REAL ESTATE: New Look in Manhattan

Manhattan's famed land-rich Astor family, which gave the city some of its best-known hotels, e.g., the old Waldorf-Astoria and St. Regis, last week promised Manhattan the biggest and glossiest project in the family's 150 years in New York real estate. Vincent Astor, 64, fifth-generation chief of the U.S. clan founded by John Jacob Astor, announced that he would build a block-square, 46-story office building at Park Avenue and 53rd Street, thus add to Manhattan's office space another million square feet, the air-conditioned, carpeted equivalent of 17 football fields.

Scheduled for 1960 completion,...

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