Document:

Exhibit 10.52

$125,000,000.00                                                  July ____, 1999

           CONSOLIDATED, AMENDED AND RESTATED SECURED PROMISSORY NOTE

         THIS CONSOLIDATED AMENDED, AND RESTATED SECURED PROMISSORY NOTE is made
as of July __, 1999 (this "Note"), by the undersigned, METROPOLITAN 810 7TH AVE,
LLC, a limited liability company organized under Delaware Law ("810 LLC") having
an address at 10 East 50th Street,  27th Floor, New York, New York 10022 and 100
WALL COMPANY LLC, a limited liability company organized under Delaware Law ("100
LLC"),  having an address at 10 East 50th  Street,  27th Floor,  New York 10022,
jointly  and  severally,  as  maker  (810  LLC  and  100  LLC  are  collectively
hereinafter  referred to as  "Borrower"),  in favor of MONUMENTAL LIFE INSURANCE
COMPANY,  a  Maryland  corporation,  having an  address  at c/o AEGON USA Realty
Advisors, Inc., 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-5443 as payee
(hereinafter referred to as "Lender").

R E C I T A L S:
- - - - - - - -

                  810 LLC and 100 LLC, respectively, are the obligor under those
certain  promissory  notes  (collectively,  the "Existing  Notes")  described on
Exhibit  A-1  annexed  hereto  and made a part  hereof in the  aggregate  unpaid
principal  amount  as of the  date  hereof  of  $125,000,000.00  (the  "Existing
Indebtedness").

                  The  Existing  Notes are  secured by those  certain  mortgages
(collectively, the "Existing Mortgages") described on Exhibit A-2 annexed hereto
and  made  a  part  hereof  in  the  aggregate   unpaid   principal   amount  of
$125,000,000.00.

                  Lender is the holder of the  Existing  Notes and the  Existing
Mortgages.

                  On  the  date  hereof,  Borrower  and  Lender  are  spreading,
consolidating,  modifying  and  amending the  Existing  Mortgages  pursuant to a
certain  Agreement of Spreader,  Consolidation  and Modification of Mortgage and
Security Agreement.

                  Borrower and Lender desire to combine, consolidate, coordinate
and amend and restate in its entirety the Existing Indebtedness evidenced by the
Existing  Notes,  all on the  terms  and  conditions  provided  in this  Note as
hereinafter set forth.

                  Borrower and Lender  agree that these  Recitals are a material
part of this Note.

<PAGE>

         NOW,  THEREFORE,  in  consideration  of the premises and other good and
valuable  consideration,  the  receipt  and  sufficiency  of  which  are  hereby
acknowledged, the parties hereto covenant and agree as follows:

                  Borrower  and Lender  acknowledge  and agree that the Existing
Notes, as consolidated, constitute a single indebtedness in the principal amount
of ONE HUNDRED  TWENTY-FIVE  MILLION  and 00/100  DOLLARS  ($125,000,000.00)  as
evidenced by this Note.

                  From and after  the date  hereof,  the  terms,  covenants  and
provisions of the Existing Notes are hereby modified, consolidated, coordinated,
amended and restated in their entirety so that  henceforth the terms,  covenants
and provisions of this Note shall supersede those of the Existing Notes.

                  Neither  this  Note nor  anything  contained  herein  shall be
construed as a substitution or novation of Borrower's  indebtedness to Lender or
of the Existing  Notes,  all of which shall remain in full force and effect,  as
hereby confirmed, modified,  consolidated,  coordinated, amended and restated in
their entirety.

NOW, THEREFORE,  FURTHER, FOR VALUE RECEIVED,  Borrower,  jointly and severally,
promises to pay  $125,000,000.00,  together with interest according to the terms
of this secured  promissory  note (the "Note"),  to the order of Monumental Life
Insurance Company, a Maryland corporation  (together with any future holder, the
"Lender"),  c/o AEGON USA Realty Advisors, Inc., 4333 Edgewood Road, N.E., Cedar
Rapids, Iowa 52499-5443.

1.       CONTRACT INTEREST RATE

      The  principal  balance of this Note shall  bear  interest  at the rate of
      Seven and  seventy-three  one-hundredths  percent  (7.73%)  per annum (the
      "Note Rate").  Interest shall be calculated on the basis of a 360-day year
      and computed each month in arrears on the basis of a 30-day month.

2.       SCHEDULED PAYMENTS

2.1      PREPAYMENT OF INTEREST FOR THE MONTH OF FUNDING

         On the date of the funding of the loan evidenced by this Note, Borrower
         shall  prepay  interest  due from the date of the  funding  through and
         including the last day of July, 1999.

2.2      MONTHLY PRINCIPAL AND INTEREST PAYMENTS

         On the  first  day of  September,  1999  and on the  first  day of each
         subsequent  calendar  month through July,  2009,  Borrower shall pay an
         installment  in the  amount of  $942,520.24.  Monthly  installments  of
         principal and interest shall be made when due,  regardless of the prior
         acceptance by the Lender of unscheduled payments.

                                       -2-
<PAGE>

2.3      FINAL PAYMENT

         ThisNote  and the loan it evidences  (the  "Loan")  shall mature on the
         first day of August,  2009 (the  "Maturity  Date"),  when the  Borrower
         shall pay its  entire  principal  balance,  together  with all  accrued
         interest and any other amounts owed by the Borrower  under this Note or
         under any of the other  documents  entered into now or in the future in
         connection with the loan evidenced by this Note (the "Loan Documents").

3.       BALLOON PAYMENT ACKNOWLEDGEMENT

         The  Borrower  acknowledges  that the  scheduled  monthly  installments
         referred to in Subsection 2.2 will not amortize fully the principal sum
         of this  Note  over its  term,  resulting  in a  "balloon"  payment  at
         maturity.  Any future  agreement  to extend the Note or  refinance  the
         indebtedness  it  evidences  may be made  only by  means  of a  writing
         executed by a duly authorized officer of the Lender.

