Q&A about the Sale of the Building, From the Board

To the Members and Parents of the Marshall Chess Club:

Thank you to those who provided constructive feedback regarding the possible sale of our building and purchase of another space. We would like to answer the most frequently asked questions and concerns that were raised in the feedback.

Question: Has a decision been made to sell our building and buy another building?

Answer: No. We are still in the process of exploring the options.

Question: Is there vacant space in the club building for expansion?

Answer: No. The three upper floors are all rented to residential tenants. Even if we could take over one of the apartments on the third floor, we would lose $5,000 in rent, money that would be very difficult to make up in tournament income.

Question: What are the main goals of a possible move?

Answer: Firstly, we want larger, more functional space. This will increase our tournament capacity and make playing conditions more comfortable, but it is NOT the main objective. We want dedicated classrooms, parents lounge, kitchen and event prep, skittles room, library for study and casual play, a museum area to house the club's history, office space, proper bathrooms, streaming studio and adequate storage. Secondly, we want financial security that is independent of the popularity of the game. We want sale proceeds that will allow a space 3-4x larger than our current space AND allow us to create an endowment of several million dollars which will generate enough interest to provide a stable source of funding in perpetuity. It will allow us to expand our programs into the chess community and provide improved working benefits for our staff. We would be selling high-end residential space at around $3,000/foot and buying commercial space at around $600/foot.

Question: What about just renting extra space on the weekends?

Answer: That would not be cost-effective and would be logistically difficult and other than providing additional tournament space, it would not accomplish our main goals outlined in the previous answer.

Question: If the building is sold, would the Club be without a home for any period of time?

Answer: Absolutely not. We would require any sale contract to allow us to remain in the current building while we identify, purchase and build out a new space. We will always own our own space and control the destiny of the Club.

Question: Where might the new building be located?

Answer: We are considering locations in Chelsea or near Union Square, in nice neighborhoods near transportation and restaurants.

Question: What is the condition of the building?

Answer: We have made significant repairs and improvements to our 180 year-old building over the past few years, primarily to the roof, facade, windows and a new elevator. Much work needs to be done on outdated plumbing, steam lines, electric supply and general infrastructure. The building has tapped its full borrowing capacity and cannot afford any additional significant expenses. In addition, any major interior work would cause extended disruption to the Club's operation.

Question: How is the Club doing financially?

Answer: The Club is in solid financial shape due to good management and strong interest in chess. If this interest wanes, we will have to raise fees, limit membership, cut staff, etc. to stay viable.

Question: Will any of the Board members benefit from the possible sale?

Answer: No. Every Board member is a volunteer, giving their time and ideas without compensation.

As a reminder, please provide any additional feedback by sending an email to buildingfeedback@marshallchessclub.org.

Thank you,

The Board of Governors