Former hedge fund manager, Dennis Mykytyn, is holding on to one investment he made since closing his hedge fund: a stash of 212 area codes.When Mykytyn decided to move his hedge fund Modern Capital Management from Westchester to 30 Rockefeller Plaza in 2007, he purchased 100 of the highly coveted area codes for $30 each.
His hedge fund has since closed. Now Mykytyn runs a record label called Modern Records located in the Lower East Side of Manhattan.
He reportedly uses about 10 of the phone numbers and has no intention of selling the rest.
“I guess I could sublease 212 numbers if I wanted to,” Mykytyn is quoted as saying in The Local East Village. “But I’m not sure if that’s a business I want to get involved in.”
So why would anyone spend $3,000 on phone numbers? Well, it appears Mykytyn is one of the more nostalgic Manhattanites.
“It’s prestigious,” Mykytyn told The Local East Village, “When 212 is on your phone, everyone knows where that it is, and it means you’ve been around for a while.”
Mykytyn graduated from the Harvard Graduate School of Design in city and regional planning in 1979.
Prior to becoming a hedge fund manager, he was a senior financial officer for the Metropolitan Transit Authority.