4.       APPLICATION OF MONTHLY PRINCIPAL AND INTEREST PAYMENTS

         When the Lender receives a monthly principal and interest payment,  the
         Lender  shall apply it first to  interest  in arrears for the  previous
         month and then to the amortization of the principal amount of the Note,
         unless  other  amounts  are then due under  the Note or the other  Loan
         Documents.  If other  amounts are due when a payment is  received,  the
         Lender shall apply the payment  first to accrued  interest and then, at
         its discretion, to either those other amounts or to principal.

5.       DEFAULT INTEREST

         If a Default  exists (as  defined  in Section 8 below) the  outstanding
         principal  balance of this Note  shall,  at the option of Lender,  bear
         interest  at a rate (the  "Default  Rate")  equal to the  lesser of (i)
         eighteen  percent  (18%) per annum and (ii) the maximum rate allowed by
         law. If a court of competent jurisdiction  determines that any interest
         charged has exceeded the maximum rate allowed by law, the excess of the
         amount collected over the legal rate of interest will be applied to the
         indebtedness as a principal prepayment without premium,  retroactively,
         as of the date of receipt.

6.       LATE CHARGE

         Borrower  shall pay a late  charge  equal to five  percent  (5%) of the
         amount of each scheduled monthly principal and interest payment that is
         not received by Lender on or before the tenth day of the calendar month
         in which it is due.  Late charges  shall be paid on or before the tenth
         day of the calendar month following the month during which they accrue.
         Interest on unpaid late charges shall, at Lender's  discretion,  accrue
         at the Note  Rate  beginning  on the first  day of the  calendar  month
         following their accrual.
                                      -3-
<PAGE>

7.       PREPAYMENT

         This Note is closed to prepayment during the first two (2) years of its
         term. Thereafter, the principal balance of this Note may be prepaid, in
         whole or in partial  prepayments of not less than  $1,000,000.00  each,
         upon not less than  fifteen  (15)  days'  prior  written  notice to the
         Lender  (except  that,  during the last 120 days prior to the  Maturity
         Date,  if the Borrower  shall request a  satisfaction  of the Mortgage,
         rather than an  assignment  of the Loan,  in lieu of the  fifteen  days
         notice described above,  notice of not less than five (5) Business Days
         shall  instead  be  permitted).  At the  time  of any  prepayment,  the
         Borrower shall pay all accrued interest on the principal balance of the
         Note and all other sums due to the Lender under the Loan Documents.  In
         addition,  unless  the  prepayment  occurs  during the  120-day  period
         immediately  preceding  the Maturity Date (in which event no prepayment
         premium shall be due and payable),  the Borrower shall pay a prepayment
         premium  equal to the greater of (a) one percent (1%) of the  principal
         prepayment  during the first seven years of the loan term and  one-half
         of one  percent  (1/2%) of the  principal  prepayment  during the final
         three years of the loan term or (b) the amount, calculated as described
         below,  which the parties agree will compensate the Lender for the loss
         of its bargained-for  investment (the "Yield Protection  Amount").  The
         prepayment  premium  constitutes  liquidated damages and is designed to
         compensate  Lender  for  reinvestment  and for its loss in yield if the
         prepayment is made at a time when reinvestment rates are lower than the
         Note Rate. The Borrower agrees that such  liquidated  damages are not a
         penalty  but are a  reasonable  estimate  in good  faith of the  actual
         damages  sustained by the Lender as a result of such prepayment,  which
         actual damages are impossible to ascertain with precision.

         Unless the one percent or one-half percent minimum prepayment  premium,
         as the case may be,  applies,  the  "Yield  Protection  Amount"  is the
         amount by which the  present  value of  scheduled  Loan  payments  (the
         "Total Present Value") on the prepaid  indebtedness exceeds the prepaid
         amount.  To determine  the Total Present  Value,  each of the scheduled
         payments  to be  made  under  the  terms  of the  Note,  including  the
         "balloon"  payment due at the Note's scheduled  Maturity Date, shall be
         discounted to its present value as of the prepayment date from the date
         which  is 120 days  prior  to the  scheduled  Maturity  Date.  For this
         purpose,  the Lender  shall use a discount  rate equal to the  interest
         rate on a hypothetical  instrument which,  assuming monthly compounding
         of interest,  would produce a yield equal to the yield, as of the close
         of business  on the date which is 10  Business  Days before the date of
         prepayment,  on a  U.S.  Treasury  security  selected  by  Lender  (the
         "Treasury  Instrument  Yield")  and having a maturity  date as close as
         practicable  to the date which is 120 days  before the  Maturity  Date.
         Lender shall base its determination of the Treasury Instrument Yield on
         the yield on U.S. Treasury instruments, as published in the Wall Street
         Journal (or, if the Wall Street Journal is not then being published, or
         if no such reports are then being published in the Wall Street Journal,
         as  reported  in  another  public  source  of  information   nationally
         recognized  for  accuracy in the report of the trading of  governmental
         securities).  If no U.S.  Treasury  security matures on the exact date,
         the  Lender  shall  interpolate  the  yield  using  the  yield  on  the
         instrument  whose maturity date most closely precedes the date which is
         120 days prior to the Maturity  Date,  and the yield on the  instrument
         whose  maturity  date most closely  succeeds the date which is 120

                                       -4-
<PAGE>

         days prior to the Maturity  Date, weighting the yields to  reflect  the
         respective lengths of the period between the Maturity Date and the most
         closely  preceding  U.S.  Treasury  instrument  maturity  date  and the
         Maturity Date and the most closely succeeding U.S. Treasury  instrument
         maturity  date. The sum of these present value amounts equals the Total
         Present Value of a prepayment  in full. If the  prepayment is a partial
         prepayment,  the Total  Present  Value equals the sum of these  present
         value amounts  multiplied by a fraction,  the numerator of which is the
         principal  amount  to be  prepaid  and  the  denominator  of  which  is
         $125,000,000.

         No  prepayment  premium  shall be charged on  amounts  attributable  to
         insurance  or  condemnation  proceeds  applied to reduce the  principal
         balance of the loan.

