Town Sports International Holdings Inc - Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Expires: January 31, 2008 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

Gallagher Daniel

2. Date of Event Requiring Statement (MM/DD/YYYY) 1/22/2008

3. Issuer Name and Ticker or Trading Symbol

TOWN SPORTS INTERNATIONAL HOLDINGS INC [CLUB]

(Last) (First) (Middle)

5 PENN PLAZA

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director _____ 10% Owner
___ X ___ Officer (give title below) _____ Other (specify below)
Sr VP- Finance /

(Street)

NEW YORK, NY 10001

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.001	5600	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (right to buy) ⁽¹⁾	8/7/2008	8/7/2017	Common Stock, par value $0.001	15000	$17.46	D
Stock Option (right to buy) ⁽¹⁾	8/4/2007	8/4/2016	Common Stock, par value $0.001	30000	$12.05	D
Stock Option (right to buy)	12/31/2008	6/1/2010	Common Stock, par value $0.001	5600	$1.60	D
Stock Option (right to buy)	12/31/2010	6/30/2011	Common Stock, par value $0.001	2800	$3.39	D
Stock Option (right to buy)	12/31/2007	12/31/2008	Common Stock, par value $0.001	2800	$0.03	D
Stock Option (right to buy) ⁽²⁾	12/31/2012	7/23/2013	Common Stock, par value $0.001	5600	$6.53	D
Stock Option (right to buy) ⁽²⁾	4/30/2015	4/30/2015	Common Stock, par value $0.001	8400	$6.53	D

Explanation of Responses:
( 1)	These options vest in four equal annual installments commencing on the first anniversary of the grant date.
( 2)	These options are subject to accelerated vesting if the Company meets certain peformance targets.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Gallagher Daniel 5 PENN PLAZA NEW YORK, NY 10001			Sr VP- Finance

Signatures
David M. Kastin, Attorney-in-Fact		1/25/2008
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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