Princeton Club of NYC on Life Support After Defaulting on Mortgage
- Midtown oasis has struggled after being shuttered by pandemic
- Attempts to raise cash and seek help from school have failed
This article is for subscribers only.
The Princeton Club of New York, a midtown oasis for Ivy League alumni, could soon be without a home after $40 million in mortgage debt went into default and is being sold to the highest bidder.
The ten-story private club, which includes two restaurants, banquet space, squash courts and 58 guest rooms, is running low on cash after being closed for 15 months during the pandemic and losing about one-third of its 6,000 dues-paying members, according to people familiar with the club’s operations.