Sign o’ the Times?
Given today’s economic climate, might we see a few more of these?
On Jan. 20, the board of the Knickerbocker Yacht Club voted to close the club and sell the property located at 433 Main Street. The club was founded in 1874.
Citing declining membership, overhead costs and debt, Commodore Dr. Brian Raskin wrote in a letter to the members that there was "no other option." He explained that the biggest problem the club had was the reduction in membership. "Four yacht clubs on the bay is just too many," and he noted that there is half the number of boats in the harbor as in the ’80s, and that there are more options for local residents than ever."
Dr. Raskin advised that a number of members were ready to put money up as a second mortgage to help carry the debt, but Dr. Raskin wrote that too many members have left the club and not enough people came to replace them.
The commodore informed the membership that the property will be put up for sale as soon as the club selects a qualified broker. "Carrying costs will continue, he said. "Real estate market conditions and the time required to sell the property will determine how much profit, if any, we will receive," he noted.
The closing and sale of the club is, however, subject to approval by 66 percent of the membership. Read on.