Invest in hotel apartments in New York City at the Lombardy Hotel
Investing in real estate in Manhattan has become a must for wealthy and up-and-coming real estate investors alike. Manhattan real estate is holding its value thanks to 2012 which 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 real estate in Manhattan increased this year, accounting for almost 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 also a part of Manhattan history? Such thinking certainly motivated unit buyers at the Lombardy Hotel, located at 11 East 56th Street in New York City. The Lombardy Hotel’s excellent midtown location puts it just blocks from famous Manhattan attractions like Central Park, the Theater District, and the designer boutiques of Fifth Avenue. Most of the hotel’s suites are privately owned and rented out to tourists. With just 162 rooms and suites spread over 22 floors, Lombardy Hotel feels spacious and decadent. Investors or people looking for a pied-a-terre in Manhattan welcome the Lombardy Hotel. Twice-daily turndown service epitomizes carefree living.
The Lombardy Hotel embodies classic old world charm and luxury. This should be expected considering his legacy. A building built 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 Hotel Lombardy’s exterior symbolized her reverence for her. Today, the classic Lombardy limestone design stands just as proudly against a steel background. It is still a statement building. Inside, the ugly marble lobby greets visitors with its sweeping mahogany staircase. Classic art pieces and antique mirrors line the walls of the lobby. Packed with features, the Lombardy Hotel offers services such as a fitness center, business center, and spa. Those wishing 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 out to tourists and short-term guests. A review of the myriad 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 suites with kitchenettes have 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. Homestay and owner options are also currently available at hotels like Gansevoort, W, Carlyle and Ritz-Carlton.