It seems the storied Princeton Club of New York, a favorite haunt of Ivy Leaguers since it first opened its doors in the 19th century, has been swept up in a silent but significant transaction. Billionaire John Paulson was the undisclosed buyer of the building’s mortgage debt, according to a report by Crain's New York. The financier, known for his investment acumen but not for any Princetonian ties (he's an NYU and Harvard alum), is now apparently considering selling the West 43rd Street site, or converting it into a new membership club.
With a price tag that came out to be roughly $125 per square foot, a shell company named 15 West 43rd Street LLC stepped in to purchase the property for $8 million, as reported by Club + Resort Business. This follows a financial ordeal which saw the Princeton Club, lacking connection with Princeton University—unlike its peers—attempt to save its skin after losing about one-third of its membership during the protracted closure amidst the pandemic. The club struggled and failed to regroup after a hefty debt default of nearly $40 million to Sterling National Bank.
Before the final sale, hints of the Princeton Club's troubles were clear. Christine Loomis, the club president, had sent out an email stating, "we do not have the money to continue to operate," according to Club + Resort Business. The closure and ensuing silence on the future of the property have abruptly ended its 159-year heritage of serving its distinguished alumni and members.
The newly acquired property spans 81,860 square feet and is ripe with potential for the right visionary. Prior listings hint at a wide array of uses; the space could re-emerge as anything from stylish apartments to a corporate hub. Currently, the specifics on what the shell company plans to do with the two restaurants, squash courts, gym, and other amenities housed within are under wraps. "It’s unclear what the buyer’s plans are for the club," reported Club + Resort Business, raising both eyebrows and questions among the real estate community.
