Is West 57th Street by Hilton Club a home, or is it a hotel? Well, neither and both says Dr. Harvey Lederman, who, along with his wife Myrna, bought into the Midtown timeshare development when it opened last year. Timeshares give “owners” blocks of time annually, though usually we think of them in vacation destinations like Florida. “It’s not a home; it’s not a second home. But you know where you’re going; it’s a very comfortable experience,” says Lederman.
Kind of like home, but with hotel-like privileges: The ritzy boutique property offers valet parking, concierge, fitness room, outdoor patio in a private courtyard, and an owner’s lounge with complimentary breakfast and early evening buffets. “It’s not just a typical pick up a cup of coffee and a muffin. The food is wonderful,” says Lederman of the lavish spreads. West 57th also opened adjacent Spa Merge last fall.
The Ledermans live in Hartford, Conn., and have visited Manhattan several times a year for decades: “We love being in N.Y, it energizes us.” Their children also use their NYC home. However, unlike a home, weekends aren’t about maintenance. “There’s a hefty maintenance fee each year, but there’s none of the work,” Lederman laughs.
As an investment, West 57th gives the benefit of a deeded share in the building, which can be sold or bequeathed and, as with most property, especially in Manhattan, will likely gain in value. Lederman doesn’t exactly feel like he owns a piece of the city, though: “We feel like we own a chunk of this property. It’s as close to having an apartment in the city as we need.”