200 West 56th Street
New York, NY
Turned a bankrupt hotel property into the first luxury timeshare in Manhattan. Located steps from Central Park and a short walk to Times Square.
Total Cost: $141 Million
Total Gross Sq Ft: 215,000
286 suites (representing 14,872 saleable timeshare weeks that could be used in single-day increments)
4,000 sq. ft. private lounge and bar, 2 meeting rooms, business center
State-of-the-art fitness facility
2 sun terraces
Walking distance of Central Park, Times Square and the Theater District
Building was a bankrupt hotel and the existing cash flow did not support current mortgage.
Property was in considerable disrepair and was in need of renovation so it could be repositioned in order to generate higher room rates.
The possibility of unforeseen conditions was high since the building was constructed in the 1920’s and structural/architectural plans were not available.
The existing hotel would have to remain operational during construction.
Proposed redevelopment plan was considered speculative, and therefore traditional financing was unavailable.
Designed a uniquely structured financing vehicle with seller by using a combination of Continuum equity, existing cash flow and construction financing for re-development.
Applied timeshare concept to property redevelopment. Timeshare presales and untapped urban market demand provided an alternative approach to the repositioning of the asset.
Adapted notion of traditional timeshare to an urban environment allowing buyers to purchase 7-day intervals for use in single-day increments.
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.