The Friars Club through the entity Friars National Association, Inc. as borrower signed a loan agreement with lender Houlihan and O’Malley Commercial Services’s H&O Capital Funding through the entity 57 East 55th Street Funding Associates valued at $6.0 million for 1 parcel, including the tax class miscellaneous amusement or recreation including riding academies and stables (P9) at 57 East 55th Street in Plaza District. The deal closed on September 25, 2019 and was recorded on October 10, 2019.
The property contains a total of 14,541 square feet of built space. The property has 18,642 square feet of available development rights.
The private club began borrowing from H&O in August 2018 with a $2 million loan. That was the first mortgage and it was followed by a second, third, fourth and fifth mortgage, each for $1 million. The most recent was provided in September 2019, and the total debt is now $6 million.