Wednesday, 4 March 2015
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Aug 15 2011 | 1:14pm ET
Dennis Mykytyn isn't in the hedge fund business anymore. But he may well have made the best investment of his life when he moved his late hedge fund from the suburbs to the big city.
In 2007, Mykytyn relocated his firm from Westchester County to Rockefeller Plaza in Manhattan. And to mark the move, he bought 100 phone numbers in the coveted 212 area code.
Despite the fact that his hedge fund is no more, Mykytyn, who now runs a record label in Manhattan, still has the phone numbers. And even though he only uses about 10 of them, he's not interested in giving them up.
"It's prestigious," he told The New York Times. "When 212 is on your phone, everyone knows where that is, and it means you've been around for a while," even if, like Mykytyn, you haven't, and you just paid $3,000 for them four years ago.
Area code 212 has increasingly become a totem for Manhattanites. The code originally covered all of New York City's five boroughs, but ever since the introduction of 646 in 1999, almost all newly-assigned phone numbers in Manhattan have come from the newer area code.
"I guess I could sublease 212 numbers if I wanted to," Mykytyn mused. "But I'm not sure if that's a business I want to get involved in."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…