Princeton Club of New York defaults on $39 million mortgage

The Princeton Club of New York has defaulted on a $39.3 million mortgage for its 10-story building located at 15 West 43rd Street. Bloomberg News first reported the story on Wednesday.

Due to the pandemic, the club’s finances have suffered due to being closed for almost a year and a half. The club received a six-month forebearance on its mortgage that ended in September. The 63,860-square-foot club that was built in 1962 has two restaurants, banquet and lounge space, and 58 guest rooms. According to Bloomberg News, the club has lost about 2,000 of its 6,000 dues-paying members since the pandemic began.

Global real estate firm Newmark has been hired to sell the debt by the end of November.

Unlike some other Ivy League school clubs such as the Cornell Club, the Princeton Club of New York is independent and has no financial relationship with Princeton University, which has a $27 billion endowment. Alumni pay annual dues to become members of the club.

The club has been offering outdoor events on its terrace and in July it reopened its bar and grill, business center, and lounge on Wednesdays. The week of Oct. 5, operational hours were expanded to include Tuesdays and Thursdays.