8.       DEFAULT

         A default on this Note ("Default")  shall exist if (a) the Lender fails
         to receive any required  installment  of  principal  and interest on or
         before the tenth day of the calendar  month in which it is due, (b) the
         Borrower  fails to pay the matured  balance of the Note on the Maturity
         Date or (c) a "Default"  exists as defined in any other Loan  Document.
         If a Default  exists and the  Lender  engages  counsel  to collect  any
         amount  due under  this Note or if Lender is  required  to  protect  or
         enforce this Note in any probate,  bankruptcy or other proceeding, then
         any  expenses  incurred  by the Lender in  respect  of the  engagement,
         including the reasonable out of pocket fees and  reimbursable  expenses
         of counsel and including such costs and fees that are particular to any
         given proceeding, shall constitute indebtedness evidenced by this Note,
         shall be payable on demand,  and shall  bear  interest  at the  Default
         Rate. Such fees and expenses  include those incurred in connection with
         any  action  against  Borrower  for  a  deficiency   judgment  after  a
         foreclosure  sale of the Mortgage  (defined  below),  including  all of
         Lender's attorneys' fees, property appraisal costs and witness fees.

9.       ACCELERATION

         If a Default exists,  the Lender may, at its option,  without notice to
         Borrower,  declare  the  unpaid  principal  balance  of this Note to be
         immediately due and payable,  together with all accrued interest on the
         indebtedness,  all costs of collection (including reasonable attorneys'
         fees and  expenses)  and all other  charges due and payable by Borrower
         under this Note or any other Loan Document.

10.      PREPAYMENT FOLLOWING ACCELERATION

         Any Default resulting in the acceleration of the indebtedness evidenced
         by this Note shall be presumed to be an attempt to avoid the provisions
         of Section 7 of this Note,  which prohibit  prepayment or condition the
         Lender's obligation to accept prepayment on the payment of a prepayment
         premium.  Accordingly, if the indebtedness is accelerated,  any amounts

                                       -5-
<PAGE>
         tendered  to repay the  accelerated  indebtedness,  or  realized by the
         Lender through its remedies following acceleration, shall be subject to
         either  (a) a  premium  equal to ten  percent  (10%) of the  amount  so
         tendered or realized, if it is tendered or realized during the first 24
         full  calendar  months of the term of the Loan,  or (b) the  prepayment
         premium that would have been  applicable  under  Section 7  (calculated
         from the date of acceleration through the Maturity Date),  whichever is
         greater.

11.      SECURITY

         This Note is secured by, among other things,  those  certain  mortgages
         which have been  spread,  consolidated  and  modified  by that  certain
         Agreement of Spreader,  Consolidation  and Modification of Mortgage and
         Security  Agreement  (the  "Mortgage")  between  Borrower  and  Lender,
         encumbering  certain real property (the "Real Property") located in the
         City of New York, New York and granting a security  interest in certain
         fixtures and personal property, and by an Absolute Assignment of Leases
         and Rents made by Borrower to Lender (the "Assignment"),  assigning the
         landlord's  interest in all present and future leases (the "Leases") of
         all or any portion of the real  property  encumbered  by the  Mortgage.
         Reference  is made  to the  Loan  Documents  for a  description  of the
         security and rights of the Lender.  This reference shall not affect the
         absolute  and  unconditional  obligation  of the  Borrower  to pay  the
         indebtedness evidenced by this Note in accordance with its terms.

12.      RECOURSE TO BORROWER

         Lender  agrees that it shall not seek to enforce any monetary  judgment
         with  respect  to the  indebtedness  evidenced  by  this  Note  against
         Borrower and Lender shall not have  recourse to Borrower or  Borrower's
         assets,  except  through  recourse to the  Property  (as defined in the
         Mortgage),  unless the obligation from which the judgment arises is one
         of the  "Carveout  Obligations"  defined in Section 13 or an obligation
         for which Borrower has voluntarily  assumed recourse liability pursuant
         to the last sentence of Section 13 hereof.

13.      CARVEOUT OBLIGATIONS

         The "Carveout  Obligations" are (i) the obligation to repay any portion
         of  the  indebtedness  evidenced  by  this  Note  that  arises  from  a
         "Carveout"  (as defined  below) (ii) the obligation to repay the entire
         indebtedness  evidenced by this Note,  if Lender's  exculpation  of the
         Borrower  from  personal  liability  under this Section has become void
         pursuant to the last paragraph of this Section 13, (iii) the obligation
         to  indemnify  Lender in  respect  of its actual  damages  suffered  in
         connection with a Carveout,  and (iv) the obligation to defend and hold
         Lender harmless from and against any claim,  judgment,  cause of action
         or proceeding arising from a Carveout. The "Carveouts" are:

                  (i) fraud or material written misrepresentation;

                                       -6-
<PAGE>

                  (ii)   waste  of the  Property  (which  shall  be  defined  to
                         include  damage,  destruction  or disrepair of the Real
                         Property  caused by a willful act or grossly  negligent
                         omission of the Borrower,  but to exclude ordinary wear
                         and tear in the absence of gross negligence);

                  (iii)  misapplication of tenant security  deposits,  insurance
                         proceeds or condemnation proceeds;

                  (iv)   failure to pay  property  taxes,  assessments  or other
                         lienable  impositions,  to the extent that amounts held
                         by the  Lender  in  escrow  for  the  payment  of  such
                         impositions  and amounts held by any receiver or in any
                         lock-box,  or  collected  by Lender  under the  related
                         Assignment,   are   insufficient   for  such   payment,
                         provided,  however,  that  no  such  failure  shall  be
                         considered  to have  occurred  in respect of any period
                         more than  sixty  (60)  days  after  the  Borrower  has
                         unconditionally  offered  to enter  into  the  Lender's
                         choice  of  either  (A)  an   agreement  to  permit  an
                         uncontested foreclosure, or (B) an agreement to deliver
                         a deed in lieu of  foreclosure,  in either  case within
                         sixty  (60)  days  of the  Lender's  acceptance  of the
                         offer;

