The latest brand to enter the co-working sector isn’t for everyone. Colette, described on its website as a “first-of-its-kind” private club for “the world’s most successful business leaders,” will open in a prime spot on Manhattan’s Fifth Avenue and will cost prospective members $125,000 just as an initiation fee. The members-only club will occupy the entire 37th floor of the GM Building and is being developed by Edmond Safra and restaurateur Juan Santa Cruz. As many people in the business world travel frequently and may have a second home in New York City, the idea formed to create a dedicated space to get work done. “So why don’t we develop a co-working club, at the highest level, for people who are used to having an amazing office?” said Santa Cruz about creating Colette.
Colette is not set to open until March 2023, but once it does, the club will offer 23 private offices with conferencing desks for members, as well as a seating area, videoconferencing hookup, and individual temperature and lighting controls. Other amenities will include a members lounge, conference rooms, and other meeting rooms. The club will have a private entrance on the building’s ground floor and will offer members support staff to do admin work like making copies and calling cars. Members will also be given access to amenities at the GM Building including the building’s fitness center and canteen. Membership will initially top out at 300 and in addition to the $125,000 share in the club, members will have to pay $36,000 a year in dues. However, members do have the option to resell their share.
Manhattan is home to several swanky members-only clubs that typically exist as social clubs, but some are looking to expand more into co-working, like Zero Bond, a private social club that opened in October 2021. Another new private club, NeueHouse, combines networking and cultural events with co-working spaces. While it remains to be seen whether Colette will be a hit with the super rich, private clubs in general do provide a social aspect for members, especially networking, that working remotely often lacks.