However, these plans were complicated by the New York City Landmarks Preservation Commission's desire to officially protect the building's exterior as a city landmark. In 1999, shortly before the club building was set to be auctioned off, the Downtown Athletic Club and its creditors finalized an agreement that would let the club remain in its building and recover from bankruptcy. Under the plan, "at least 13" floors on the lower part of the building, which contained athletic facilities, would be retained by the club. The Connecticut-based firm Cheslock Bakker Associates would renovate the club's bedrooms on the upper floors into a commercial hotel. The Downtown Club building was designated by the Landmarks Preservation Commission as an official city landmark in 2000. The Downtown Athletic Club permanently closed following the September 11 attacks in 2001. The building was four blocks south of the World Trade Center, which had been destroyed in the attacks. The Downtown Athletic Club building was not damaged, but the building was part of an exclusion zone that the public could not enter for an extended period after the attacks. At the time, the upper floors were undergoing renovations, and all the windows were open, which caused debris and other material to seep into the building. In addition, the building's abandonment led to gradual deterioration of other elements such as peeling paint, burst water pipes, and malfunctioning elevators. The extended closure caused significant decreases in the Downtown Athletic Club's finances, so it considered merging with another club. By November 2001, club officials were still hoping to reopen the club in January 2002, although there was an $8.3 million mortgage due to be paid that August. Furthermore, the building needed another $20–30 million for renovation, yet few club members were able to provide funds, and the club was accumulating debt quickly, losing $100,000 a month. The Downtown Athletic Club was ultimately unable to pay back the $8.3 million mortgage. In mid-2003, the Downtown Athletic Club formally turned over the mortgage on 20 West Street and vacated the building completely. Redevelopment The building was converted into a residential tower named the "Downtown Club", which opened in 2005. The redeveloped tower contained 288 condominium units and was renovated by The Moinian Group. At the time of its conversion, most of the units were studio apartments or one-bedroom units costing $400,000 to $1.5 million; some units also included home offices or an