Timeshare with a twist debuts in New York.

To anyone familiar with the leading players on the New York City real estate scene, it shouldn't come as a big surprise that Ian Bruce Eichner is the originator and developer of Manhattan's first timeshare project.

Widely regarded as one of the industry's most creative trend-setters, Eichner has taken a 70's concept and ingeniously repackaged it to suit the needs of a wide 1990's traveling audience. Convinced and armed with research that indicates the time for urban timeshare has arrived, particularly in New York City, Eichner and his team of development and service professionals plan to launch the grand opening of sales at their 26-story $70 million timeshare project, The Manhattan Club, in May, on site at West 56th Street and Seventh Avenue in the totally renovated northern half of the former Park Central Hotel.

By far the most distinctive feature of this largest of all urban timeshare projects is its unprecedented built-in flexibility. The "twist" with Eichner's Manhattan Club is that owners won t be locked into occupying their apartments at "the same time next year. Instead, they'll have the freedom of selecting either well in advance or up to day-of-arrival - depending on availability - precisely when (a day at a time, in any sequence) they want to stay in their residence. Moreover through an affiliation with RCI, the timeshare industry's premier vacation exchange service, owners may be able to swap their intervals for a selection of over 2,800 vacation condominiums throughout the world.

The Manhattan Club will consist primarily of 360 one-bedroom, two-bath 650 square-foot luxury suites renovated and furnished to an exceptionally high standard, right down to the inclusion of cork screws and phone/fax lines. Approximately three times the size of an average Manhattan hotel room, the prices for one-week lifetime intervals will start at $15,000, with an annual maintenance fee of approximately $600. Two bedroom suites will also be offered; and seven- and 10-year financing will be available for interested buyers.

Eichner, who purchased the hotel last year, is confident there is a wide contemporary market for his exciting new timeshare development. Targeted at a broad audience - including commuters living within a 90-mile radius of the city, out-of-town business and corporate travelers, international and domestic tourists, conventioneers, as well as current timeshare owners - the suites are expected to be ready for occupancy before the end of this year.

One of New York's elite developers, Eichner has built some of the City's most successful luxury residential developments, including The Royale, The Kingsley, The Boulevard and CitySpire. In all, his condominium projects have generated sales of well over half a billion dollars. In addition to The Manhattan Club, he is currently developing a 24-story luxury mixed-use condominium property at 80th Street and Third Avenue and has a 40-story, 400,000 square-foot rental apartment development on the drawing boards in Murray Hill.

Eichner has assembled a veteran team of experts to market the City's first timeshare venture: Carl G. Berry, who has successfully developed, sold and managed timeshare properties in San Francisco; Charles Zanowski, formerly senior sales executive of Orange Lake Country Club in Kissimmee, Florida, who will direct The Manhattan Club's sales and marketing effort; Stuart Eichner, a construction specialist who will serve as Senior Vice President of Development; and Leslie Eichner, a leading marketing consultant.

Envisioned as a world-class timeshare facility, The Manhattan Club will offer an array of amenities, including a private club on the 26th floor featuring concierge services, meeting rooms for business and/or catered functions, an exercise facility, and an tastefully decorated lounge with bar and reading room.

In addition to an elegant new lobby and entranceway, work has already begun on restoring the building's 56th Street facade back to its original 1926 grandeur. CK Architects of New York is the designated architect, while Birch Coffey Design Associates is in charge of the facade and interior design.

Vertically divided into two totally separated condominium units, the southern portion of the Park Central will continue to operate as a hotel, with its entrance on Seventh Avenue.

With such respected brand names like Hyatt, Marriott, and Disney having recently jumped onto the timeshare bandwagon, Eichner feels his ambitious project is in good company. He also believes that The Manhattan Club will firmly establish its niche, offering a viable alternative to hotels, pied-a-terres, and bed & breakfast facilities in New York City. In particular, he expects very strong interest from corporate users and individuals who visit The Big Apple regularly, either for personal or professional reasons.

An on-site sales center, now under construction on the second floor at 200 West 56th Street, is expected to be fully operational by late spring.