The Big Apple speaks for itself. New York's Broadway shows, five-star dining, sight-seeing, and world-famous shopping attract the world's best. It is a perfect destination for vacationing as well as providing an exciting place for the busy jetsetter to relax between trips abroad.
For visitors, New York offers hundreds of hotels, but if you're a frequent visitor then having your own apartment or pied-a-terre will provide that second home as your base in Gotham. Once you start looking at apartments you'll soon learn that although the market has softened, New York doesn't offer value pricing on its real estate. That's where the fractionals and private residence clubs start to make sense - you just buy a share of an apartment, so you're only buying the ownership time that you need. Plus, with a fractional share, you often get all the hotel level services and have no worries about upkeep and maintenance.
We recently reviewed the MLS listings and found two top private residence clubs with property on the resale market. The Philips Club and St Regis Residence Club have several fractions for sale from studio to three bedrooms available in 1/8 or 1/12 shares. Prices for these properties range from $148,900 to $699,000.
|Property||# Fractions For Sale||Bedrooms||Price Range||Fraction Size|
|St Regis Residence Club||4||2||$500k-$699k||1/12|
|St Regis Residence Club||1||3||$690k||1/12|
The Philips Club is at 155 West 66th Street on Lincoln Square. The club opened it second phase last year, adding another 88 apartments.
The St Regis Residence Club occupies the 8th and 9th floors of the flagship St Regis hotel on East 55th Street at 5th Avenue.
The new Andaz Hotel on 42nd Street and Fifth Avenue, is due to open early next year, and will have fractional residences on its top floors.Individual Homes
When we looked at fractional resales in Vail, Aspen and Lake Tahoe we found several independent single family homes on the market, but New York has far fewer of these. One company that does offer fractionals in New York is Elite Destination Homes that we reviewed a few weeks ago.
Most of the larger destination clubs also have homes in New York City and once you move out of the city there are also several private residence clubs and fractionals in upstate New York, all of which are listed here.