At first, the Waldorf appeared destined for failure. It was "Astor's Folly", with the general perception of the palatial hotel being that it had no place in New York City. Wealthy New Yorkers were angry because they viewed the construction of the hotel as the ruination of a good neighborhood. Business travelers found it too expensive and too far uptown for their needs. In the face of all of this, George Boldt decided that the hotel would host a benefit concert for St. Mary's Hospital for Children on its opening day. The hospital was the favorite charity of those on the Social Register. The ballroom filled with many of New York's First Families, who had paid five dollars for the concert and dinner at the Waldorf. It soon became a major success, earning $4.5 million in its first year, exorbitant for that period.