October 1955, the New York University (NYU)'s alumni club signed a five-year lease with Town Hall Inc. to use the upper floors formerly occupied by the Town Hall Club. NYU then renovated the two top floors. The NYU alumni clubhouse opened on September 12, 1956. Concurrently, the university booked Town Hall for all evenings for the following several months, eliminating Town Hall's mounting debt load. NYU and Town Hall Inc. also signed an agreement in which NYU would take over Town Hall's programming, and NYU president Alvin C. Eurich became chairman of the Town Hall board in 1957. NYU fully acquired Town Hall in March 1958, and the venue became known as The Town Hall of New York University, an educational and cultural center directed by Ormand Drake. The annex at 125 West 43rd Street, which had been used for offices for Town Meeting, was sold in early 1959. The Town Hall of NYU held its first performances in October 1958. Within a few months, The New York Times had written that "Town Hall was much emptier than usual by too high a rent scale". This was worsened by the opening of Lincoln Center in 1962, which drew events away from Town Hall. For over a decade after NYU's takeover, Town Hall was "abandoned by the great names in music who had once made it a mecca for the finest in recitals and chamber music", according to the Times. The organ was removed by 1960. To raise money, in 1966, NYU leased some air rights above Town Hall to the Durst Organization, developer of the neighboring building at 1133 Avenue of the Americas, for $25,000 a year. By the end of that decade, Lincoln Center had completed its new Alice Tully Hall, and Town Hall was largely supplanted in stature. This was evidenced by the number of bookings at both venues in 1969: while Tully Hall was nearly completely booked, less than half of available dates at Town Hall were booked. In 1971, Jerrold Ross became director of Town Hall, and he scheduled a series of concerts and speeches. At the time, the lobby and marquee were being renovated; an electronic organ was installed during this time. A task force also recommended that NYU sell off Town Hall to save money. Ross resigned as director in 1974 and was replaced by Jesse Reese. By March 1975, the venue was in