                  (v)    failure to pay to Lender all rents, income and profits,
                         net of  reasonable  and customary  operating  expenses,
                         received  in  respect  of a period  when the Loan is in
                         Default (as defined in the Mortgage);

                  (vi)   the  out-of-pocket   expenses  of  enforcing  the  Loan
                         Documents  following  Default,  not including  expenses
                         incurred  after the  Borrower  has agreed in writing to
                         transfer  the  Real  Property  to  the  Lender  by  the
                         Lender's choice of either an uncontested foreclosure or
                         delivery of a deed in lieu of foreclosure;

                  (vii)  terminating or amending a lease of the Real Property in
                         violation of the Loan Documents;

                  (viii) any presence or release of hazardous substances;

                  (ix)   any and all liabilities,  obligations, losses, damages,
                         penalties, actions, causes of action, judgments, suits,
                         claims,   costs,   expenses  of  any  kind  or  nature,
                         including the reasonable  fees and expenses of counsel,
                         which  arise  as a  result  of  Borrower's  failure  to
                         perform its  obligations as tenant,  including  without
                         limitation,  payment of rent or taxes,  pursuant to any
                         Air  Rights  Lease  (as  such  term is  defined  in the
                         Mortgage)   or   Borrower's   failure  to  perform  its
                         obligations as sublandlord  pursuant to any sublease of
                         an Air Rights Lease;

                  (x)    any and all liabilities,  obligations, losses, damages,
                         penalties, actions, causes of action, judgments, suits,
                         claims,   costs,   expenses  of  any  kind  or  nature,
                         including the reasonable  fees and expenses of counsel,
                         which  arise  as  a  result  of  the   termination   or
                         expiration of any Air Rights  Lease,  whether by reason
                         of Borrower's  failure to timely  exercise any right or
                         option to renew any Air Rights Lease in accordance with
                         the  provisions  of such Air Rights  Lease,  Borrower's
                         default thereunder, or any other cause or circumstance;
                         and

                                       -7-
<PAGE>

                  (xi)   claims made, or causes of action commenced,  by tenants
                         at the Property known as 810 Seventh Avenue,  resulting
                         from the interruption of telephone service arising from
                         damage to the Bell  Atlantic  equipment  in the parking
                         garage which occurred prior to the date hereof.

         The Lender's  exculpation  of the Borrower from personal  liability for
         the repayment of the indebtedness  evidenced by this Note shall be void
         without notice if Borrower (a)  voluntarily  transfers or encumbers the
         Property in violation of the Loan  Documents,  or (b) files a voluntary
         petition for  reorganization  under Title 11 of the United  States Code
         (or  under any  other  present  or future  law,  domestic  or  foreign,
         similarly affording relief from creditors),  and has not offered, prior
         to the filing, to enter into the Lender's choice of either an agreement
         to permit an uncontested foreclosure, or an agreement to deliver a deed
         in  lieu  of  foreclosure  within  sixty  (60)  days  of  the  Lender's
         acceptance  of the  offer.  After  the  Lender  accepts  such an offer,
         default by the Borrower in fulfilling  the terms of the accepted  offer
         shall trigger personal liability for the entire  indebtedness.  No such
         offer shall be conditioned on any payment by the Lender, on the release
         of any obligor from any Obligation  (as defined in the Mortgage,  or on
         any other  concession.  If the Borrower  voluntarily  assumes  recourse
         liability  under  Loan  Documents  or  other  written  agreements  that
         expressly provide for such personal  liability,  such Loan Documents or
         written  agreements,  if any, shall not be subject to exculpation  from
         personal liability to the extent provided therein.

14.      SEVERABILITY

         If any  provision  of  this  Note is held  to be  invalid,  illegal  or
         unenforceable in any respect, or operates, or would if enforced operate
         to invalidate  this Note,  then that provision shall be deemed null and
         void.  Nevertheless,   its  nullity  shall  not  affect  the  remaining
         provisions of this Note, which shall in no way be affected,  prejudiced
         or disturbed.

15.      WAIVER

         The Borrower waives demand,  presentment for payment,  notice of intent
         to  accelerate,  notice of  acceleration,  protest,  notice of protest,
         dishonor and of nonpayment  and any and all lack of diligence or delays
         in  collection  or  enforcement  of this Note.  Without  affecting  the
         liability  of Borrower  under this Note,  the Lender may release any of
         the Property,  grant any  indulgence,  forbearance or extension of time
         for payment,  or release any other  person now or in the future  liable
         for the payment or performance of any obligation under this Note or any
         of the Loan Documents.

         Borrower (i) waives any homestead or similar exemption; (ii) waives any
         statute  of  limitation;  (iii)  agrees  that the Lender  may,  without
         impairing  any future  right to insist on strict and timely  compliance
         with the terms of this Note, grant any number of extensions of time for
         the  scheduled  payments  of any  amounts  due,  and may make any other
         accommodation with respect to the indebtedness  evidenced by this Note;
         (iv) waives any right to require a marshaling of assets; and (v) to the
         extent not prohibited by applicable law,

                                       -8-
<PAGE>

         waives the benefit of any law or rule of law intended for its advantage
         or  protection  as a debtor or  providing  for its release or discharge
         from liability under this Note,  excepting only the defense of full and
         complete  payment  of all  amounts  due  under  this  Note and the Loan
         Documents.

16.      VARIATION IN PRONOUNS

         All the terms and words used in this Note, regardless of the number and
         gender in which they are used, shall be deemed and construed to include
         any other number, singular or plural, and any other gender,  masculine,
         feminine,  or  neuter,  as the  context  or sense  of this  Note or any
         paragraph or clause  herein may  require,  the same as if such word had
         been fully and properly written in the correct number and gender.

17.      WAIVER OF JURY TRIAL

         THE  BORROWER  AND  LENDER  WAIVE  ANY  RIGHT TO A TRIAL BY JURY IN ANY
         ACTION OR  PROCEEDING  TO  ENFORCE  OR DEFEND ANY RIGHTS (A) UNDER THIS
         NOTE OR ANY  OTHER  LOAN  DOCUMENT  OR (B)  ARISING  FROM  ANY  LENDING
         RELATIONSHIP  EXISTING IN  CONNECTION  WITH THIS NOTE OR ANY OTHER LOAN
         DOCUMENT,  AND THE  BORROWER  AND LENDER  AGREE THAT ANY SUCH ACTION OR
         PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.

