By providing your information, you agree to ourTerms of Useand ourPrivacy Policy. We use vendors that may also process your information to help provide our services. This site is protected by reCAPTCHA Enterprise and the GooglePrivacy PolicyandTerms of Serviceapply. Includes access to the digital magazine. Plus, get the exclusive Robb Report tote bag FREE. Give the Gift of Luxury. Sign up for our newsletter and go inside a world of luxury. By providing your information, you agree to ourTerms of Useand ourPrivacy Policy. We use vendors that may also process your information to help provide our services. This site is protected by reCAPTCHA Enterprise and the GooglePrivacy PolicyandTerms of Serviceapply. ThroughoutNew York City, some membersclubsare on the rise takeZero Bond, Casa Cipriani, orZZ s Club. Others, however, aren t doing so hot. The city sIvy Leagueclubs are struggling, and they re trying out new efforts in a bid to attract younger members,The Wall Street Journalreportedon Tuesday. When you hear people talking about clubs they re excited about, they don t mention university clubs, the realestate developer David Gutstadt told theWSJ. Gutstadt s firm was consulted for renovations at the Princeton Club before it closed in October 2021. He s also an alum of the university. That club lost about onethird of its members during the pandemic, a person familiar with the situation told the newspaper, and it defaulted on a 40 million loan tied to the building. The dire straits are being felt across the universityclub landscape: Since 2016, the Cornell Club has lost 280,000 to 2.1 million every fiscal year, according to tax filings reviewed byThe Wall Street Journal. The Penn Club experienced a decade of annual net losses in membership after being founded in the mid1990s, a member of the club s leadership told the outlet. A representative for the Yale Club declined to comment to theWSJ. In response to these trends, the clubs are dropping some of the stuffiness they ve become associated with. Instead of suits and ties, members can now wear jeans at some of the clubs. Memberships for young alumni often come at a discount, and the Cornell Club even gives recent grads free fitness memberships. At the Penn Club, speed dating and latenight networking helped the institution gain members and recover its losses in recent years. And a spokesperson for the Harvard Club toldThe Wall Street Journalthat membership there is also growing. Maybe that s because they re inviting in speakers like Alison Roman . If these clubs are to continue strongly into the future, that sort of growth is a must because as Zack Bates, a privateclub consultant, told the newspaper, Their existing members all die out. The question, though, is whether Millennials and Gen Zers will save the university club from that slow death. Tori Latham is a digital staff writer at Robb Report. She was previously a copy editor at The Atlantic, and has written for publications including The Cut and The Hollywood Reporter. When not . JULY 17  19, 2024Head to the British countryside to test and evaluate the top luxury and performance vehicles of 2024. Give the Gift of Luxury
University clubs in New York City, like the Princeton Club, are struggling to attract younger members, leading to closures and financial issues. Clubs are adapting by loosening dress codes, offering discounts, and organizing events like speed dating to appeal to Millennials and Gen Zers in order to ensure their survival in the future.