YMCA going down?

A reader writes to say that there’s a rumor going around town that the bankrupt YMCA is going to be sold to private interests. He included a copy of the original 1916 deed of gift from Rebecca Witherell who donated the land and built the present building. There’s a condition clause in that deed that implies that the building must be used as she intended, but I suspect a good lawyer could find a way around it.

So, is the rumour true? I’ve heard it myself and the Y is most definitely in serious trouble with its lenders. I’m aware of some work-out talks that would keep the Y the Y, but that doesn’t mean it will happen. Stay tuned.


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9 responses to “YMCA going down?

  1. uncle curly

    I hear it is going to be converted to HUD public housing.

  2. Cos Cobber

    a bankruptcy of this community asset would be criminal. i dont fault the lenders, i fault the organization.

  3. HUD would be the ultimate irony.

    I do the survey of their island summer camp. They sell to the feds for $6 million an island that is a total FEMA wash-over in a 100 year storm, carrying a maximum appraisal of $1 million.

    They use the money to build an olympic 50 meter pool, but turn that into a $40 million debt they can’t pay.

    The feds pick up the housing (with pool benefits) on the cheap, and life goes on.

  4. pulled up in OG

    Since that wooden monstrosity went up, the Chinese built Three Gorges Dam, all the Olympic stuff, and enough high speed rail to go to Mason Street and back. : )

  5. peeps

    This is often the story after a major reconstruction job. Look at what happened to St. Agnes Hospital after they renovated – another community asset allowed to go kaput.

  6. Anonymous

    That would be a real tragedy. It gets a lot of use. We need some fat cat to get out his checkbook and put this dog back on track. PTJ, CR, EL, SC, TP, or the many others that could step up and do the right thing.