The new building opened on Park Avenue, between East 49th and East 50th streets, on October 1, 1931. It was the tallest and largest hotel in the world at the time, covering the entire block. The slender central tower became known as the Waldorf Towers, with its own private entrance on 50th Street, and consisted of 100 suites, about one-third of which were leased as private residences. President Herbert Hoover said on the radio, broadcast from the White House: "The opening of the new Waldorf Astoria is an event in the advancement of hotels, even in New York City. It carries great tradition in national hospitality...marks the measure of nation's growth in power, in comfort and in artistry...an exhibition of courage and confidence to the whole nation". About 2,000 people were in the ballroom listening to this speech, but by the end of the business day, the 2,200-room hotel had only 500 occupancies. The Waldorf-Astoria did not begin operating at a profit until 1939. Lucius Boomer continued to manage the hotel in the 1930s and 1940s, a commanding figure to whom Tony Rey referred as "the greatest hotelman of his era". Boomer was elected chairman of the board of the Waldorf-Astoria Corporation on February 20, 1945, a position he held until his death in July 1947.