Extell Development Acquires Mixed-Use Asset From Kairos Investment Management For $19 Million
57 East 55th Street
$19,000,000
$1,306/SF
Building Size
14,541 SF
Asset Type
Mixed-use
Closing
Apr 22, 2026
About this deal
AI
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.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93