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The Detroit Tribune
Detroit, Wayne County, Michigan
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Hearings led by Bush examine the three-year-old Farragut apartments project in Queens, NY, insured by FHA for $20M, with witnesses alleging excessive costs and $4M returns on $15K investments, plus profits from related Donner Gardens project.
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The inspector had time only to inspect three or four of the apartments because he also had another big project to inspect.
The hearings here by Bush, which continue today, are the first of a series scheduled to be held throughout the country.
The Farragut apartments were insured by the FHA for $20,000,000. An earlier witness told the hearing the project returned $4,000,000 to builders who had invested $15,000.
COST TOO HIGH
Another witness yesterday was George M. Halk, real estate appraiser for the Dry Dock Savings Bank, who testified that, in his judgment, the total cost of the project should have been $16,550,000.
Charles J. Muss, a builder of Flushing, Queens, testified the Donner Gardens project in Jackson Heights, Queens, resulted in a $1,125,000 profit.
Muss said he received $338,000 and the balance went to his brother, David, and Norman K. Winson.
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Location
Queens, New York
Event Date
Three Year Old Project
Story Details
Hearings by Bush investigate the Farragut apartments project, insured by FHA for $20,000,000, which returned $4,000,000 to builders who invested $15,000. Witness George M. Halk testified the total cost should have been $16,550,000. Charles J. Muss testified the Donner Gardens project resulted in a $1,125,000 profit, with $338,000 to him and the balance to his brother David and Norman K. Winson.