Want to join Safra’s private club at GM Building? It’ll cost you $125K

If WeWork isn’t luxurious enough, Edmond Safra has an alternative.

Safra and restaurateur Juan Santa Cruz are taking the 37th floor of Boston Properties’ GM Building for its private club, known as Colette. Bloomberg reported the club will open in March as a co-working space for the rich.

The hedge funder has an ownership stake in the GM Building, likely a big help for securing the space.

Those wanting the luxury office space better be ready to pay big money. Shares in the club will cost $125,000, though members can resell their shares when they please. On top of that initial cost, yearly dues will cost $36,000 per year. Members will be paying for both luxury and exclusivity, as membership is capped at 300.

For comparison, the Core Club is opening four blocks south of Colette with initiation fees between $15,000 and $100,000 and annual dues between $15,000 and $18,000.

The club will have 23 private offices measuring roughly 400 square feet each and will include desks, a seating area, a videoconference hookup and temperature/light control. The floor will also include conference rooms and a members lounge.

Read more

New York

Michael Shvo brings elite Core Club to Fifth Avenue

New York

Safra family finally begins 660 Madison's office-to-resi conversion

New York

Firm ditches Park Ave for entire floor of GM Building

One of the perks of the club will be a dedicated staff to bring members snacks and coffee, as well as provide administrative support, such as making copies or bringing guests to meetings.

Club members will have access to the building’s fitness center and canteen, as well as a restaurant billed by Santa Cruz as an “Omakase concept.” The restaurant will have its own membership base and lower costs, but Colette members have an automatic in.

Other competitors in the co-working luxury field include Ned’s Club in the NoMad Hotel, Casa Cipriani at South Street Seaport, Soho House and Ludlow House. Aman is also set to open its own club between Colette and Core, though it is geared more towards lifestyle than working.

Santa Cruz told the outlet the design of the space is what will separate it from its competition, putting a particular focus on features that have become more important since the onset of the pandemic.

— Holden Walter-Warner