Home > News > Rick's Cabaret Strikes New Realty Deal for New York Club • Bookmark   • Newsletters   • Register Search Options


Rick's Cabaret Strikes New Realty Deal for New York Club

Rick's Cabaret Strikes New Realty Deal for New York Club
Get XBIZ News
Oct 25, 2013 3:30 PM PDT    Text size: 

HOUSTON — Rick's Cabaret International has called off its $23 million real estate deal to purchase the club it operates, as well as all of the building's valuable air rights, on West 33rd Street in New York.

Instead, it has signed another option agreement to purchase the club and some of the air rights by September 2018 for $10 million, less a $750,000 deposit. In the meantime, the option agreement includes provisions that hike Rick's Cabaret's rent at the Manhattan club to $100,000 per month until June 2018.

Rick's Cabaret, in a statement made to the SEC today, said that the termination of the $23 million deal came about when a third party purchased from the property owner, Regent 33rd Corp., a large portion of air rights in a multimillion-dollar deal.

"The purchase price for these air rights was $13 million, of which Rick's Cabaret International Holdings contributed $5.2 million in connection with the overall business transaction," Rick's Cabaret said in a statement. "Use of all the air rights and future development of the property are subject in part to the terms of a zoning lot development and easement agreement between regent and the third-party purchaser."

Last December, Rick's Cabaret CEO Eric Langan in December said that the original deal, if completed, would have give the company an additional bonus — air rights to build an additional 52, 000 square feet in New York. Langan estimated those air rights to be as much as $300 and $350 a foot at the time. 

At post time, Rick's trades at $11.31 a share on the Nasdaq, up 3 cents.

More ways to get XBIZ News:  RSS Feeds  |  E-Newsletters  |  Desktop Widget  |  Mobile
Looking for porn star news and behind-the-scene videos? Check out XFANZ.com !


Cam World: Q&A With Studio 20’s Andra Chirnogeanu

One of the blue-ribbon studios in the cam biz is Studio 20, which is now a global brand, with locations on both sides of the Atlantic — from Romania to Hollywood, Calif. Of course, with every strong... More »

Cam World: Model of Month Jenny Blighe Is Red-Hot

Have you found out about MyFreeCams sensation Jenny Blighe, the fiery Arkansas redhead? For the past four years, Blighe’s been camming on an almost-daily basis on MyFreeCams, building a loyal fan... More »

Justin Sayne Leather Expands Team, Gears Up for Eventful 2017

When Justin Sayne looks back on 2016, he will likely remember it as a year in which his Arizona-based company, Justin Sayne Leather, grew by leaps and bounds. Important new hires joined the company, Sayne... More »
Stay informed of the latest industry developments. Get XBIZ newsletters delivered to your inbox. Subscribe today!
Enter email address:

* To manage existing subscriptions click here.

Submit your press release to
multiple news outlets with 1 click.
Subscribe to RSS news feeds or
add free content to your website.
Access XBIZ news and articles
with your mobile device.
Subscribe to XBIZ Premiere magazine, the industry's leading adult retail trade publications, delivering the most timely and comprehensive business news and information to producers and retailers of adult products.


The European Summit

Mar 04 - Mar 07
Barcelona-Sitges, Spain

The TEA Show

Mar 05 - Mar 06
Hollywood, CA

Phoenix Forum 2017

Mar 23 - Mar 26
Tempe, Arizona


Mar 31 - Apr 02
Denver, CO.
Everyday thousands of business professionals browse XBIZ's industry directory for quality products and services. Not listed yet? Your company could be losing potential new business. Submit your company today!
Use XBIZ RSS feeds to stay informed of the latest industry developments or as a content syndication tool for your website!