57th Street time share sells half its units

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.