57th Street time share sells half its units

November 13, 2009 12:00PM

While popular vacation spots like Florida and the Hamptons ostensibly have the market on time shares cornered, it could be New York City’s turn to crack into the market — the Hilton Club at 102 West 57th Street, between Fifth and Sixth avenues, has already sold half its units, according to a report from the New York Times. The new tower, comprised of 161 time-share units (studios and one-bedrooms, only) is the first in the city to be built as a time share. Units cost between $33,900 for a studio and $125,000 for a penthouse. Even though not everyone is a fan of the new development, some industry experts say that the construction represents a new era of city-based time shares. “There are a lot more people traveling to metropolitan areas that are closer to where they live,” said Adam Schwartz, a senior vice president with Wyndham Vacation Ownership. His group has 20 properties in urban locales.