Could Be....
....A Metropolitan rebuild. Metropolitan was a company specializing in rebuilds of Electroluxes; they advertised in national magazines like House Beautiful, etc. They began in the Bronx in 1939; they're still around. They would have had the skill and the materials to replace the leatherette as part of a rebuild. The reason for the unusual color could have been so that no one could palm off a Metropolitan rebuild as a new machine; Electrolux itself used to do that, painting machines in colors never made when they were new (like Model Ls and 1205s in hammertone blue), so there was no chance of confusion between rebuilt and new.