Insurance statistician C.C. "Bud" Baxter advances his career by making his Manhattan apartment available to executives in his company for their extramarital affairs. His boss, Jeff D. Sheldrake, finds out and promotes Bud in return for the exclusive use of the apartment for his own affair. When Sheldrake's girlfriend turns out to be Fran Kubelik, a pretty elevator operator Bud likes, he is heartbroken, but accepts the arrangement.