Stephen Starr opened the steakhouse in 2004.[1] The head chef is Mark Twersky. The steakhouse has Wagyu beef and is known for having a menu item which offers the most expensive cheesesteak in Philadelphia priced at $120 (now $140). The cheesesteak consists of "Wagyu rib-eye, foie gras, onions, truffled cheese whiz and a half-bottle of champagne".[2][3]
During the COVID-19 pandemic the steakhouse offered "40-day dry-aged rib eye, truffle mac and cheese and chilled Maine lobster cocktail" for delivery.[4]
In 2019, Barclay Prime was listed by The Daily Meal as the sixth-best steakhouse in the United States in a list of the top 50 non-chain steakhouses saying the steakhouse was "undoubtedly 21st century, the menu is as classic as can be".[5][1] In 2018, a fund-raising dinner was held for Elizabeth Warren at the steakhouse.[6][7]