Down Town Association files for bankruptcy

Social club — Lower Manhattan’s oldest — aims to reorganize

New York /
Mar.March 05, 2021 12:40 PM
The Down Town Association at 60-64 Pine Street (Wikipedia Commons, iStock/Illustration by Alexis Manrodt for The Real Deal)

The Down Town Association at 60-64 Pine Street (Wikipedia Commons, iStock/Illustration by Alexis Manrodt for The Real Deal)

Lower Manhattan’s oldest social club is going under.

The Down Town Association said in a bankruptcy filing on Thursday it had less than $75,000 to pay $6.9 million in debt, primarily held by its landlord, Great Empire Realty, Bloomberg News reported. The club, founded in 1859, had provided “an island of quiet civility” and a “locus for nourishment, entertainment, relaxation or quiet discourse” at 60 Pine Street since 1887.

The club’s Chapter 11 filing indicates it hopes to emerge as the pandemic eases.

In 2018, Benny Fong’s Great Empire bought the building for $28.3 million million with plans to lease it back to the social club. In recent years, the social club offered discounts at nearby retailers — including 15 percent off at Brooks Brothers, which filed for bankruptcy in July 2020.

According to the club’s bankruptcy filing, it owes severance to about a dozen employees.

Presidents Grover Cleveland and Franklin D. Roosevelt were members of the Down Town Association, which is the nation’s second oldest such club. The building that houses the club, 60-64 Pine Street, was landmarked in 1997.

[Bloomberg News] — Georgia Kromrei


Related Articles

arrow_forward_ios
The Strand Bookstore and store owner Nancy Bass Wyden (Credit: Getty Images)
Over owner’s protests, city landmarks Strand bookstore
Over owner’s protests, city landmarks Strand bookstore
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
A rendering of 250 Water Street, Landmarks Preservation Commission chair Sarah Carroll and Howard Hughes Corporation CEO David O’Reilly (Center for Architecture, The Howard Hughes Corporation/SOM)
Howard Hughes told to further refine Seaport tower proposal
Howard Hughes told to further refine Seaport tower proposal
Howard Hughes Corporation CEO David O’Reilly and 250 Water Street (The Howard Hughes Corporation/SOM)
Critics look down on shorter 250 Water Street
Critics look down on shorter 250 Water Street
Previous rendering of 250 Water Street (left) and a new rendering (right) with Howard Hughes Corporation CEO David O’Reilly (The Howard Hughes Corporation/SOM)
Howard Hughes hopes smaller Seaport project will work this time
Howard Hughes hopes smaller Seaport project will work this time
Substantial tax incentives put in place to help Lower Manhattan recover from the 9/11 terrorist attacks are still active 19 years later. (Getty Images)
19 years after 9/11, does Lower Manhattan still need subsidies?
19 years after 9/11, does Lower Manhattan still need subsidies?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...