May 9, 2019
Hilton Grand Vacations (HGV) will open its fifth New York City location, the Central at 5th by Hilton Club, which locally-based Hidrock Properties developed for HGV. It’s slated to open in spring of 2020. Sales began this past March.
The 34-story Central at 5th is situated mid-block on East 48th Street, between Fifth and Madison avenues. HGV will acquire it from Hidrock in two phases, totaling 161 studio and one-bedroom units.
Deal terms weren’t disclosed. Hidrock reportedly acquired a land assemblage for the site in 2014 for $47 million.
“The collaborative effort with HGV has allowed our design team to create a unique facade and interiors, which will make this property one of the premier timeshares in Manhattan,” said Joseph Ginex, Hidrock’s chief development officer.
HGV’s first Manhattan property opened in 2003, occupying three floors of the Hilton New York Midtown. Its first ground-up project here opened in 2009.
Pictured: Room layout of Central at 5th (proposed, subject to change)
For comments, questions or concerns, please contact Paul Bubny