Gary Barnett’s Extell Development has expanded its Manhattan portfolio with the recent purchase of the iconic Friars Club building at 57 East 55th Street. The deal, which closed on April 23, was valued at $19 million, sources familiar with the transaction confirmed to NYC Pulse. The five-story structure, located in Midtown East, has long been recognized as a landmark of New York’s comedy scene.

While the building’s exterior holds landmark status, its 14,541-square-foot interior is not protected and had been filled with decades worth of comedy memorabilia and stained glass elements, reflecting the Friars Club’s rich cultural history. The private club, famous for its celebrity roasts and legendary gatherings of comedians, had been based here for many years before relocating.

Extell Development, known for high-profile residential and commercial projects in NYC, has not yet disclosed specific plans for the property. Given the building’s prime location near luxury retail corridors and Grand Central Terminal, the site is ripe for redevelopment or adaptive reuse. Industry observers anticipate a possible mixed-use project that will preserve some of the site’s historic character while modernizing its interiors.

The sale marks a notable moment in the ongoing transformation of Midtown East, where landmarked buildings frequently change hands as developers seek to blend New York’s storied past with contemporary urban development. For longtime New Yorkers and fans of the city’s entertainment heritage, the transition of the Friars Club building signals the end of an era but also the start of a new chapter in this storied neighborhood.

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