Built in 1926 by William Randolph Hearst, the Lombardy Hotel has a rich history and flexible ownership which allows foreign, corporate, LLC, Trust and pied a terre buyers. Shareholders are able to generate income when not in residence by renting their apartment on a daily, weekly or monthly basis though the hotel.  Twice daily maid service and electricity is included in the monthly maintenance and hotel facilities include a new uptown location for the famed NY steakhouse American Cut, an espresso bar,  fitness center, business center, beauty salon and spa, dry cleaning and valet service, a seamstress and valet parking.     Apartment 1404 has been attractively renovated as three suites which can be divided and rented individually or combined as one large apartment, offering great flexibility for an investor or owner/user as the Lombardy allows owners the ability to have unlimited personal use or full or part-time income stream from the hotel rental pool. Located on a high floor with excellent light from north, south and east exposures, there are three large bedroom suites, one with separate sitting room, two kitchenettes and three renovated bathrooms.     The Lombardy is conveniently located on East 56th Street between Park and Madison Avenues, close to Central Park and convenient for transportation, and midtown's vast array of luxury boutiques, restaurants, and businesses.