The infamous celebrity hot spot, the Friars Club in Manhattan, has been put up for sale after its illustrious 118-year history failed to survive a major debt crisis.
The A-list haunt, which counted Frank Sinatra and Jimmy Fallon among its celebrity members, will be sold for more than $18 million after a mountain of debt.
Page Six reports that after the Covid-19 pandemic, the institution was forced to borrow about $13 million to stay afloat.
And despite a grand reopening in 2021, with the club seeking to attract a younger crowd, declining membership numbers have meant the club has been unable to keep up with monthly loan payments.
The Friars Club has been housed in the Manhattan townhouse, which is now for sale, since 1957
Friars Club legends Jerry Lewis, left, and Sammy Davis Jr, right, pictured in the A-list
Founded in 1904, the club has been housed in the historic Manhattan mansion since 1957, where a rotation of America’s biggest names would grace the stage in its famous celebrity roasts.
Found on Manhattan’s 55th Street, the six-story landmark building, dubbed “The Monastery,” has welcomed big names including Jerry Lewis and Sammy Davis Jr. through its doors.
However, decades after its booming heyday, a debt crisis has reportedly led owners to sell the venue in an effort to keep the institution afloat.
Reports indicate that the decision to sell the building prompted a wealthy buyer to bid $18 million before handing the iconic space back to the club to keep it in the same spot.
Arthus Aidala, a lawyer who runs the Friars Club, told Page Six that his historic venue has several offers on the table as he hopes to keep it running.
He claimed that in addition to the $18 million deal to act as the club’s landlord, several potential new owners could also look into renovating the aging venue.
“We’re not about to throw tradition out the window,” he said, pointing out that the current highest bid is led by an unnamed celebrity. “But at the same time it has to appeal to everyone, not just a certain age group.”
“We must remember that it is 2023, not 1923,” he added.
The club became famous for its celebrity roasts, where the stars of decades past satirically mocked each other in front of millions of people
Brooke Shields pictured attending the Friars Club’s ‘Man of the Year’ awards in 1986, at the nearby Waldorf Astoria hotel in New York City
Frank Sinatra, left, was a regular at the club during its heyday, pictured next to comedian Jack Benny, center, and singer Nat King Cole, right
The decision to sell the classic building comes just two years after it underwent a modernization effort to breathe new life into the aging place.
In an effort to attract a younger crowd, the building’s classic amenities and iconic staples were updated alongside plans for a new restaurant.
“We could easily sell it to someone who wants to turn it into a mansion again,” Aidala continued, pointing out that the board is not listening to offers that would force the club to leave its traditional location.
“Nobody wants that to happen,” he added. “Nobody wants this place to go down.”
The Friars Club became best known for hosting celebrity roasts during its heyday, where comedians such as Johnny Carson and Ed Sullivan made fun of each other in front of millions.
The roasts subsequently aired on Comedy Central, while the hot spot also earned a place among New York City’s most illustrious stand-up spots.
And in more recent decades, ’90s A-listers including Brooke Shields and Sylvester Stallone would be fans of the classic joint.
Joan Collins, center, is one of the famous faces who have graced the iconic Manhattan club
Milton Berle, left, pictured in the classic club next to Jackie Masson, right, in 1987
The club welcomed big names, including Danny Glover, left, and LL Cool J, right, pictured at a Friars Club meeting at New York’s Hilton
The club had to borrow $13 million to stay afloat during the pandemic, but will now be sold after the loan is not repaid
The club has endured a tumultuous few years, including a one-year hiatus just before the pandemic crisis when the basement reportedly flooded.
Amid mounting pressure, the pandemic provided the club with an opportunity to renovate and prepare a new restaurant on the first floor.
Plans for the new eatery then turned the reopening on its head after the restaurant’s kitchen on the first floor once again required more upgrades.
The financial strain led the club’s board to temporarily close its doors in January, while all staff were put on a six-month leave in an effort to save the venue.
Jerry Lewis, left, pictured at the Friars Club honoring Martin Scorcese, right
Actress Debbie Reynolds attending her Friars Club launch in New York in 2009
In 2017, the club was again hit by crisis following a raid by the FBI as part of an investigation into its executive director, Michael Gyure.
Dozens of boxes were reportedly taken from the club, and two years later Gyure pleaded guilty to tax evasion charges involving $433,000 in “personal expenses and other benefits provided to the club.” [the] executive director by the club.”
There is no indication of misconduct by the club. In a statement in 2019, the board informed members that the investigation had ended.
“It is our hope that now that this cloud has lifted, many good brothers will return so that the club can continue to recreate the fraternal environment that has made the brothers famous,” the board said in a letter.