The
Manhattan
Club
200 West 56th Street
New York, NY
THE STORY:
Turned a bankrupt hotel property into the first luxury timeshare in Manhattan. Located steps from Central Park and a short walk to Times Square.
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286 SUITES
26 STORIES
BUILT 2006
PROJECT
DETAILS.
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Located steps from Central Park and a short walk to Times Square.
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286 suites (representing 14,872 saleable timeshare weeks that could be used in single-day increments)
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AMENITIES:
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4,000 sq. ft. private lounge and bar, 2 meeting rooms, business center
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State-of-the-art fitness facility
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2 sun terraces
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Walking distance of Central Park, Times Square and the Theater District
PROJECT CHALLENGES
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Building was a bankrupt hotel and the existing cash flow did not support current mortgage.
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Property was in considerable disrepair and was in need of renovation so it could be repositioned in order to generate higher room rates.
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The possibility of unforeseen conditions was high since the building was constructed in the 1920’s and structural/architectural plans were not available.
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The existing hotel would have to remain operational during construction.
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Proposed redevelopment plan was considered speculative, and therefore traditional financing was unavailable.
OUR SOLUTION
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Designed a uniquely structured financing vehicle with seller by using a combination of Continuum equity, existing cash flow and construction financing for re-development.
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Applied timeshare concept to property redevelopment. Timeshare presales and untapped urban market demand provided an alternative approach to the repositioning of the asset.
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Adapted notion of traditional timeshare to an urban environment allowing buyers to purchase 7-day intervals for use in single-day increments.
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Development was completed in stages, four floors at a time. Construction took place while building was fully operational, requiring an unprecedented amount of coordination between operations, development and construction personnel.
