Tuesday, 28 July 2015
Last updated 6 hours ago
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."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…