Core Club Faces Cash Crunch
It looks like the Yellowstone isn't the only members-only club having a hard time making ends meet in these precarious economic times. Founding members of the Core Club, the VIP hangout on East 55th Street founded by Jennie Saunders, have been warned that they may not get back the $100,000 they invested in the club when it first opened in 2005.
It isn't entirely unexpected that the club that counts Steve Schwarzman, Bruce Wasserstein, and Teddy Forstmann is now facing a cash crunch. Although it got off to a buzzy start when it first opened, the glossy venue—which features a gym, screening room, library and restaurant by Tom Colicchio—soon encountered difficulty reeling in people who were willing to cough up the $55,000 entrance fee. Club execs soon started doling out discounted memberships, which boosted the client list, but didn't exactly help the bottom line.
But at least if the club ends up going under, it won't have to worry about selling off its assets at auction. "All I want is the Jean-Michel Basquiat," Warner Music honcho Lyor Cohen tells the Post.
