With invariably high demand, and often-staggering real estate prices, New York City is an ideal location for fractional ownership. It comes as no surprise then, that Millennium Partners has just launched the second phase of its Lincoln Square private residence club property, The Phillips Club.

Phase I of the project opened its doors nearly a decade ago within walking distance of NYC’s Lincoln Center. Phase II shares a lobby with Phase I, occupying the fourth to seventh floors of the Grand Millennium Condominiums building at 1965 Broadway. The 88 apartments in the club’s second phase include 14 studios, 62 one-bedrooms and 12 two-bedrooms, with one-eighth shares ranging from $200,000 to $375,000. According to the club, more than 100 memberships were sold between the plan’s approval in June 2007 and the end of last year.

Unit amenities include full kitchens with granite countertops, marble bathrooms and high-end entertainment systems. Housekeeping, concierge and personal shopping services are available, and every membership includes a secure storage wardrobe where members can keep personal belongings. Each unit is also equipped with high-speed wireless Internet access, and meeting space is available on site. Members at the club have usage privileges at the nearby Reebok Sports Club/NY.

Other fractional options in Manhattan include the St. Regis Residence Club and Elite Destination Homes. There are also more than a dozen destination clubs that offer their members access to homes in Manhattan. Download our free Decision Guide to Private Residence Clubs for expert guidance in choosing the right form of fractional ownership for your lifestyle.