Investing in real estate in Manhattan has become a must for both affluent and up-and-coming real estate investors. Manhattan real estate maintains its value thanks to the year 2012 that brought increased foreign investment, favorable interest rates and inventory declines. A recent industry analysis found that residential property investments in Manhattan are outpacing those in comparable large cities like Los Angeles and San Francisco. Although foreign investment in Manhattan real estate increased this year, accounting for nearly 9% of all sales, Americans are also investing in Manhattan. This year, 7 out of 12 real estate investment purchases will be made by Americans.
In light of this real estate market, who would turn down the opportunity to invest in real estate that is not only safe but is also part of Manhattan’s history? This thought certainly motivated unit buyers at the Lombardy Hotel, located at 11 East 56th Street in New York City. The Lombardy Hotel’s superb downtown location puts it just blocks from famous Manhattan landmarks like Central Park, the Theater District, and Fifth Avenue designer boutiques. Most of the hotel suites are privately owned and rented out to tourists. With just 162 rooms and suites spread over 22 floors, the Lombardy Hotel feels spacious and decadent. Investors or people looking for a pied-a-terre in Manhattan welcome the Lombardy Hotel. Twice-a-day turndown service epitomizes a carefree life.
The Lombardy Hotel embodies classic old world luxury and charm. This should be expected considering his legacy. A building constructed in 1926 by the great newspaper publisher William Randolph Hearst, the Lombardy Hotel was a gift to Brandon Davies. Davies was a famous silent film actress and lover of Hearst. The beautiful stone facade of the exterior of the Lombardy Hotel symbolizes your reverence for her. Today, Lombardy’s classic limestone design stands out just as proudly against a steel background. It is still a statement building. Inside, the marble lobby greets visitors with its wide mahogany staircase. Classic art pieces and antique mirrors line the lobby walls. The feature-packed Lombardy Hotel offers services such as a gym, business center and spa. Those who wish to live or invest in hotel apartments should contact their exclusive broker, Wald Real Estate at the Lombardy Hotel.
Rooms that are owned but not currently occupied can be rented to tourists and short-term guests. A review of the plethora of online hotel and travel sites shows guests rating The Lombardy between four and five stars. Visitors are overwhelmed by the size of the rooms and the astute service of the staff. The kitchenette suites especially appealed to hotel guests, who can rent these spacious suites for up to 30% less (depending on the season) than the standard Manhattan hotel rate.
The returns earned by investors, combined with the subsidized cost of running a hotel in this way, made The Lombardy Hotel a successful experiment in real estate investing. Other hotels in Manhattan have followed suit. Lodging and owner options are also currently available at hotels such as the Gansevoort, the W, the Carlyle, and the Ritz-Carlton.