Extell Development has acquired the landmarked mixed-use property at 57 East 55th Street in Manhattan for $19 million. The transaction marks another strategic Midtown acquisition for Extell and represents the latest chapter for the historically significant property formerly known as the Friars Club.
The sale was brokered by Bob Knakal, Anahis Barrie, Jake Hulsh, and Tom Brady of BK Real Estate Advisors on behalf of Kairos Investment Management.
Key Highlights of the Transaction
Historic Midtown Asset Changes Ownership The property at 57 East 55th Street served as the longtime home of the Friars Club, a legendary private social club associated with entertainers, comedians, and celebrity culture since 1957.
$19 Million Mixed-Use Sale in Prime Manhattan Corridor The transaction closed at $19,000,000 for the 14,541-square-foot property, equating to approximately $1,306 per square foot.
Strategic Acquisition by Extell Development The acquisition adds another high-profile asset to Extell’s growing Midtown Manhattan footprint as the developer continues assembling and repositioning properties near Park Avenue.
BKREA Team Represents Seller in Competitive Process The deal was handled by BKREA brokers Bob Knakal, Anahis Barrie, Jake Hulsh, and Tom Brady, highlighting the firm’s continued activity in high-profile New York City investment sales.
Flexible Future Use Potential While future plans have not been publicly disclosed, the property’s mixed-use zoning and prime location provide significant optionality for redevelopment or adaptive reuse.
Landmarked Identity with Long-Term Value The building’s historic character and architectural significance continue to make it a uniquely recognizable Midtown asset with enduring market appeal.
Transaction Summary
Property Address: 57 East 55th Street
Market: Manhattan
Asset Type: Mixed-use
Sale Price: $19,000,000
Square Footage: 14,541 SF
Price Per Square Foot: $1,306
Buyer: Extell Development
Seller: Kairos Investment Management
Brokerage Team: Bob Knakal, Anahis Barrie, Jake Hulsh & Tom Brady – BKREA
Closing Date: April 23, 2026
Why This Deal Matters
The transaction reflects continued investor demand for uniquely positioned Midtown assets with long-term strategic value. As development activity and capital flows increasingly concentrate around prime Manhattan corridors, historically significant properties like the former Friars Club continue attracting institutional and private capital alike.
For Extell, the acquisition strengthens its presence in one of New York City’s most closely watched development corridors.
Frequently Asked Questions
Who bought the Friars Club building in Manhattan?
Extell Development acquired the property at 57 East 55th Street for $19 million.
Who sold the property?
Kairos Investment Management sold the asset following its acquisition through foreclosure proceedings.
Who brokered the transaction?
The sale was brokered by Bob Knakal, Anahis Barrie, Jake Hulsh, and Tom Brady of BK Real Estate Advisors.
What type of property is 57 East 55th Street?
It is a mixed-use property totaling approximately 14,541 square feet.
What was the price per square foot?
The property sold for approximately $1,306 per square foot.
What will Extell do with the property?
Future plans have not yet been publicly announced.
