I was walking across 23rd st yesterday and noticed that Steel Gym is shut down. I don't remember the last time I walked past there,but I don't think it was that long ago, so it must have closed fairly recently. Synergy gym on 14th also closed a few months back. This is notable because these were 2 of the few bodybuilding-oriented gyms in Manhattan and they were also two of the lowest priced. I don't think either charged an initiation fee and both did month-to-month.
The gym business is dicey and they were part of small chains, but NYSC, the most dominant gym chain in New York, has also cut their prices drastically. At one point they were doing as low as $20 memberships , month-to-month. I just checked their site and core memberships are now $40, month-to-month, which is still drastically lower than the $70 I was paying for a core membership up until the end of 2014. Up until then, NYSC did not give you the option to pay month to month and charged a $120 cancellation fee. It was around this time that PFs started popping up around lower manhattan. The more expensive chains like Equinox and DB haven't really budged on price, but the less expensive gyms are really feeling the squeeze.