18.      OFFSET RIGHTS

         In addition  to all liens upon and rights of setoff  against the money,
         securities,  or other  property of the Borrower  given to the Lender by
         law, the Lender shall have a lien upon and,  upon the  occurrence  of a
         Default,  a right of setoff  against all money,  securities,  and other
         property of the  Borrower,  now or  hereafter  in  possession  of or on
         deposit  with Lender,  whether held in a general or special  account or
         deposit, or safe-keeping or otherwise, and every such lien and right of
         setoff may be exercised without demand upon, or notice to the Borrower.
         No lien or right of setoff  shall be deemed to have been  waived by any
         act or conduct on the part of the Lender, or by any neglect to exercise
         such  right of setoff or to enforce  such  lien,  or by any delay in so
         doing,  and every right of setoff and lien shall continue in full force
         and effect until such right of setoff or lien is specifically waived or
         released by an instrument in writing executed by the Lender.

19.      COMMERCIAL LOAN

         The Borrower hereby represents and warrants to the Lender that the Loan
         was  made for  commercial  or  business  purposes,  and that the  funds
         evidenced  by this Note will be used  solely  in  connection  with such
         purposes.

20.      GOVERNING LAW

         This Note shall be construed  and enforced  according  to, and governed
         by,  the  laws of New  York  without  reference  to  conflicts  of laws
         provisions which, but for this provision, would require the application
         of the law of any other jurisdiction.

                                       -9-
<PAGE>

21.      TIME OF ESSENCE

         In the performance of the Borrower's  obligations under this Note, time
         is of the essence.

22.      NO ORAL AGREEMENTS

         THIS NOTE AND ALL THE OTHER LOAN  DOCUMENTS  EMBODY  THE FINAL,  ENTIRE
         AGREEMENT  OF THE  BORROWER  AND THE LENDER AND  SUPERSEDE  ANY AND ALL
         PRIOR  COMMITMENTS,  AGREEMENTS,  REPRESENTATIONS  AND  UNDERSTANDINGS,
         WHETHER  WRITTEN  OR  ORAL,  RELATING  TO  THE  LOAN  AND  MAY  NOT  BE
         CONTRADICTED  OR  VARIED  BY  EVIDENCE  OF  PRIOR,  CONTEMPORANEOUS  OR
         SUBSEQUENT  ORAL  AGREEMENTS  OR  DISCUSSIONS  OF THE  BORROWER AND THE
         LENDER.  THERE ARE NO ORAL  AGREEMENTS  BETWEEN  THE  BORROWER  AND THE
         LENDER. THE PROVISIONS OF THIS NOTE AND THE OTHER LOAN DOCUMENTS MAY BE
         AMENDED  OR REVISED  ONLY BY AN  INSTRUMENT  IN  WRITING  SIGNED BY THE
         BORROWER AND THE LENDER.

23.      LIMIT OF VALIDITY.

         The provisions of this Note and of all agreements  between Borrower and
         Lender,  whether  now or  existing  or  hereafter  arising  and whether
         written or oral, are hereby expressly limited so that in no contingency
         or event whatsoever, whether by reason of demand or acceleration of the
         maturity of this Note or otherwise, shall the amount paid, or agreed to
         be paid ("Interest"),  to Lender for the use,  forbearance or retention
         of  the  money  loaned  under  this  Note  exceed  the  maximum  amount
         permissible under applicable law. If, from any circumstance whatsoever,
         performance or fulfillment of any provision  hereof or of any agreement
         between   Borrower  and  Lender  shall,  at  the  time  performance  or
         fulfillment  of such  provision  shall be due,  exceed  the  limit  for
         Interest prescribed by law or otherwise transcend the limit of validity
         prescribed  by  applicable  law,  then ipso facto the  obligation to be
         performed or fulfilled  shall be reduced to such limit and if, from any
         circumstance  whatsoever,  Lender shall ever receive  anything of value
         deemed  Interest  by  applicable  law in excess of the  maximum  lawful
         amount,  an amount equal to any excessive  Interest shall be applied to
         the  reduction of the  principal  balance  owing under this Note in the
         inverse  order of its  maturity  (whether  or not  then  due) or at the
         option of Lender be paid over to  Borrower,  and not to the  payment of
         Interest.  All Interest (including any amounts or payments deemed to be
         Interest)  paid or  agreed to be paid to Lender  shall,  to the  extent
         permitted by  applicable  law, be  amortized,  prorated,  allocated and
         spread  throughout  the  full  period  until  payment  in  full  of the
         principal  balance of this Note so that the  Interest  thereof for such
         full period will not exceed the maximum amount  permitted by applicable
         law. This Section 23 will control all agreements  between  Borrower and
         Lender.

                                       -10-
<PAGE>

IN WITNESS WHEREOF,  the Borrower has executed this Note and affixed its seal as
of the date first above written.

                                            METROPOLITAN 810 7TH AVE, LLC, a
                                            Delaware limited liability company

                                            By: Metropolitan 810 7th AVE MM,
                                            LLC, a Delaware limited liability
                                            company, its Managing Member

                                            By: METROPOLITAN OPERATING
                                            PARTNERSHIP, L.P., a Delaware
                                            limited  partnership, its Managing
                                            Member

                                            By:  Metropolitan Partners LLC, a
                                            Delaware limited liability company,
                                            its General Partner

                                            By:  _________________________[SEAL]
                                            Name:
                                            Title:

                                            100 WALL COMPANY LLC, a Delaware
                                            limited liability company

                                            By: 100 WALL MM LLC, a Delaware
                                            limited liability company,
                                            its Managing Member

                                            By: METROPOLITAN OPERATING
                                            PARTNERSHIP, L.P., a Delaware
                                            limited partnership, its Managing
                                            Member

                                            By:  Metropolitan Partners LLC, a
                                                 Delaware limited liability, its
                                                 General Partner

                                            By:  _________________________[SEAL]
                                            Name:
                                            Title:

<PAGE>

                                   EXHIBIT A-1

                                 Existing Notes

Building Loan Mortgage Note dated February 21, 1969 made by 810 Seventh Corp. to
the order of Bankers Trust Company in the principal amount of $20,000,000.00.

