Hilton Grand Vacations Company LLC, owned by Hilton Hotels Corporation, has begun construction on NYC's first-ever newly constructed timeshare property. The groundbreaking event will take place on West 57 th Street near in Midtown Manhattan.

President & CEO of Hilton Grand Vacations, Antoine Dagot said, "We're very excited to bring the next generation of residential shared ownership to New York City. Ownership at West 57 th Street offers the most flexible way to own a pied-a-terre in the city without the concerns of second home ownership."

Construction is expected to be completed sometime in 2009. The West 57th Street by Hilton Club will stand 28 stories high and include 161 studio, one-bedroom and penthouse units. The prices for the property's interests will run from $41,000 to $100,000 and will also include membership to the exclusive Hilton Grand Vacations Club.

The West 57th Street by Hilton Club is expected to offer an unique experience with world-class design by HLW International and interiors done by Alexandra Champalimaud & Associates, featuring high-quality furnishings, advanced electronics, and oak, marble and granite elements throughout. The spotlighted feature is NYC's first Spa Chakra, offering relaxation treatments, massages, facials as well as their signature therapies.

"We're proud to incorporate the finest elements in West 57th Street by Hilton Club," added Dagot," Our world-class amenities will be available for owners, including a spacious outdoor terrace, private Owner's Lounge featuring food and beverage presentation throughout the say, concierge service, valet laundry service, nightly turn-down service, 24-hour on-site doorman, and high speed wireless Internet access throughout the building."

Another bonus is the location of West 57th Street by Hilton Club, close to shopping and entertainment facilities such as Carnegie Hal, Lincoln Center and Fifth Avenue shopping.