The time for time-sharing: an urban hospitality alternative.

It's a hackneyed phrase but, nevertheless, a truism: "Timing is Everything."

I am totally convinced that the time has come - Big Time - for the timesharing industry on a whole new playing field. I'm talking about the concept of urban timesharing which, at least in a city like New York with a dearth of reasonably priced high-end hotel rooms, offers tourists and business travelers alike a viable hotel alternative.

Simply put, it's a unique way of securing an upscale apartment suite, complete with hotel amenities - virtually forever - at a one time fixed price, right in the heart of Manhattan.

I'm pleased to report that since the start of sales two months ago at The Manhattan Club, New York City's first timeshare property, purchasers from 20 states as far away as California and Hawaii have bought intervals at the project, representing aggregate sales of $1.75 million. As we anticipated, buyers from the tri-state area who frequently visit the City for business and/or pleasure have shown a strong interest in our project. We've also seen owners from the international, diplomatic and corporate communities.

Located diagonally across from Carnegie Hall at 200 West $6th Street, the Manhattan Club, in its initial development, will consist of approximately 350 suites, primarily one-bedroom, each with two baths. Two-bed-room suites, which are not in the initial phase of build-out, are planned for the future.

The Manhattan Club is one of very few timeshare projects offering complete flexibility for its resident users. We designed the facility in response to how people use cities, as opposed to vacation resorts. If they choose, owners may experience their "week" in individual days or groups of days whenever they desire during each 12-month cycle. In other words, they will not be locked into any one specific week during their use period.

As you can imagine, this flexibility is popular and appropriate for urban time-shares. For example, a buyer can use four days at The Manhattan Club in November for business, and use the remaining three days to vacation in the city the following April. There are multiple combinations of uses and types of users, ranging from tourists (both domestic and foreign), corporations, conventioneers, business travelers and New York City aficionados requiring an annual injection of the inimitable sundry attractions found in Manhattan. Flexibility is the key to attracting our diverse buyer base.

One of the big advantages of owning a share in The Manhattan Club is its affiliation with Resort Condominiums International (RCI), the timeshare industry's premier vacation exchange service, which assists its two million members in exchanging their properties for nearly 3,000 other properties located in 75 countries throughout the world. There is and always has been a huge demand from RCI exchangers for a New York City destination. So, those who purchase Manhattan Club suites should have no difficulty trading their weeks with RCI members who are literally queuing up to visit The Big Apple.

The Manhattan Club's 26th floor will feature a clubhouse/lounge with meeting rooms, health club facilities and extensive concierge services. These will include, among others: baby-sitting arrangements; booking Broadway shows, concerts, sports events, etc; private party planning; dinner reservations: limousine and car hire. Also, the concierge will maintain owner profiles so that any special treatment of a personal nature will be satisfied. Plus, Manhattan Club owners will be welcome to use the clubhouse facility whenever they are in Manhattan, whether or not they are in residence.

The building's ornate exterior has been cleaned and restored to its original 1926 grandeur. And we've assembled a team of some of the best designers on the East Coast to effect the renovation, virtually a "gut" rehabilitation: CK Architects of New York is the project architect, while Manhattan-based Birch Coffey Design Associates is handling the facade and interior design work.

We began selling one-week lifetime deeded interests in the suites - which are approximately 650 square feet (or roughly twice the size of a typical New York City hotel room) - at $15,700, with an annual maintenance fee of $575. In fact, we've now raised our base price to $16,990 for off-peak weeks, while the Christmas season weeks are now $22,990, up from $21,000. Prices vary depending on the time of year the purchaser desires, with the prices increasing for high-demand times and for major events such as the US Open Tennis Championship, the NYC Marathon, Christmas, New Year's, and other holidays.

Ownership is a deeded interest (there is no termination to possession) and the ownership interests may be mid/rented and/or passed onto survivors upon a purchaser's death.

The concept of urban timeshare is truly in its infancy. Although timeshare thrives in resort areas worldwide, there are few urban precedents. We firmly believe that timesharing in major American cities will soon become "de rigueur." We're excited about sales activity at The Manhattan Club which, when fully sold out, will mean 18,600 new buyers will own pieces of The Big Apple. We fully anticipate that, in due course, we will timeshare the southern half of The Park Central Hotel to meet the demand for a concept whose time has come.