Subdivided penthouses at new Ritz-Carlton hotel in New York expected to attract buyers from Hong Kong, India

The penthouses will have a provision that turns the second bedroom into a separate suite

Overseas buyers are sick of flats that they have to rent out for a year and can’t access during a holiday stay, property agency says

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The penthouses are located on the top floors of the tower on 28th Street and Broadway. Photo: Handout

Published: 8:30am, 3 Aug 2021Updated: 6:09pm, 3 Aug 2021

These subdivided flats are unlike any Hongkongers have come across before. They come furnished with custom-designed fit-outs, a suite of Miele appliances, and a luxurious bathroom, among other amenities. And they are serviced by The Ritz Carlton.

In a move that will appeal to overseas investors looking to invest in prime New York real estate and also be able to use it when in town, the American hotel chain is allowing eight penthouses at The Ritz-Carlton Residences, New York, Nomad to be subdivided and leased out by owners. The project launches later this year.

The penthouses, located on the top floors of the 176-metre (580ft) tower on 28th Street and Broadway, will have a provision that locks off portions of the two-bedroom flats and turns the second bedroom into a separate suite. Owners and their families could stay for up to 120 nights per year and elect to have The Ritz-Carlton place their penthouse in the hotel’s rental programme when not in use.

“You have a whole secondary suite that has the ability to be locked off,” said Nic Bottero, an agent with Erin Boisson Aries Team, an agency part of Christie’s International Real Estate in New York. “It becomes a completely independent suite with a mini bar, its own bathroom and wardrobe.”

The concept is expected to take-off in the current climate of work-from-anywhere arrangements and migration out of big and high-density cities because of the Covid-19 pandemic. It is expected to attract investors who are looking for accommodation that they can rent out whenever they are away, but still be able to use once they are back.

The project is already attracting potential buyers from Hong Kong, India and the US, who have registered their interest in the project, the agency said.