members to remain profitable, and most of its members worked in the financial or law industries or in lower Manhattan. In the aftermath of the Wall Street Crash of 1929, many people in that demographic could no longer pay for the cost of membership. The club declared bankruptcy in April 1936 despite having 3,500 members. It had defaulted on its previous four years of real estate taxes; had claimed earnings before interest and taxes of negative $231,000 during the previous year; and had assets of $4.9 million, including a $4.6 million mortgage on the $4.3 million building. In August 1936, the club mortgaged its property to pay $260,000 of back taxes. Subsequently, the building was sold to a third party in 1947. The Downtown Athletic Club reacquired title to the building in 1950, having signed a 10-year mortgage with the Connecticut Mutual Life Insurance Company. Full control of the building was not reestablished until 1963. Over the years, several modifications were made to the building. For instance, a bar was added to the restaurant after the repeal of Prohibition, and the 15th-story dining room was expanded westward in 1952 to align with the lower stories' facades on West Street. In addition, many of the original features were removed, such as the golf course. The club reached its maximum membership in the 1960s, with 4,500 members. By 1976, the Downtown Athletic Club had a waiting list and 4,000 members. The club's members voted to change the club's bylaws in December 1977, allowing women to become members for the first time. The move was largely for economic reasons: to stay solvent, the club needed 3,500 "resident members"—defined as due-paying members over 30 years old who lived or worked in a radius—but only had 2,000 such members at the time. In 1987, an electrical transformer exploded in the building, slightly damaging the 19th and 20th floors. Demise By 1998, The New York Times reported that the club only had fewer than 1,300 members and that the structure was "crumbling". Further, the club owed $3 million of back taxes to the New York City government. Discussions were held with local real estate developers to sell off the suites on the top floors and for the club to retain ownership of the lower floors. One such proposal called for the building to be redeveloped as the "Hotel Heisman", with an interior redesign by Rafael Viñoly.