The New York herald., 1922-03-05
SO FLATS POSSIBLE,
EXPERTS DECLARE
Metropolitan Life Will Finance
Construction if Law Is
Passed at Albany.

When Samuel Untermyer announced a
few weeks ago tha. the Metropolitan Life
Insurance Company was ready 10 put
500. 0.000.0v0 into apartment houses that
would rent for not more than 50 a room
If the Legislature would grant the neces-
sary permission hard headed real estate
developers end builders smiled cynically
or tapped their foreheads. Since then
the Thompson Starrett Construction
Company and Herbert Lucas. an archi-
tect of IL East Sixtieth street, who has
bad much experience in designing multi
family buildings have made public their
discovery that the land can be purchased
and the buildings erected, heated and
jantor service furnished for maximum
charge of SO a room rent.
The announcement Of these discoveries
was made public by Walter Stablcr.
comptroller of the Metropolitan Life In
surance Company.
Not only could the rooms be rented
for a SO maximum Mr.. Stablcr said.
"but present figures indicate a per
cent return on the whole investment
would be realized, and that in addition
an amortization charge of per cent.
would be earned, or sufficient 20 pay
back the entire investment in twenty
years."
AS a result of the findings OF the
Thomps on -Starrett Construction Com
pany and Mr.. Lucas, the Metropolitan
Life stands ready to back the program
for the construction Of the low priced
housing, provided, OF course, the neces-
sary legislation Is passed Mt Albany per-
mitting insurance companies to invest
q certain percentage of their capital in
projects OF this kind. Such bill has
already been introduced in the Legisla-
ture, and will, it is confidently predicted,
become law within the next few days
i'm spite Of vigorous opposition from GER
tain quarters.
Once this bill has been signed by Gov.
Miller detail plans will be prepared Tor
the 50 per room houses. and the Metro
politan will investigate the situation
thoroughly to see that its policy holders
funds are safe In such an enterprise.
Most of the apartments will be of
four rooms. but there will be num-
ber OF three and five room suites. Each
will have a bathroom and a separate
entrance or reception hall, with sufficient
room for a coat rack, and each will have
dumbwaiter service.
steam heat is proposed. but each
apartment would be equipped with
separate gas hot water heaters. Gas
stoves would have TO be rented. as is
the case In many so-called high class
apartments to-day. Janitor service
would be limited to taking care OF the
heaters. taking out garbage and refuse
via the dumbwaiters and cleaning the
main halls.
..The aim would be TO produce
anartments which people would be
nroud to live in and would take pride
in keeping up" said Mr.. Lucas. 1--WE
want to get away from the appearance
os barracks and make these places
attractive.
.Tbe buildings would be OF red
brick. with limestone trimmings, care
fully designed so that by the use OF
inexpcnsive trimmings we could get a
rood effect. The secret OF the low
rentals would be. OF course, the low
land values and standardized construc-
tion.
..rhere would be no outside fire.
escapes except on the corner buildings.
so the apartments would not be marred
in that respect. The tenement house
Ia ws recurring two ways OF exit In case
OF emergency would be scrupulousiy
lived up'to.
every room would have outside air.
with the guaranty that future build
ing would not eliminate n.
"One feature. of course. would be
the possibility OF developing play
grounds in the courts TO keep the
children off the streets. These courts
would be 14s by 546 feet. affording
plenty OF space for the Riddles to play
In"