Before there was Core, Aman Club and Casa Cipriani, there were the OG Ivy League Clubs. Of course, you remember the days of the tête-à-têtes in the library to plot world domination with your B-school buddies. Well, a certain billionaire wants to bring those days back to give the younger crew the same chance to build their networks too.
About The Club
It’s a grand clubhouse on West 43rd Street, limestone façade and all, and a Midtown Manhattan staple since 1866. That’s the Princeton Club for you. It moved into its current digs in 1963 and offered everything. From squash courts and two restaurants to a gym, library lounges and banquet halls. They even offered 58 guest rooms for alumni passing through. Then, came 2020. The pandemic triggered a frozen economy and the Club lost about a third of its regulars pretty fast. With membership fees tanking and nearly $40 million saddling its mortgage, Sterling National Bank stepped in. By October 2021, the Princeton Club defaulted—and shut up shop for good. That marked the end of a 159‑year run. Soon after, the building went into shell-company limbo before being snapped up.
About John Paulson
Enter John Paulson—Mr. “I made a killing betting against subprime mortgages”—now reinventing himself as a hospitality investor. In late 2023, he quietly swooped into the scene via a shell company, paying around $8 million for the Club’s 81,860-square-foot address. That works out to about $125 per square foot. But, Paulson isn’t totally new to hospitality. His playbook includes big moves like the St. Regis Bahia Beach Resort in Puerto Rico. So, this feels like his kind of canvas. And he’s totally honest about it: he found out about the sale from a gossip column, did his homework, and pulled the trigger.
What now?
Here’s where things get fun. Paulson has basically said two things: he might turn around and sell the place, or he might relaunch it as a private, social playground aimed at “vibrant 20- and 30-somethings.” If he goes the club route, it won’t be a stiff relic for old grads. Think library lounges reloaded with sleek coworking vibes, hip bar spaces instead of dusty reading rooms, the squash courts still thumping, but with fitness classes or podcast-friendly studios lining the walls. And yes, those guest rooms might be polished up for young visiting alums or startup types in from out of town. In Paulson words: “Would be hugely popular. Stay tuned!”
So, final word? The whole building is listed for sale as of early 2025, and potential buyers have been circling. Yet, insiders say his heart’s probably with the club idea—it’s a play on nostalgia for unfiltered networking mixed with next-gen energy. Basically, it’s Ivy League heritage, but with no tie-and-jacket dress code.
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FAQs
Q: What is the Princeton Club?
A: The Princeton Club is a historic Midtown Manhattan clubhouse founded in 1866, which closed in 2021 after financial default.
Q: Who owns the Princeton Club building now?
A: John Paulson purchased the Princeton Club building in late 2023 for approximately $8 million.
Q: What are the plans for the Princeton Club?
A: The Princeton Club may be revived by John Paulson as a modern private club for young professionals or sold entirely.
