 888 SEVENTH AVENUE, NEW YORK, NEW YORK 10019.

          The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN CO  - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN  - as joint tenants with right of survivorship and not as tenants in
          common
UNIF GIFT MIN ACT - _______________ Custodian _______________
                         (Cust)                   (Minor)
              under the Uniform Gifts to Minors Act ______________
                                                        (State)

     Additional abbreviations may also be used though not in the above list.

For value received, _____________ hereby sell(s), assign(s) and transfer(s) unto
________________________________________________________________________________
(Please insert social security or other identifying number of Assignee)

________________________________________________________________________________
(Please print or typewrite Name and address including postal Zip Code
of Assignee)

_____________ Depositary Shares represented by the within Receipt and all rights
thereunder, and do hereby irrevocably constitute and appoint ___________________

<PAGE>

                                       A-4

Attorney to transfer said Depositary Shares on the books of the within named
Depositary with full power of substitution in the premises.

Dated:  ____________________

Signature:  _________________
            Name:
            Title:

                                     ___________________________________________
                                     NOTICE: The signature to this
                                     assignment must correspond with the name
                                     as written upon the face of this instrument
                                     in every particular, without alternation or
                                     enlargement or any change whatever.<PAGE>
                                                                     Exhibit 4.1

             CORPORATE PROPERTY ASSOCIATES 16 - GLOBAL INCORPORATED

             2003 DISTRIBUTION REINVESTMENT AND STOCK PURCHASE PLAN

      1. Participation; Agent. Corporate Property Associates 16 - Global
Incorporated 2003 Distribution Reinvestment and Stock Purchase Plan ("Plan") is
available to shareholders of record of the common stock of Corporate Property
Associates 16 - Global Incorporated ("CPA(R):16 - Global"). Phoenix American
Financial Services, Inc. ("Phoenix American") acting as agent for each
participant in the Plan, will apply cash dividends which become payable to such
participant on shares of CPA(R):16 - Global Common Stock (including shares held
in the participant's name and shares accumulated under the Plan), to the
purchase of additional whole and fractional shares of CPA(R):16 - Global Common
Stock for such participant.

      2. Eligibility. Participation in the Plan is limited to registered owners
of CPA(R):16 - Global Common Stock. Shares held by a broker-dealer or nominee
must be transferred to ownership in the name of the shareholder in order to be
eligible for this plan. Further, a shareholder who wishes to participate in the
Plan may purchase shares through the Plan only after receipt of a prospectus
relating to CPA(R):16 - Global 's initial public offering of shares or a
prospectus relating solely to the Plan. Supplemental Share purchases may occur
only after the termination of CPA(R):16 - Global's initial public offering. A
participating shareholder is not required to include all of the shares owned by
such shareholder in the Plan, but all of the dividends paid on enrolled shares
will be reinvested.

      3. Stock Purchases. In making purchases for the accounts of participants,
Phoenix American may commingle the funds of one participant with those of other
participants in the Plan. All shares purchased under the Plan will be held in
the name of each Participant. In the case of each purchase on the open market,
the price per share for each participant's account shall be deemed to be the
average price of all shares purchased with the funds available from that
distribution. Purchases will be made directly from CPA(R):16 - Global at the
most recently determined net asset value ("NAV") per share. NAV is determined by
adding the most recent appraised value of the real estate owned by CPA(R):16 -
Global to the value of its other assets, subtracting the total amount of all
liabilities and dividing the difference by the total number of outstanding
shares. Phoenix American shall have no responsibility with respect to the market
value of the CPA(R):16 - Global Common Stock acquired for participants under the
Plan.

      4. Timing of Purchases. Phoenix American will make every reasonable effort
to invest all dividends and additional cash contributions on the 15th day of the
dividend paying month (or the first business day following the 15th if that day
is not a business day), except where necessary to comply with applicable
securities laws. If, for any reason beyond the control of Phoenix American
investment cannot be completed within 30 days after the applicable dividend
payment date, participants' funds held by Phoenix American will be distributed
to the participant.

