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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.

286 SUITES

26 STORIES

BUILT 2006

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KEY DETAILS

Total Cost: $141 Million

Total Gross Sq Ft: 215,000

USES:

  • 286 suites (representing 14,872 saleable timeshare weeks that could be used in single-day increments)

AMENITIES:

  • 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

PROJECT CHALLENGES

  • 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.

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OUR SOLUTION

  • 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.

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30 West 21st Street, 11th Floor, New York, NY 10010                    T +212 554 3700                info@continuumcompany.com                press@continuumcompany.com