Lifestyle

Ex-Hedge Fund Manager Hoarding 212 Numbers

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."


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

AIMA: How The U.K.'s SMCR Will Affect U.S. Firms

Jun 20 2017 | 6:29pm ET

U.S. investment managers need to think seriously about how tough new U.K. conduct...

 

From the current issue of