The board has decided to sell the building in an attempt to keep the club running, and there’s a likely buyer prepared to cough up $18 million.
Legendary showbiz haunt the Friars Club is going up for sale amid a major debt crisis, Page Six has learned.
But the club has suffered from an aging membership and dwindling dues for years, and we’re told that the COVID-19 crisis forced it to borrow around $13 million to keep the place afloat. We’re told there’s a likely buyer who is prepared to cough up $18 million to buy the building, and lease it back to the club.
“We’re not looking to throw tradition out the window,” he told Page Six. “But at the same time, it has to appeal to everyone, not just a certain age group.”Frank Sinatra was a frequent Friar in the club’s heyday.Gristedes and WABC radio owner, and former mayoral candidate, John Catsimatidis, tells us he has made an unofficial offer to the board — although it seems unlikely his $6 million bid will be successful.
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