Manhattan Club Lawsuit

My questions over time have been - who is paying the $100 for the buy back of a person's week ownership? And who does that week then belong to? Who gets the rent if that bought back week is rented? Lastly who pays the maintenance fee on that week that was bought back?

to answer your question on valuation, take a look at comparable hotels and what they are selling for. A hotel in Brooklyn - 100 Orchard St - just sold at the end of May for $25 Million, equating to $1.136Million valuation per room. In was in foreclosure before it sold so valuation may have been depressed already. Even if you break this down into weekly valuation, that is almost $22,000 per timeshare value.

The Manhattan Club sits on prime NYC real estate. I don't think you need to fight Eichner in the courts - he will eventually come to the realization that he needs to share more of that value with you if he wants you to give up your rights to this prime real estate. The maintenance costs and taxes are being paid by the management company renting your timeshare out so no need to worry about what has not been paid, your property is already covering it for you.

Thank you, Susan, for sharing the information Mr. Hoffberg sent. His observation that it "may be in our interest to ally ourselves with BlueGreen" seems practical.

Some years ago (before the Covid pandemic), I attended the TMC annual meeting when Bluegreen (i.e., Bluegreen Vacations Corporation) representatives were introduced for the first time; the company had acquired a certain number of timeshare units.

I recall it was mentioned that Bluegreen, if it wanted, could seek the contract to manage TMC after the then management group's contract came up for renewal (or other disposition).

If I am not mistaken, at some point later on Bluegreen apparently opted not to seek the TMC management contract.

Presumably, Bluegreen's acquisition of TMC timeshare units reflected TMC is on prime NYC real estate and conveniently located; Bluegreen knew TMC had certain problems.

I conjecture Bluegreen perhaps discovered deeper problems sooner than later.

So for the very 1st time we have not paid our maintenance fees for this year. They just sent me a bill charging me $500 fine. I am considering paying but refuse to pay the penalty. Has anyone done this?

what happens if you refuse to pay the penalty and the fee?

karenm1384 wrote:

So for the very 1st time we have not paid our maintenance fees for this year. They just sent me a bill charging me $500 fine. I am considering paying but refuse to pay the penalty. Has anyone done this?

Thanks for post, KM.

I think TMC uses and experiments with various types of penalties and actions (under different forms and names) to see which ones succeed more easily. It seems part of the effort to avoid taking back timeshares, even if the timeshare owner is willing to deed back with no compensation.

I have a feeling they would love to take back the timeshares without having to compensate owners...this may be just a way to get more out of owners.

I can't help but think there may be a statute of limitations buried in NY civil code. Seems like the owners may be motivated to just wait us all out. Any attorney's on this list willing to weigh in?

What happens if you don't pay the maintenance ? Can The M. Club go after your assets