Legacy deal Impresario behind historic Poughkeepsie theater The Chance seeking a buyer.
Longtime owner hopes to sell The Chance, a historic Poughkeepsie venue
Got $1.75 million to spare? If so, there’s a deal to be had. The Chance Theater Complex on Crannell St. in Poughkeepsie, one of the longest-running venues in our region, is on the market. Built in 1912, the space first opened as the Dutchess Theatre in 1926 and has gone through various permutations before becoming Sal’s Last Chance Saloon in 1970, shortened to The Chance in 1980.
Since 1994, The Chance has been owned by Frank Pallett, an upstart local promoter at the time. He’s put the theater and its adjoining spaces The Loft, The Platinum Lounge and The Nuddy Bar and Grill on and off the market a few times since 2017, but a combination of life and COVID -related circumstances have him making a concerted effort to complete a sale.
“I’ve spent the last 26 years owning The Chance. I’ve got a 2-year-old and a 6-year-old and the concert business makes it tough (to spend time with family),” Pallett said. “You know, 26 years in the music business is like 50 in a normal business.
“And it’s not beneficial that we’re closed. We got some PPP money, and there’s going to be a lot of work to go back into business with the debt incurred over the past year,” he added. “In the past I’ve gotten offers, but they haven’t been offers I would seriously entertain. But right now I have a ton of interest.”
Pallett said that since putting The Chance back on the market this past November, he’s received feelers from musicians, Broadway-affiliated producers and New York City-based promoters. As of January 1, six interested parties had toured the space. The mix of people he’s heard from is indicative of the high regard The Chance is held in across the music industry.
Before owning The Chance, Pallett fell in love with the place not just from seeing his favorite acts take the stage, but from actually performing on it as a musician himself. And as a promoter, he understands what makes the venue a unique space for live music.
“There’s so much history here. Playing on stage, I still get goosebumps,” he enthused. “Unlike a lot of spaces, The Chance was built for what we use it for. That really makes a big difference.
“You go to a couple of different rooms, there’s support beams in the middle of the room or the ceilings are too low,” Pallett continued. “You want to be in an environment where you can go to see a band and enjoy yourself. The Chance has a capacity of 748, but it seems a lot more intimate, and it always sounds great.”
In addition to its quality as a concert venue, The Chance Theater Complex serves a vital role in downtown Poughkeepsie’s economy. It’s a short drive there from the Capital Region and just a quick ride up on the MTA from New York City. This accessibility, paired with its quality as a venue, has made it an important hub for both major artists and fans.
Bob Dylan and the Black Crowes have both used the space to warm up before tours. The first show on David Bowie’s final tour happened there in August 2003. And until COVID forced the closure of entertainment venues, The Chance was still booking popular legacy acts and upcoming hard rock talent.
“The impact of the Chance
(on the area) is significant,” Pallett said. “Whenever we have shows, there’s more people frequenting restaurants and hotels. If it’s the first time someone comes here for a show, they see it’s a pretty cool room and area. It entices them to come back again.
“I’ve been here most of my
life, but I’m originally from Yonkers,” he reminisced. “My friends and I would come up for shows. I was booking at the club when I was 21, 22 and felt like if there was any club I could own it would be The Chance.”
Pallett was 24 with minimal management experienced when he purchased The Chance, which was in the possession of a nearby antiques dealer and losing money. A plucky upstart, the club’s staff “took bets on how long ” his stint would last. The consensus opinion was six months. He’s surpassed that by over 300.
Selling The Chance would end that lengthy run, but Pallett doesn’t foresee ending his connection to the space any time soon. If a sale doesn’t happen, he’ll just resume business. But if it does, he’s looking to stay on to ensure a smooth transition.
“I’m very emotionally attached to The Chance and asked if I could stay on after (a sale),” Pallett said. “I want to see it succeed as a business and live music venue.”
“
I’ve spent the last 26 years owning The Chance. I’ve got a two-year-old and a six-year-old and the concert business makes it tough (to spend time with family). You know, 26 years in the music business is like 50 in a normal business.”
— Frank Pallett