The New York herald., 1922-04-16
Spending of Five or Six
Million for so Houses Ex-
pected to Bring Success.
NEW FEATURES IN HOMES
Only 20 Minutes From Times
Square; Light and Air in
Every Room.

The Metropolitan Life Insurance
Company announced yesterday that it
has purchased four city blocks in
Queens Borough, twenty minutes from
Times Square, and will erect thereon
fifty apartment Eouses. to accommo-
date 1900 families, which will rent at
not more than 50 a room month.
This is the first constructive result
of the Lockwood housing investiga-
ton. A bill signed Friday by Gov.
Miller permits insurance companies to
invest up to 10 per cent. of their as
sets in construction for dwelling pur-
poses. The exact location of the new
houses will be made known to-mor
row when deeds for the property are
signed.
All fifty houses will be ready In the
fall, according to Haley Fiske, presi-
dent of the company. Actual construc-
tion will begin within thirty days
Meanwhile, Mr.. Fiske said. group OF
fnanciers, in no way associated with his
company. is seeking a $7,000,000 loan to
start the construction of 400 houses
under the provisions Of the Lockwood
bill.
No Apartment over 30.
Besides the $7,000.000 they desire to
borrow from the Metropolitan they arc
ready to invest a considerable amount
OF their own money, Mr.. Fiske said.
They guarantee that none of the apart
ments will rent at more than 50 room
Other capitalists, Mr.. Fiske stated,
are prepared to buy out the Metropoli-
tans interests in the four Queens
Borough plots when the fifty new houses
are completed. IL the company sells to
them 1t is prepared to duplicate the in
vestment at once, Mr.. Fiske declared.
He continued:
Everything is most encouraging. We
are meeting with a great deal OF coop
Grafton. We have been assured by Mr..
Untermyer (Samuel Untermyer, counsel
Of the Lockwood committee.) that labor
will cooperate to the extent of giving
day a week and that concessions may
be expected from the dealers in ma
terials. which our. figure OF anticipated
costs did not take into consideration.
IF 1t works out this way we shall
be able to come down on rents and let
apartments for less than the maximum
So room. All we expect to receive on
cent. and an allowance for amortiza-
ton"
Mr.. Fiske explained that the amorti-
cation had been figured on a basis that
at the end Of five years the company
would be subject to no greater risk
than it would assume in signing a
first mortgage on the property 1t Is en-
pectcd, however, that the apartments
will be leased en- bloc or sold long be-
fore Ave years have passed.
The Metropolitan Life Insurance Com
pany's building programme has been
referred TO as the 100000. 900 housing
project, because the new law author
lies the company to invest approxi-
mately that amount. Mr.. Fiske said Of
this:
That is a good deal OF money. You
cannot spend $100.000,000 in one night
Our first fifty houses. involving an ex-
penditure of $5.000.000 to $4,000, 600, is
an experiment. 1t is certainly worth
trying. and IL 1t works out as we ex-
pect 1t will. and there is still demand
for more dwellings. we are ready to do
1t again."
The new houses planned by Andrew
j. Thomas. architect. will have a roomy
playground in the rear. A space thirty
feet wide running the length OF the block
will be provided for the children Of the
tenants. There win be also court $50
feet wide between each pair OF houses !,
The houses will be four stories high.
and there will be four apartments on
each floor. There will be also three
additional apartments in the Easements.
The fifty houses will house 5000 per-
sons. Each entrance stairway will lead
90 two apartments only, giving more
privacy. The rooms all have outside air
and light.