C.C. "Bud" Baxter is a low-level insurance clerk in New York City who, in hopes of climbing the corporate ladder, lets his apartment be used by his superiors for their extramarital affairs. Bud juggles the demands of his bosses, and the inconvenience it causes to his own life, while secretly adoring one of the building's elevators operators, Fran Kubelik. Unbeknownst to Bud, Fran is involved with one of the executives at his firm, the married and charming Jeff D. Sheldrake. Bud's infatuation with Fran continues to grow, even as he unwittingly facilitates her liaisons with Sheldrake.

The situation complicates as Sheldrake begins to take more interest in both Fran and the use of Bud's apartment, promising Bud a promotion in return for exclusive privileges to the apartment. As these arrangements unfold, Bud becomes increasingly aware of the moral compromises he is making and begins to question the cost to his own happiness and integrity. Simultaneously, Fran grapples with the reality of her affair and its impact on her life, leading both characters on a path of self-discovery amidst the complexity of emotions and social pressures surrounding them.