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HGV buys remaining units of Central and 5th building

TUGBrian

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should make for more options for HGV owners, although I cringe at imagining the cost!

The most recent purchase at the building by a timeshare client was for $122,000, good for one week per year at a “studio penthouse” unit in the building.

 

frank808

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should make for more options for HGV owners, although I cringe at imagining the cost!



I know not all the units are studio penthouse. But just saying sell 22 units at 51 weeks each unit and you have paid for your full purchase of 111 units. Not a bad business model.
 

escanoe

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I know not all the units are studio penthouse. But just saying sell 22 units at 51 weeks each unit and you have paid for your full purchase of 111 units. Not a bad business model.
Marketing/sales costs have to account for much of their expenses, though. Not saying I am sympathetic to their situation.
 

Mcduck

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I wonder what the markup is on these. If they sell 51 weeks they paid about 24,000 per week. I think its crazy they sell a week for 100K or more. thats a big markup.
 

dayooper

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I can’t remember if it was The Quinn or Central on 5th but it was reported back in 2020 or 2021 that one of the large penthouse suites at one of the new NY properties was selling for $499,000 a week.
 

Eric B

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I can’t remember if it was The Quinn or Central on 5th but it was reported back in 2020 or 2021 that one of the large penthouse suites at one of the new NY properties was selling for $499,000 a week.
In the Offering Plan for The Quin in 2020, the really nice 1 BR Penthouse (1901) Thanksgiving event week was listed for $329,990.00, the New Years event week was $299,990, and normal Platinum weeks were $249,990.00. The prices stayed the same in the 2021 amendment. That unit has a 798 square foot sitting area with a restroom on the 19th floor, a 335 SF terrace on W 57th street and a 923 SF terrace on 6th avenue along with a 129 SF entry lobby by the elevator - it's the only room on that floor. The actual bedroom is on the 18th floor and has its own bathroom, etc., comprising another 489 SF. 2021 MF was $5,137.63.

I'm content with my studio penthouse, half of which was paid for with a couple of resale weeks I got for less than $4K all in.
 

letsgobobby

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In the Offering Plan for The Quin in 2020, the really nice 1 BR Penthouse (1901) Thanksgiving event week was listed for $329,990.00, the New Years event week was $299,990, and normal Platinum weeks were $249,990.00. The prices stayed the same in the 2021 amendment. That unit has a 798 square foot sitting area with a restroom on the 19th floor, a 335 SF terrace on W 57th street and a 923 SF terrace on 6th avenue along with a 129 SF entry lobby by the elevator - it's the only room on that floor. The actual bedroom is on the 18th floor and has its own bathroom, etc., comprising another 489 SF. 2021 MF was $5,137.63.

I'm content with my studio penthouse, half of which was paid for with a couple of resale weeks I got for less than $4K all in.
how many points is that!?!
 

GT75

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how many points is that!?!
Looks to me that it would be

Screen Shot 2023-02-10 at 2.06.57 AM.png


If this is the correct one (which is the highest number of points listed for The Quin) then that would be some premium pricing (much more than the $5/pt for the direct retail price which I am using for HGVC).
 
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Nowaker

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> bought the remaining 111 hotel rooms
> The purchase pencils out to $1.2 million per unit

$1,200,000 per unit = $22,222 per week, on average. It's quite an investment, given rofr.net reports a lot of waived purchases at other NYC properties - e.g. West 57th or HCNY.

How much does it cost to acquire a NYC HC in retail?
 

pedro47

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Can old DRI Club members Exchange into this resort?
 

GT75

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How much does it cost to acquire a NYC HC in retail?
I thought that the going HC retail rate was around $10/old point system, so around $6.25/new point system (that is my memory but please correct me if anyone has more recent/updated information).
 

1Kflyerguy

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> bought the remaining 111 hotel rooms
> The purchase pencils out to $1.2 million per unit

$1,200,000 per unit = $22,222 per week, on average. It's quite an investment, given rofr.net reports a lot of waived purchases at other NYC properties - e.g. West 57th or HCNY.

How much does it cost to acquire a NYC HC in retail?

I am not that familiar with the Central, to know exactly what they purchased, are these older hotel rooms, or ready to go timeshare rooms. Its quite possible they will need to renovate and refurnish these rooms, so the total investment may be quite a bit higher than just HGV's purchase cost.
 
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Eric B

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I am not familiar with the Quin to know exactly what they purchased, but its quite possible they will need to renovate and refurnish these rooms, so the total investment may be quite a bit higher than just HGV's purchase cost.
They had already purchased all of The Quin. The article was about HGVC purchasing the remainder of the units at The Central at 5th. I hadn't actually realized they didn't already own the entire building there; walked by it last time I was up in NYC. Not a bad location, though I've gotten used to The Quin and West 57th when I go up there.

Out of curiosity, I checked the RCI directory to see what the resort code for The Quin was and it doesn't seem to be listed. The Central doesn't see to be listed either. Seems odd to me, though they're fairly new - I kind of wonder if they will show up as RCI resorts, II resorts, or neither (maybe just in DEX).
 

1Kflyerguy

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They had already purchased all of The Quin. The article was about HGVC purchasing the remainder of the units at The Central at 5th. I hadn't actually realized they didn't already own the entire building there; walked by it last time I was up in NYC. Not a bad location, though I've gotten used to The Quin and West 57th when I go up there.

Out of curiosity, I checked the RCI directory to see what the resort code for The Quin was and it doesn't seem to be listed. The Central doesn't see to be listed either. Seems odd to me, though they're fairly new - I kind of wonder if they will show up as RCI resorts, II resorts, or neither (maybe just in DEX).

Opps, i meant central but typed The Quin. I edited my original post.
 
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