- Steinway & Sons sells Steinway Building to Manhattan Life Insurance Company for $3,000,000 (approximately $100,000 above its market value); the basement, first floor and the mezzanine, however, are leased back to Steinway & Sons for twenty years. No real estate agency is involved in the sale, because the president of Manhattan Life Insurance Company is Henry Z. Steinway’s cousin. As a result, after the sale of Steinway Building, Henry Z. Steinway will report to Steinway & Sons stockholders that the company is “out of the banks for the first time since 1930”.
- By the time of the sale of Steinway Building the entire Steinway & Sons management team has moved to Astoria.