Extell Development Acquires Mixed-Use Asset From Kairos Investment Management For $19 Million

The mixed-use property located at 57 East 55th Street in Manhattan has been sold for $19,000,000. The asset encompasses a total area of 14,541 square feet, resulting in a price per square foot of $1,306. This sale marks a significant transition for the property historically known as the Friars Club, an exclusive clubhouse for entertainers since its establishment in 1957.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $19,000,000
• Square Footage: 14,541
• Price per Square Foot: $1,306
• Buyer: Extell Development
• Seller: Kairos Investment Management
• Brokers: Bob Knakal, Anahis Barrie, Jake Hulsh & Tom Brady - BK Real Estate Advisors

The transaction features prominent brokers Bob Knakal, Anahis Barrie, Jake Hulsh, and Tom Brady who represented the seller and buyer. Notably, plans for the asset by Extell Development have not yet been disclosed.