NYC Social Clubs (Soho House & Others)
Just curious what the landscape is currently for these sorts of things. Seems evident that Soho House has lost its shine over the last couple of years, I know several members complaining that they'll allow anyone in these days (not lost on me that us finance folks are probably their definition of "anyone" lol).
Are their other clubs people like? What's the future of these kinds of places? It's just an interesting area IMHO because it's gone a lot of different directions in the past (Harvard/Yale club type settings) and the future could look different as well . . for example I can clearly see some of the high-end gyms trying to position themselves as a social club too . . Lifetime even calls itself an "urban country club" which is ridiculous but illustrates the goal.
Seems like people in big cities with extra cash want to have a space of their own, but the world hasn't quite figured it out yet. All thoughts welcome!
If I was more reckless with my money and lived closer to the west side, I'd join CCC (classic cars club). I think activity / hobby focused clubs like this are cooler than the SoHo house type thing. A lot of high rollers frequent CCC, and they have some pretty cool events you can go to if you have a friend that is a member.
Yep. I was a member there till recently. It's not very expensive to join, but the two issues are (i) as you allude to, the schlep over there makes it difficult to enjoy the benefits if you're working long hours and (ii) it gets expensive real quick if you want to drive the cars.
Agree with your overal sentiment that these clubs might need more of a bond between the members in order to really stick.
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You can't manufacture community like some (MFG) seem to think. This is just called being part of a "scene" which is not really possible for finance types given the lack of time and boring/hardo personalities. People in the art world, modeling, entertainment, fashion subcultures, food industry whatever have restaurants/bars/clubs/events they frequent and make friends at, they don't need some expensive well decorated room to do it.
That's a good point. Makes me wonder about the original intent behind Soho House. The story is, they wanted a place for creatives to congregate. But to your point, that's not something creatives have ever really needed. Maybe it was really just about luring the bougies with a false angle about creatives.
Yes, probably. FWIW soho house is one of the few successful ones to do this and I don't hate the idea. But I think it became extremely corporatized as soon as people saw the success of soho house. Now we have members only italian restaurants probably populated by stupid influencers and sleazy dropshipping/crypto people who think Saltbae restaurant is the epitome of fine dining.
What you’re alluding to towards the end with the social club and gym blending is more or less coming into focus out on the west coast.
Theres a place called Heimat that’s a high end gym, has coworking spaces, and has a rooftop bar with a pool. They’ve partnered with some high end vegan chef who opened a restaurant in their building as well to draw people in.
I’m also seeing an increasing number of social wellness clubs where you can get IV infusions, do Hot/Cold immersion therapy, hyperbaric chambers, full service spa treatments, etc. for a monthly price.
My problem with these things and gyms in particular is that they’re often not worth the money. Equinox for example is seen as the gold standard of gyms but as a former college athlete in my opinion sucks. The equipment is average at best with no unique equipment (IR sauna’s/Cold Plunges/Hyperbaric Chambers/etc.) and the amenities are mediocre. Equinox and similar concepts in my opinion are lifestyle brands for people with no taste who want to appear as well off or sophisticated.
The other issue I have with these things are that like an AmEx Platinum they’re not cost prohibitive enough, which leads to overcrowding and undesirables. For $200/month or $750/year almost anyone can get in which leads to wannabe influencers, social climbers, 30K millionaire types with their used BMW 3 series, and women with shady motives into the ecosystem.
I do recognize though it’s tricky to find a balance in that space though. Once you price at a certain level you’re competing for a handful of people with actual country clubs which would be a really tough battle to win. I’d personally be willing to spend $1-1.5K/month for something like I described but my guess is that I’d be in the minority.
"Equinox and similar concepts in my opinion are lifestyle brands for people with no taste who want to appear as well off or sophisticated."
Hit the nail on the head right there. Your next comment on Amex Platinum applies there as well. With Equinox, Amex Platinum, and several other things (Soho House seems to have become this) it feels like what's really being sold is self-esteem more so than the direct value of the thing.
I also like your idea of the $1k monthly space. While it would be steep for me, I'd probably rather do that than pay $300 for a Lifetime Fitness that's still crowded and pretty mid in a lot of ways.
The only clubs worth joining are invitation-only (i.e. you can't apply online and you need multiple current members to recommend you for admission).
They were almost all formed during the gilded-age (mid-to-late 1800s), which means that they do have a rather old/aging membership base. That being said, at least within the last 30-40 years, the younger membership coalition in each of these clubs has been booming and the clubs have become really fun.
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