Due to a death, an apartment in Jerry’s building has become available. Jerry is shocked by the low rent, and immediately tells Elaine about it. Elaine is thrilled that she will be able to live directly upstairs from Jerry. Jerry is also excited at first, but after discussing it with George realizes that it might become a problem over time. George talks about wanting to wear a wedding ring to attract women.
Later, George borrows a wedding ring from Kramer to wear while at a party. Jerry is still worried about Elaine moving in, but the building managers inform him that someone else has a higher bid than Elaine. Jerry is relieved knowing that Elaine won’t be able to afford a higher bid. Jerry breaks the news to Elaine, feigning disappointment, and then Kramer interrupts telling Jerry to load Elaine the money for a higher bid. Put on the spot, Jerry isn’t able to come up with an excuse, and reluctantly agrees to loan Elaine the money. Elaine leaves, and Jerry tells Kramer he doesn’t want Elaine living in the building because of the potential problems it could cause.
George’s plan with the wedding ring doesn’t work out as planned. It actually completely backfires, and women that would otherwise be interested in George are disappointed to find out he is married. Looking to rectify the situation with Jerry, Kramer finds a friend that is willing to pay $10,000 for the apartment, knowing Jerry won’t be able to loan Elaine that much money. Jerry thinks everything has worked out great, but Kramer’s friend turns out to be a musician and plays loud music constantly, right above Jerry’s apartment.