Planning Early plans thumb|upright|The Waldorf-Astoria in 1901Bethlehem Engineering Corporation originally intended to build a 25-story office building on the Waldorf–Astoria site. The company's president, Floyd De L. Brown, paid $100,000 of the $1 million down payment required to start construction on the building, with the promise that the difference would be paid later. Brown borrowed $900,000 from a bank but defaulted on the loan.
planning early plans thumb|upright|the waldorf-astoria in 1901bethlehem engineering corporation originally intended to build a 25-story office building on the waldorf–astoria site the company's president floyd de l brown paid $100000 of the $1 million down payment required to start construction on the building with the promise that the difference would be paid later brown borrowed $900000 from a bank but defaulted on the loan