      5. Account Statements. Following the completion of the purchase of shares
after each dividend, Phoenix American will mail to each participant an account
statement showing the
<PAGE>

cash dividends, the number of shares purchased, the price per share and the
participant's total shares accumulated under the Plan.

      6. Expenses and Commissions. There will be no expenses to participants for
the administration of the Plan. Brokerage commissions, as described below, and
administrative fees associated with the Plan will be paid by CPA(R):16 - Global.
Any interest earned on dividends while held by Phoenix American will be paid to
the Company to defray costs relating to the Plan. Additionally, in connection
with all purchases, the Company will pay to Carey Financial Corporation selling
commissions of not more than five percent of the purchase price of shares
purchased through reinvestment. Carey Financial Corporation may, in its sole
discretion, reallow up to 5% per share of the selling commission to select
dealers.

      7. Taxation of Dividends. The reinvestment of dividends does not relieve
the participant of any taxes which may be payable on such dividends. In
addition, any brokerage commissions and fees paid by CPA(R):16 - Global on
behalf of the participant constitute additional dividend income. Total dividend
income received from CPA(R):16 - Global along with brokerage commissions and
fees paid on the participants behalf will be reported on an annual information
return filed with the Internal Revenue Service. A copy will be sent to the
participant, or the information will be shown on the participant's final account
statement for the year.

      8. Stock Certificates. No share certificates will be issued to a
participant.

      9. Voting of Shares. In connection with any matter requiring the vote of
CPA(R):16 - Global shareholders, each participant will be entitled to vote all
of the whole shares held by the participant in the Plan. Fractional shares will
not be voted.

      10. Absence of Liability. Neither CPA(R):16 - Global nor Phoenix American
or any of their officers, directors, agents or employees, shall have any
responsibility or liability as to the value of CPA(R):16 - Global's shares, any
change in the value of the shares acquired for any participant's account, or the
rate of return earned on, or the value of, the interest-bearing accounts, if
any, in which dividends are invested. Neither CPA(R):16 - Global nor Phoenix
American shall be liable for any act done in good faith, or for any good faith
omission to act, including, without limitation, any claims of liability (a)
arising out of the failure to terminate a participant's participation in the
Plan upon such participant's death prior to the date of receipt of such notice,
and (b) with respect to the time and prices at which shares are purchased for a
participant. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE FEDERAL
SECURITIES LAWS CANNOT BE WAIVED. Similarly, CPA(R):16 - Global and Phoenix
American have been advised that in the opinion of certain state securities
commissioners, indemnification is also considered contrary to public policy and
therefore unenforceable.

      11. Termination of Participation. A participant may terminate
participation in the Plan at any time by written instructions to that effect to
Phoenix American. To be effective on a dividend payment date, the notice of
termination and termination fee must be received by Phoenix American at least 15
days before that dividend payment date. Upon receipt of notice of termination
from the participant, Phoenix American may also terminate any participant's
account at any time in its discretion by notice in writing mailed to the
participant.

                                       2
<PAGE>

      12. Amendment and Termination of Plan. This Plan may be amended,
supplemented or terminated by CPA(R):16 - Global at any time by the delivery of
written notice to each participant at least 30 days prior to the effective date
of the amendment, supplement or termination. Any amendment or supplement shall
be effective as to the participant unless, prior to its effective date, Phoenix
American receives written notice of termination of the participant's account.
Amendment may include an appointment by CPA(R):16 - Global or Phoenix American
with the approval of CPA(R):16 - Global of a successor agent, in which event
such successor shall have all of the rights and obligations of Phoenix American
under this Plan.

      13. Governing Law. This Plan and the Authorization Card signed by the
participant (which is deemed a part of this Plan) and the participant's account
shall be governed by and construed in accordance with the laws of the State of
Maryland. This Agreement cannot be changed orally.

                                       3

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