The Real Deal New York

Midtown condo board sues owner for allegedly running illegal bed-and-breakfast

Residents of 303 East 49th claim apartment has hosted 35 guests in last six months

May 20, 2015 11:15AM

Peregrine Tower at 303 East 49th Street

Peregrine Tower at 303 East 49th Street

A Midtown East condo board is suing the owner of a unit in the building for allegedly running an illegal bed-and-breakfast charging guests up to $200,000 for a six-week stay.

The board of the Peregrine Tower, at 303 East 49th Street, claims owner Charles Salcetti has hosted 35 different guests at the two-bedroom apartment over the past six months. Salcetti, a Maryland-based commercial real estate executive, claimed the $1.35 million apartment would be for his own residential use when he purchased it last year, according to the New York Post.

But the condo has allegedly been used by an array of guests belonging to a Colorado-based timeshare company called Lifestyle Asset Group, according to documents filed in Manhattan State Supreme Court.

A group of 50 timeshare members pay a $185,000 initial investment, plus $15,000 a year, for six weeks at six luxury properties including the Peregrine Tower and homes in Miami and the Turks and Caicos Islands, the Post reported.

Brooklyn Nets CEO Brett Yormark bought a unit in the condo building for $3.45 million in 2013. [NYP]Rey Mashayekhi