The Minutes of Steinway & Sons Board of Trustees record the resolution to build the new Steinway Hall on West 57th Street, according to Warren & Wetmore design, as a 15-storied building with a penthouse. (Frederick T. Steinway initially plans to live in the penthouse above Steinway Hall, but having learned that according to New York building code only janitors are permitted to live in commercial edifices, decides to host a radio studio in the penthouse.) Thompson-Starrett construction company receives Steinway & Sons contract, and the payment of $2,418,888.18. (To pay for the construction, Steinway & Sons has taken $1,000,000 loan from the Metropolitan Life Insurance Company.)