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Princeton Club of New York

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Coordinates: 40°45′17″N 73°58′52″W / 40.75483°N 73.981201°W / 40.75483; -73.981201
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This is an old revision of this page, as edited by Jjazz76 (talk | contribs) at 02:06, 6 November 2022 (updated to closed status and updates on the sale of the building). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Princeton Club of New York
FormationDecember 12, 1866; 157 years ago (1866-12-12)
TypePrivate Club
Legal statusSocial and recreational club
Location
Region served
New York metropolitan area
General Manager
Jason Pallen
Websitewww.princetonclub.com

The Princeton Club of New York was a private club located in Midtown Manhattan, New York City, New York founded in 1866 as the Princeton Alumni Association of New York. It reorganized to its final namesake in 1886. Its membership composed of alumni and faculty of Princeton University, as well as 15 other affiliated schools. In 2021, the club defaulted on its mortgage debt, and its clubhouse is in the process of being sold to the highest bidder.[1][2]

History

The club was founded as the Princeton Alumni Association of New York in 1866. In 1886, it reorganized as the Princeton Club of New York, incorporating as a club under New York laws on December 12, 1899.[3] Since its incorporation, the club has had four homes, with its current location being at 15 West 43rd Street in Manhattan since February 1963.[4] The clubhouse was established on Clubhouse Row, where many of New York City's other clubs are located.[5]

In October 2021, the club defaulted on $39.3 million in mortgage debt from lender Sterling National Bank, and as a result, the building is in the process of being sold to the highest bidder.[1][2] In December 2021, 15 West 43rd Street LLC purchased the defaulted loan from Sterling National Bank and in June 2022 the LLC sued to foreclose on the property.[6] Unlike other alumni clubs on Clubhouse Row, the organization has no financial relation to Princeton University.[1]

Amenities

The ten-story club featured a variety of amenities for its members, including two restaurants, banquet space, a fitness center, squash courts, and 58 guest rooms.[1][7] The club featured 9,000 square feet (840 m2), where it hosts events throughout the year for its members.[7]

Membership

Membership in the Princeton Club was restricted to alumni, faculty, and students of Princeton University, as well as 15 other affiliated schools.[8] Per the club's official website, which is now shuttered, it served over 6,000 alumni.[7]

Since its creation, other schools' clubs had moved in-residence, such as Columbia University in 1998[9] and Williams College in 2010.[10] The Columbia University Club of New York later moved out in 2017 because of issues with the residence agreement[9][11] and is now in residence at the nearby Penn Club.

See also

References

  1. ^ a b c d Boyle, Matthew (October 20, 2021). "Princeton Club of NYC on Life Support After Defaulting on Mortgage". Bloomberg News. Retrieved October 29, 2021.
  2. ^ a b Kagan, Sam; Opperman, Lia (October 27, 2021). "Princeton Club of New York defaults on mortgage". The Daily Princetonian. Retrieved October 29, 2021.
  3. ^ Club Men of New York: Their Occupations, and Business and Home Addresses: Sketches of Each of the Organizations: College Alumni Associations. New York: Republic Press. 1902. p. 29. OCLC 8726209.
  4. ^ Leitch, Alexander (1978). A Princeton Companion. Princeton: Princeton University Press. p. 378. ISBN 978-0-691-04654-9. JSTOR j.ctt13x0zx2.
  5. ^ Slatin, Peter (May 9, 1993). "Penn's Racing to Join Clubhouse Row". New York Times. Retrieved November 2, 2020.{{cite web}}: CS1 maint: url-status (link)
  6. ^ Monahan, Shea (2022-06-09). "Creditor Files to Foreclose on Princeton Club's Midtown Home". The Real Deal New York. Retrieved 2022-11-06.
  7. ^ a b c "PCNY - Princeton Club - New York, NY". The Princeton Club of New York. Retrieved October 30, 2021.{{cite web}}: CS1 maint: url-status (link)
  8. ^ "Associate Schools - Princeton Club - New York, NY". The Princeton Club of New York. Retrieved October 29, 2021.{{cite web}}: CS1 maint: url-status (link)
  9. ^ a b Skelding, Conor (August 4, 2016). "Columbia, Princeton clubs at impasse over residence agreement". Politico. Retrieved October 29, 2021.
  10. ^ "Wms. Club Operations Move to Princeton Club". Williams Magazine. Summer 2010. Retrieved October 29, 2021.
  11. ^ "The Columbia Club's New Home". Columbia College Today. July 5, 2017. Retrieved October 30, 2021.{{cite web}}: CS1 maint: url-status (link)
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