Any Manhattanite will tell you that there is nothing quite like August in New York—humidity soaked days and sauna-like subway platforms are enough to send the locales scrambling to the East End of Long Island or upstate. The end of the month however, marks the start of the reasons that make New York a favorite tourist destination and even keep the locals in town. The U.S Open tennis tournament kicks off Aug. 25 and the Metropolitan Opera begins its season next month, while the waning summer brings more moderate temperatures and a bright fall palette to the city. It’s no surprise that destination clubs have more residences in New York than in any other location in the U.S. With some ten clubs owning their own piece of the Big Apple, here’s what current, or potential, club members can expect.

Number of destination clubs

Ten. The big five including Exclusive Resorts, Ultimate Escapes, Quintess, LRW, High Country Club and the Lusso Collection all have residences in New York, and most have multiple homes. Exclusive Resorts has 28 units alone, many adjacent to Central Park. Other clubs with property here include Solstice, One Key and Abercrombie & Kent Residence Club, among others.

Location

Most club homes are located in midtown. In fact, many clubs share the same address, 1600 Broadway, just north of Times Square. Destination clubs owning, or leasing, units in the same buildings can be chalked up to New York’s notoriously tough co-op boards that are not likely to smile upon a destination club buyer that will bring a string of different faces to the building’s hallways. Condominiums, while more expensive than co-ops, tend to have more relaxed rules regarding usage. Destination club residences are located in full-service, high-rise buildings that are typically within walking distance to Central Park. Solstice Collection is one exception. This ultra-luxury club has two properties in the West Village.

Size

One- and two-bedroom units are the norm. Ultimate Escapes’s Premiere residences, which average $1 million in value, are one-bedroom units (we reviewed one in June), while its Signature and Elite clubs include two-bedroom homes.

High Country Club also has a one-bedroom condo, while Exclusive Resorts, Lusso Collection and Quintess have collections of two-bedroom residences. We reviewed
one of Quintess’ New York residences last December. Solstice has a three-bedroom unit in the West Village, but don’t expect clubs to add larger residences their portfolios any time soon. The New York real estate market has remained robust and the median price of a three-bedroom condo topped $3 million in mid-2008, according to New York-based real estate agency, the Corcoran Group.

Fractional options

While destination clubs have made New York a staple of their property portfolios, fractional developments remain a much smaller segment of the market. There are just a handful of fractional buildings in New York. The Phillips Club is selling one-eighth shares of studio, one- and two-bedroom units in its development near Lincoln Square. The project rolled out its second phase
earlier this year. Elite Destination Homes also has a New York residence and the St. Regis Residence Club makes its home on several floors of the namesake hotel on East 55th St.

There is also the newly reopened Plaza Hotel, now selling whole ownership, multi-million dollar condominiums. But even if you aren’t an owner, you can get a taste of life at the renowned hotel by grabbing a drink at the new Rose Club lounge or at the Oak Room, which is reopening its doors in early fall.