Mortgage  Note  dated  June 22,  1971,  made by  Abraham  Sommer to the order of
K.A.T.H. Properties Corp. in the principal amount of $244,500.00.

Mortgage  Note  dated  June 22,  1971  made by  Abraham  Sommer  to the order of
K.A.T.H. Properties Corp. in the principal amount of $2,755,500.00.

Mortgage Note dated  October 23, 1997 made by 810 Partners,  LLC to the order of
Credit  Suisse  First Boston  Mortgage  Capital LLC in the  principal  amount of
$49,465,508.29.

Amended,  Restated and Consolidated Mortgage Note dated October 23, 1997 made by
810 Partners LLC to the order of Credit Suisse First Boston Mortgage Capital LLC
in the principal amount of $60,000,000.00.

Gap Note dated  December  31, 1997 made by 810 7th Avenue,  L.P. to the order of
Credit  Suisse  First Boston  Mortgage  Capital LLC in the  principal  amount of
$40,000,000.00.

Consolidated, Amended and Restated Mortgage Note dated December 31, 1997 made by
810 7th Avenue, L.P. to the order of Credit Suisse First Boston Mortgage Capital
LLC in the principal amount of $100,000,000.00.

Consolidated,  Amended and  Restated  Mortgage  Note dated March 1, 1999 made by
Tower Realty Operating Partnership, L.P. to the order of Fleet National Bank, as
administrative  agent,  among  others,  as therein set forth,  in the  principal
amount of $60,000,000.00.

Split  Mortgage  Note  dated  March  1,  1999  made by  Tower  Realty  Operating
Partnership,  L.P.  to the order of Merrill  Lynch  Capital  Corporation  in the
principal amount of $16,500,000.00.

Split  Mortgage  Note  dated  March  1,  1999  made by  Tower  Realty  Operating
Partnership, L.P. to the order of Keybank, National Association in the principal
amount of $7,500,000.00.

<PAGE>

Split  Mortgage  Note  dated  March  1,  1999  made by  Tower  Realty  Operating
Partnership,  L.P.  to the order of First  American  Bank Texas,  S.S.B.  in the
principal amount of $6,000,000.00.

Split  Mortgage  Note  dated  March  1,  1999  made by  Tower  Realty  Operating
Partnership,  L.P. to the order of Societe  Generale in the principal  amount of
$7,500,000.00.

Split  Mortgage  Note  dated  March  1,  1999  made by  Tower  Realty  Operating
Partnership, L.P. to the order of Bank One Arizona, N.A. in the principal amount
of $7,500,000.00.

Split  Mortgage  Note  dated  March  1,  1999  made by  Tower  Realty  Operating
Partnership,  L.P. to the order of Nationsbank,  N.A. in the principal amount of
$7,500,000.00.

Split  Mortgage  Note  dated  March  1,  1999  made by  Tower  Realty  Operating
Partnership, L.P. to the order of Fleet National Bank in the principal amount of
$7,500,000.00.

Mortgage Note dated July ___, 1999 made by Metropolitan 810 7th Ave, LLC and 100
Wall  Company,  LLC to the order of  Monumental  Life  Insurance  Company in the
principal amount of $65,000,000.00.

Consolidated,  Amended and Restated Secured Promissory Note dated July ___, 1999
made by Metropolitan 810 7th Ave, LLC and 100 Wall Company,  LLC to the order of
Monumental Life Insurance Company in the principal amount of $125,000,000.00.

                                      -2-
<PAGE>

                                   EXHIBIT A-2

                               Existing Mortgages

1.      Mortgage made by 810 Seventh Corp.  to Bankers  Trust  Company,  in the
         amount of  $20,000,000.00,  dated  February  21,  1969 and  recorded on
         February 26, 1969 in Reel 132 Page 488.

         (a)      Assignment  of Mortgage  from Bankers Trust Company to the New
                  York State Teachers' Retirement System dated December 20, 1972
                  and recorded on December 22, 1972 in Reel 263 Page 39. Assigns
                  mortgage 1.

2.       Leasehold Mortgage made by Abraham Sommer to K.A.T.H. Properties Corp.,
         in the amount of  $244,500.00,  dated  June 22,  1971 and  recorded  on
         6/24/71 in Reel 208 Page 454.

         (a)      As  corrected  by Mortgage  Correction  Agreement  dated as of
                  December 18, 1972 and  recorded  December 22, 1972 in Reel 263
                  Page 15.

         (b)      Assignment of Mortgage from K.A.T.H.  Properties  Corp. to New
                  York State Teachers' Retirement System dated December 19, 1972
                  and recorded on December 22, 1972 in Reel 263 Page 33. Assigns
                  mortgage 2.

3.       Leasehold Mortgage made by Abraham Sommer to K.A.T.H. Properties Corp.,
         in the amount of  $2,755,500.00,  dated June 22,  1971 and  recorded on
         June 24, 1971 in Reel 208 Page 462.

         (a)      As  corrected  by Mortgage  Correction  Agreement  dated as of
                  December 18, 1972 and  recorded  December 22, 1972 in Reel 263
                  Page 21.

         (b)      Assignment of Mortgage from K.A.T.H.  Properties  Corp. to New
                  York State Teachers' Retirement System dated December 19, 1972
                  and recorded on December 22, 1972 in Reel 263 Page 27. Assigns
                  mortgage 3.

         (c)      Consolidation  and  Extension  Agreement  between  810 Seventh
                  Corp. and New York State Teachers'  Retirement System dated as
                  of December  20, 1972 and  recorded on January 4, 1973 in Reel
                  264 page 513.  Consolidates mortgage nos. 1, 2 and 3 to form a
                  single lien in the amount of  $23,000,000.00  and spreads said
                  lien to cover the Air Rights  Lease  recorded in Record  Liber
                  294 Page 49,  Record Liber 294 Page 70,  Record Liber 185 Page
                  27 and Liber 4940 Page 609.

