Friars Club signs $13M refi loan with Kairos Credit for Plaza District space

The Friars Club through the entity The Friars National Association, Inc. as borrower signed a refi loan with lender Kairos Credit Strategies Operating Partnership valued at $13 million for the industrial (P9) building at 57 East 55th Street in Plaza District, Manhattan. The financing included a $4 million gap loan.
The deal closed on June 25, 2021 and was recorded on July 7, 2021.
The New York Post reported the club reopened in April.
The property has 14,541 square feet of built space and 18,641 square feet of additional air rights for a total buildable of 33,170 square feet according to PincusCo analysis of city data. The loan price per built square foot is $894 and the price per buildable square foot is $391 per the PincusCo analysis.
The signatory for Friars Club was Arthur Aidala.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Within a 400-foot radius of 57 East 55th Street, PincusCo identified one commercial real estate item of interest that occurred over the past 24 months.
It was a sale which Jeffrey Ming Chug Cheng bought the 6,750-square-foot, six-unit mixed-use building (S5) on 58 East 56th Street for $8 million from Alonso Costa on May 6, 2021.

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