Home News Safra Offers Private Club at GM Building with $125K Price Tag

Safra Offers Private Club at GM Building with $125K Price Tag

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Colette and restaurateur Juan Santa Cruz at 767 Fifth Avenue (Colette, Getty, Pablo Costa Tirado (…, CC BY-SA 3.0 via Wikimedia Commons))

If WeWork isn’t fancy enough, Edmond Safra has another option.

Safra and restaurateur Juan Santa Cruz use the 37th floor of Boston Properties’ GM building as their private club, Colette.bloomberg report The club will open in March as a coworking space for the rich.

A hedge fund has ownership of the GM building and could be a big help in securing space.

Those who want a luxurious office space are ready to pay big bucks. The club’s shares cost $125,000, but members can resell their shares whenever they want. On top of that initial cost, annual membership costs $36,000 per year. Membership is limited to her 300 people, so members pay for both luxury and exclusivity.

For comparison, the core club is Open 4 blocks south Colette’s initiation fee ranges from $15,000 to $100,000 and annual dues range from $15,000 to $18,000.

The club has 23 private offices of approximately 400 square feet each, including desks, seating areas, video conferencing connectivity and temperature/lighting controls. There is also a conference room and membership lounge.

One of the club’s perks is a dedicated staff to serve snacks and coffee to members, as well as administrative support such as making copy and inviting guests to meetings.

In addition to the building’s fitness center and dining room, club members have access to a restaurant billed by Santa Cruz as an “omakase concept.” The restaurant has its own membership base, low cost, but auto-fill for Colette members.

Other competitors in the coworking luxury space include NoMad Hotel’s Ned’s Club, South Street Seaport’s Casa Cipriani, Soho House and Ludlow House. Aman also plans to open his own club between Colette and Koa, but he puts more emphasis on lifestyle than work.

Santa Cruz told the outlet that the space’s design will set it apart from its competitors, with a particular focus on features that have become more important since the outbreak of the pandemic.

— Holden Walter Warner

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