<PAGE>

         (d)      Assignment   of  Mortgage   from  New  York  State   Teachers'
                  Retirement  System  to Credit  Suisse  First  Boston  Mortgage
                  Capital LLC dated as of October 23, 1997 and recorded  4/15/98
                  in the Office of the City  Register,  New York  County in Reel
                  2563 at Page 1085. Assigns mortgages 1 to 3, as consolidated.

4.       Gap Mortgage  made by 810  Partners  LLC to Credit  Suisse First Boston
         Mortgage  Capital  LLC,  in the amount of  $49,465,508.29,  dated as of
         October  23,  1997  and  recorded  4/15/98  in the  Office  of the City
         Register, New York County in Reel 2563 at Page 1093.

         (a)      Mortgage  Consolidation,  Modification and Extension Agreement
                  between  Credit Suisse First Boston  Mortgage  Capital LLC and
                  810 Partners LLC dated as of 10/23/97 and recorded  4/15/98 in
                  the Office of the City Register,  New York County in Reel 2563
                  at Page 1101. Consolidates mortgages nos. 1 to 4 into one lien
                  of $60,000,000.00.

5.       Gap Mortgage made by 810 7th Avenue, L.P. to Credit Suisse First Boston
         Mortgage  Capital LLC in the amount of  $40,000,000.00,  dated December
         31, 1997 and recorded July 9, 1998 in the Office of the City  Register,
         New York County in Reel 2615 at Page 1780.

6.       Mortgage Consolidation,  Modification, Extension and Security Agreement
         between  Credit  Suisse First Boston  Mortgage  Capital LLC and 810 7th
         Avenue, L.P. dated as of December 31, 1997 and recorded July 9, 1998 in
         the Office of the City  Register,  New York County in Reel 2615 at Page
         1793.   Consolidates   mortgages   nos.   1  to  5  into  one  lien  of
         $100,000,000.00.

         Which  mortgage  was assigned by Credit  Suisse  First Boston  Mortgage
         Capital LLC to Norwest Bank Minnesota, National Association, As Trustee
         Under The Pooling and Servicing  Agreement  Dated June 12, 1998 For The
         Credit  Suisse  First  Boston  Mortgage  Securities  Corp.,  Commercial
         Mortgage  Pass-Through  Certificates,  Series  1998-FL1  (successor  in
         interest to Credit Suisse First Boston Mortgage Capital LLC, a Delaware
         limited liability company) dated June 29, 1998 and recorded on April 7,
         1999 in the Office of the City  Register,  New York County in Reel 2850
         at Page 2380. Assigns mortgages nos. 1 to 5 as consolidated by mortgage
         consolidation no. 6.

                                       -2-
<PAGE>

         Which mortgage was further assigned by Norwest Bank Minnesota, National
         Association,  as trustee to Fleet  National  Bank,  a national  banking
         association,  as administrative  agent, by Assignment of Mortgage dated
         February  23,  1999 and  recorded on April 7, 1999 in the Office of the
         City  Register,  New York  County  in Reel 2850 at Page  2393.  Further
         assigns mortgages nos. 1 to 5 as consolidated by mortgage consolidation
         no. 6.

7.       Which  mortgage  was  amended  and  restated  by a certain  Amended and
         Restated  Mortgage  Agreement  by Tower Realty  Operating  Partnership,
         L.P., a Delaware limited partnership,  in favor of Fleet National Bank,
         a national banking  association,  as administrative  agent, dated as of
         March 1,  1999 and  recorded  April 7,  1999 in the  Office of the City
         Register,  New  York  County  in Reel  2850 at Page  2413.  Amends  and
         restates   mortgages   nos.  1  to  5  as   consolidated   by  mortgage
         consolidation no. 6.

8.       Assignment of Mortgage  from Fleet  National  Bank,  as  administrative
         agent, to UBS AG, Stamford Branch, as administrative agent, dated as of
         May 20, 1999,  and  recorded on June 16, 1999 in Reel 2894,  Page 1786.
         Assigns mortgages 1 to 7.

9.       Assignment of Mortgage from USB AG, Stamford Branch,  as administrative
         agent,  to Monumental Life Insurance  Company,  dated July __, 1999 and
         intended  to  be  recorded  immediately  following  the  execution  and
         delivery hereof.

10.      Mortgage (Fee and Leasehold) made by Metropolitan  810 7th Ave, LLC and
         100 Wall Company,  LLC to Monumental  Life  Insurance  Company,  in the
         amount of  $65,000,000.00,  dated  July ___,  1999 and  intended  to be
         recorded  immediately  following  the  recordation  of  the  Assignment
         described in No. 9 above.

11.      Agreement of Spreader,  Consolidation  and Modification of Mortgage and
         Security  Agreement (Fee and Leasehold)  made by  Metropolitan  810 7th
         Ave,  LLC  and 100  Wall  Company,  LLC to  Monumental  Life  Insurance
         Company,  in the amount of  $125,000,000.00,  dated July ___,  1999 and
         intended to be recorded  immediately  following the  recordation of the
         Mortgage described in No. 10 above.

                                      -3-EXHIBIT 4.1

               CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS

                                     of the

                            SERIES B PREFERRED STOCK

                                       of

                         TRIANGLE PHARMACEUTICALS, INC.

                         (Pursuant to Section 151 of the
                        Delaware General Corporation Law)

                       ----------------------------------

      Triangle Pharmaceuticals, Inc., a corporation organized and existing under
the General Corporation Law of the State of Delaware (hereinafter called the
"Corporation"), hereby certifies that the following resolution was adopted by
the Board of Directors of the Corporation as required by Section 151 of the
General Corporation Law on January 25, 2001.

