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

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.

Related:  

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Kheper Releases New 'Think Like a Slut' Party Game

Kheper Games has released the new "Think Like a Slut" party game.

Pjur, Magasin du Nord Partner for 'Flex Area' Campaign

Pjur and retail brand Magasin du Nord have partnered for the wellness brand’s Flex Area campaign.

Kasey Kei Stars in Latest From Transfixed

Kasey Kei stars with Olivia Jay in the latest release from Transfixed, titled "You’re Worth The Wait."

Adult Time Debuts Bree Mills Drama 'Hard Stop'

Adult Time has released the first installment of the Bree Mills-helmed drama "Hard Stop."

Honey Play Box, Creative Conceptions Ink European Distro Deal

Honey Play Box has signed a deal with Creative Conceptions for distribution in the U.K. and Europe.

Ricky's Room Drops 3rd Installment of Baby Gemini Showcase

Ricky’s Room has released the third installment of its Baby Gemini showcase, titled "Gemini’s Blowbang."

Motorbunny Debuts 'Fluffer Rock Hard Power' Cock Ring Vibe

Motorbunny has introduced its Fluffer Rock Hard Power vibrating cock ring.

Nina Heels Leads Dorcel's 'Girls At Work 6'

Nina Heels headlines the latest release from Dorcel, titled “Girls At Work — Stories #6.”

Lexi Lore Stars in Latest Installment of 'Under the Bed'

Lexi Lore stars with Parker Ambrose and Axel Haze in the latest installment of Pure Taboo series “Under the Bed,” titled “Game of Spirits.”

EQOM Appoints Anneke Kamphuis Interim CEO

EQOM Group, the company behind ONE-DC and EasyToys, has appointed Anneke Kamphuis as its interim CEO.

Show More