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Time-Share Sales At Midtown Condo - New York Times
Time-Share Sales At Midtown Condo
Published: September 15, 1996
With its opening still seven months away, the Manhattan Club, the first major time-share condominium in New York City, has sold its first 135 shares, according to the club's developer, Ian Bruce Eichner. Each share represents the right to occupy a room or suite for a week a year.
Mr. Eichner, president of the Continuum Company, said shares in 360 apartments are available at the club, which occupies the renovated western half of the 26-story Park Central Hotel at Seventh Avenue and 56th Street. The eastern half is to remain a hotel.
If, eventually, all the time-shares are sold, Mr. Eichner said, there will be 18,000 customers a year buying seven-day stays or the ''flex-time'' equivalent of a week. With sales open only since July, he said, ''I think it's an excellent start.''
The price for a week's use of a 650-square-foot, one-bedroom apartment is $15,000; a two-bedroom unit is $23,000. Annual fees average $575, including real estate taxes. There are several types of buyers, Mr. Eichner said: ''The 90-miler, meaning they live within 90 miles of New York; the foreign market, people for whom New York is the United States, and the corporate player.''
''Ninety-milers,'' he said, ''come to New York for the theater, for dining, for shopping and, basically, are buying a flex-week, meaning they are using it a day at a time.''
Leslie Eichner, the president of the club and Mr. Eichner's wife, said the 135 shares sold so far have been for one-bedroom apartments, 59 percent to residents of the tristate area, 32 percent to people from other states and 9 percent to foreign customers.
About 85 percent of the buyers have opted for flex-time, Mrs. Eichner said.
Construction on the $40 million conversion began in March, with a $2 million transformation of the Egyptian-motif lobby into beige marble, construction of two model apartments and a cleaning of the 1925 Tuscan Renaissance facade.
Time-Share Sales At Midtown Condo
Published: September 15, 1996
With its opening still seven months away, the Manhattan Club, the first major time-share condominium in New York City, has sold its first 135 shares, according to the club's developer, Ian Bruce Eichner. Each share represents the right to occupy a room or suite for a week a year.
Mr. Eichner, president of the Continuum Company, said shares in 360 apartments are available at the club, which occupies the renovated western half of the 26-story Park Central Hotel at Seventh Avenue and 56th Street. The eastern half is to remain a hotel.
If, eventually, all the time-shares are sold, Mr. Eichner said, there will be 18,000 customers a year buying seven-day stays or the ''flex-time'' equivalent of a week. With sales open only since July, he said, ''I think it's an excellent start.''
The price for a week's use of a 650-square-foot, one-bedroom apartment is $15,000; a two-bedroom unit is $23,000. Annual fees average $575, including real estate taxes. There are several types of buyers, Mr. Eichner said: ''The 90-miler, meaning they live within 90 miles of New York; the foreign market, people for whom New York is the United States, and the corporate player.''
''Ninety-milers,'' he said, ''come to New York for the theater, for dining, for shopping and, basically, are buying a flex-week, meaning they are using it a day at a time.''
Leslie Eichner, the president of the club and Mr. Eichner's wife, said the 135 shares sold so far have been for one-bedroom apartments, 59 percent to residents of the tristate area, 32 percent to people from other states and 9 percent to foreign customers.
About 85 percent of the buyers have opted for flex-time, Mrs. Eichner said.
Construction on the $40 million conversion began in March, with a $2 million transformation of the Egyptian-motif lobby into beige marble, construction of two model apartments and a cleaning of the 1925 Tuscan Renaissance facade.
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