My Great Uncle's crazy terry cloth blazer

This jacket was my great uncle's and I've never been able to part with it because it is so funky I know it has to be special. My uncle was a well known business man in Buffalo, NY and he surrounded himself with the finer things. The only tag in the blazer says "J. Davenport, New York" It is a size medium. My guess is it's from the '40s or '50s because he was a larger man later in his life. I'd appreciate any information!