Midtown strip club buys 39K sf of air rights

New York /
Oct.October 29, 2013 11:48 AM

Perhaps it’s for a giant pole? A popular Midtown gentlemen’s club has paid $13 million for 39,000 square feet of air rights above its building at 50 West 33rd Street. As part of the deal with developer Elo Organization, Rick’s Cabaret International has also secured an option to buy both the building and land for $10 million within the next five years, the club said.

Rick’s Cabaret will also see its monthly rent at the three-story building, Between Broadway And Fifth Avenue, drop to $100,000 from $180,000 as part of the deal, the company said.

The agreement gives the club greater flexibility but also ensures that Rick’s Cabaret will “retain control over the property, which is a vital concern for any gentlemen’s club,” Eric Langan, CEO of the company, said in a statement to Law360.

The club has previously said it plans to build 20,000 square feet of new commercial space at the location, according to investor filings seen by Law360. [Law360]Hiten Samtani


Related Articles

arrow_forward_ios
The parking lot at 250 Water Street (New York Public Library)
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Rendering of H Hotel, slated for 58 West 39th Street (Peter Poon Architects)
Heavy hangover: Air rights purchased for massive cantilever
Heavy hangover: Air rights purchased for massive cantilever
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)
What rich people in NYC will pay to keep their view: TRD analysis
What rich people in NYC will pay to keep their view: TRD analysis
Mayor Bill de Blasio and the Ingersoll Houses at 120 Navy Walk in Brooklyn (Credit: Google Maps and Getty Images)
These are the developers looking to buy air rights from NYCHA
These are the developers looking to buy air rights from NYCHA
Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal
Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal
Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal
City to revoke permits for Extell’s Kazakh-backed tower at 50 West 66th Street
City to revoke permits for Extell’s Kazakh-backed tower at 50 West 66th Street
City to revoke permits for Extell’s Kazakh-backed tower at 50 West 66th Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...