It might not look like it – but it can be a lot of fun.
New York’s famed Friars Club townhouse, a former haunt for comedians and A-listers in the middle of Midtown, is going up for auction at the end of the month — and it could be yours for peanuts.
The hammer will fall in November. 26 at 2:30 p.m. outside 500 Pearl St. the court. But the property needs a lot of love.
The five-story English Revival-style property at 57 E. 55th St. it’s on the block after a series of fiscal setbacks and floods – but there’s still plenty of furniture, bottles of booze, plus celebrity photos and memorabilia inside.
With a 14,541-square-foot interior that’s 33 feet wide between Park and Madison streets, there’s enough elbow room to create the paradise of your chosen destination. While the exterior was listed in 2016, the interior is not.
Greg Corbin of Northgate Real Estate Group, which is marketing the property for the lender, has suggested uses ranging from residential conversions, consulates and cigar clubs, to private clubs and restaurants.
“Its prestigious location and magnificent architecture also make it ideal for diplomatic use as a consulate or embassy, or even a mix of multiple luxury purposes,” Corbin told The Post.
The lender, Kairos Credit Strategies, gave the Friars a $13 million mortgage in 2021, but added interest now puts the tab at $18.4 million. It is unclear whether the lender will take less or if the offers will increase.
Several comedians have already walked the hallowed halls – but so have investors, restaurateurs and representatives from various countries. Sources tell The Post Jerry Seinfeld hopes to raise funds and save the hallowed halls of laughter, but that could not be independently confirmed.
On a tour Monday, it was clear the building was old and quaint, but it has good bones.
The dark interior halls are covered with wood paneling that spans several rooms. There are coffered and barrel-vaulted ceilings, windows and stained glass windows, marble fireplaces, decorative carvings and chandeliers – some of which feature a medallion featuring the club’s famous face.
The walls of the Billy Crystal Room on the first floor feature murals of famous actors and comedians dressed as monks, including Jackie Gleason and Sammy Davis Jr. A dining room is named after Frank Sinatra, while other rooms honor Barbra Streisand and Ed Sullivan – whose giant bronze sculpted head will belong to the winning bidder after the sale.
A billiards room is ready for a game with the ghosts of Dean Martin and Jerry Lewis, while a state-of-the-art gym is a bright spot. The men’s and women’s changing rooms have small wooden lockers. (Women were honorary members until 1988, when eight were granted official membership, including Liza Minnelli, Joan Rivers and Brooke Shields.)
Other celebrity members and mature targets have included Robin Williams, Don King, Lucille Ball and, yes, Jerry Seinfeld.
The Friars Club, founded in 1904, was founded by press agents and soon began hosting celebrity dinners. With funds generated by the song “Alexander’s Ragtime Band,” the members built a new clubhouse at 107 W. 48th St. but lost it during the Depression of the 1930s due to unpaid butter and milk bills.
Reviving the club after the war, in 1950 the Friars began its beloved annual tradition of dangerous celebrity roasts and purchased this townhouse in 1957. The roasts were so popular, they were broadcast on NBC radio and later televised with Comedy Central, which he took over in 1998. (When his NBC reality show, “The Apprentice,” was in the spotlight in 2004 President-elect Donald Trump was grilled by his good friend, toastmaster Regis Philbin.)
The air rights to the 25,000-square-foot property were sold in 1982 to develop the office building next door, enabling the Funny People to pay off a $100,000 mortgage.
Still, finances went awry as complaints were made about meager refunds to members and staff, while glamorous charity fundraising events cost more than they took in.
According to the New York Times, the group even hired a man convicted of defrauding charities as a fundraising consultant to help attract celebrities.
As of 2018, city records show the Friars Club racked up millions in mortgages each year, while its annual dues for its roughly 1,000 members were just $5,165 a year.
Its director pleaded guilty to tax fraud in 2019 and the pandemic sealed the group’s fate when a Charlie Palmer restaurant was set to open. Instead, the club closed and could not cover its mortgage.
A potential buyer who would have kept the club going last year never materialised, but members are still hoping for a miracle.
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Image Source : nypost.com