M. E. PATERNO DIES; A NOTABLE BUILDER
Erected Many Cooperative Dwellings Here – Expended $6,000,000 on One
The New York Times • 15 July 1946
IRVINGTON-ON-HUDSON, N.Y., July 14 – Michael Edwin Paterno, realty operator and builder, one of the four Paterno brothers who rose from poverty to wealth through New York real estate, died here tonight of a heart attack in his home on El Retiro Lane. He had been ill in the house for ten days, but his condition had not caused anxiety. He was 57 years old.
Under the guidance of his brother, Dr. Charles V. Paterno, who died on May 30, Mr. Paterno learned the essentials of the real-estate situation on the isladn of Manhattan, and he became, with his brother, Anthony A. and the late Joseph and Dr. Charles V. Paterno, one of the pioneers in the planning and erection of large 100-per cent cooperative apartment houses of the highest class in New York.
Notable among the structures of this type that Michael E. Paterno built independently is 775 Park Avenue, the thirteen-story and pent-house apartment building which occupies the entire eastern side of Park Avenue on the block running from Seventy-second Street to Seventy-third Street. At the beginning of the construction the venture was estimated to cost approximately $6,000,000.
Other important structures credited to Michael E. Paterno are the apartment houses at 1172 Park Avenue, 1105 Park Avenue, 1020 Fifth Avenue and 2 East Sixty-seventh Street. the last of these occupies the site of the home of the late Judge Elbert H. Gary at 856 Fifth Avenue.
During the recent war period, Mr. Paterno’s activities were necessarily limited. His only operation, carried out with his brother, Anthony, was the erection of a series of small homes at Norfolk, Va., in accordance with the Federal Housing Administration program. Recently he had an office at 2112 Broadway.
In the First World War Mr. Paterno served with the Engineers Corps of The American Expeditionary Forces. He leaves a widow, Anna Marie Paterno; two brothers, Anthony, of this city, and Saverio Paterno of Castelmezzano, Italy, and four sisters, Mrs. Anthony (Marie) Campagna and Mrs. Armino (Christina) Campagna, wives of well-known builders; Mrs. Rose P. Faiella and Mrs. Theresa Miele.