      "RESOLVED, that pursuant to the authority granted to and vested in the
Board of Directors of the Corporation (hereinafter called the "Board of
Directors" or the "Board") in accordance with the provisions of the
Corporation's Second Restated Certificate of Incorporation, the Board of
Directors hereby creates a series of the preferred stock, par value $0.001 per
share (the "Preferred Stock"), of the Corporation and hereby states the
designation and number of shares, and fixes the relative rights, preferences,
and limitations thereof as follows:

      Series B Preferred Stock:

      1. Designation and Amount. The shares of such series shall be designated
as "Series B Preferred Stock" (the "Series B Preferred Stock") and the number of
shares constituting the Series B Preferred Stock shall be two hundred thirty
thousand (230,000) shares. Such number of shares may be increased or decreased
by resolution of the Board of Directors.

      2. Dividend Rights. Subject to the rights of series of Preferred Stock
which may from time to time come into existence, the holders of Series B
Preferred Stock that remain outstanding after August 15, 2001, shall be entitled
to receive, upon conversion of such shares, dividends at a rate of $5.00 per
share of Series B Preferred Stock per annum. Such dividends shall be
non-cumulative and shall be payable, at the discretion of the Corporation, in
cash or shares of the Corporation's common stock, provided, however that if the
Company should elect to pay the dividends in the form of common stock, then the
number of shares of common stock to be paid shall be calculated as the dividend
due divided by the fixed conversion price of $6.00 per common share.

      3. Conversion.

            a. Automatic Conversion. Each share of Series B Preferred Stock
shall automatically convert into ten (10) shares of common stock of the
Corporation (the "Conversion Rate") upon the earlier of (i) the date the
stockholders of the Corporation first approve the terms of the sale and issuance
of the Series B Preferred Stock or (ii) the first anniversary of the date upon
which such share was issued.

            b. Adjustments to Conversion Rate for Stock Dividends and for
Combinations or Subdivisions of Common Stock. In the event that the Corporation,
at any time after the date upon which any shares of Series B Preferred Stock
were first issued, shall declare or pay, without consideration, any dividend on
the

<PAGE>

common stock payable in common stock or in any right to acquire common stock for
no consideration, or shall effect a subdivision of the outstanding shares of
common stock into a greater number of shares of common stock (by stock split,
reclassification or otherwise than by payment of a dividend in common stock or
in any securities or rights to acquire common stock), or in the event the
outstanding shares of common stock shall be combined or consolidated, by
reclassification or otherwise, into a lesser number of shares of common stock,
then the Conversion Rate for the Series B Preferred Stock in effect immediately
prior to such event shall, concurrently with the effectiveness of such event, be
proportionately decreased or increased, as appropriate. In the event that the
Corporation shall declare or pay, without consideration, any dividend on the
common stock payable in any right to acquire common stock for no consideration,
then the Corporation shall be deemed to have made a dividend payable in common
stock in an amount of shares equal to the maximum number of shares issuable upon
exercise of such rights to acquire common stock.

            c. Adjustments for Reclassification and Reorganization. If the
common stock issuable upon conversion of the Series B Preferred Stock shall be
changed into the same or a different number of shares of any other class or
classes of stock, securities or assets, whether by capital reorganization,
reclassification or otherwise (other than a subdivision or combination of shares
provided for in subsection 3(b) above), the Conversion Rate then in effect
shall, concurrently with the effectiveness of such reorganization or
reclassification, be proportionately adjusted so that the Series B Preferred
Stock shall be convertible into, and provision shall be made to ensure that each
of the holders of the Series B Preferred Stock will thereafter have the right to
acquire and receive, in lieu of the number of shares of common stock which the
holders would otherwise have been entitled to receive, a number of shares of
such other class or classes of stock, securities or assets equivalent to the
number of shares of common stock that would have been subject to receipt by the
holders upon conversion of the Series B Preferred Stock immediately before that
change.

            d. No Fractional Shares. No fractional shares shall be issued upon
conversion of the Series B Preferred Stock, and the corporation shall pay cash
in an amount equal to the value of the fractional share of common stock to which
any holder would otherwise be entitled. Whether or not fractional shares are
issuable upon such conversion for any holder shall be determined on the basis of
the total number of shares of Series B Preferred Stock held by such holder that
are at the time converting into common stock and the number of shares of common
stock issuable upon such aggregate conversion.

      4. Liquidation. In the event of any liquidation, dissolution or winding up
of this Corporation, either voluntary or involuntary, the holders of Series B
Preferred Stock shall be entitled to receive, on an as-converted to common stock
basis based on the Conversion Rate at the time in effect for the Series B
Preferred Stock as set forth in Section 3 above, with the holders of common
stock, a pro rata share of the assets of the Corporation legally available for
distribution.

      5. Redemption. The Series B Preferred Stock is not redeemable.

      6. Voting Rights.

            a. Each holder of shares of Series B Preferred Stock shall be
entitled to the right to one vote for each share of common stock into which such
Series B Preferred Stock could then be converted, and shall be entitled to
notice of any stockholders' meeting in accordance with the Bylaws of the
Corporation. Fractional votes shall not, however, be permitted and any
fractional voting rights resulting from the above formula (after aggregating all
shares into which shares of Series B Preferred Stock held by each holder could
be converted) shall be rounded to the nearest whole number (with one-half being
rounded upward).

            b. Except as otherwise provided herein or by law, the holders of
shares of Series B Preferred Stock and the holders of shares of common stock
shall vote together as one class on all matters submitted to a vote of
stockholders of the Corporation.

            c. Except as required by law, holders of Series B Preferred Stock
shall have no special voting rights and their consent shall not be required
(except to the extent they are entitled to vote with holders of common stock as
set forth herein) for taking any corporate action."

                                      -2-
<PAGE>

      IN WITNESS WHEREOF, this Certificate of Designations, Preferences and
Rights of the Series B Preferred Stock is executed on behalf of the Corporation
by its Chief Executive Officer this 8th day of March, 2001.

                            TRIANGLE PHARMACEUTICALS, INC.

                                      By:   /s/ David W. Barry
                                            ------------------------------------
                                            David W. Barry, M.D.
                                            Chairman and Chief Executive Officer

                                      -3-

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