Developers near deal to buy out Hustler Club

Strip club could give way to office condos

TRD New York /
Aug.August 07, 2014 05:05 PM

Developers Jack Guttman and Steve Schwartz’s proposed office condo building on 12th Avenue is one step closer to becoming a reality — and its birth would mean the death of a seedy footnote in New York City’s real estate history.

Guttman and Schwartz have reached a preliminary agreement to buy out Larry Flynt’s Hustler Club, the strip joint that occupies the block between West 51st and 52nd streets where the pair want to build, Crain’s reported. Earlier this year, a judge ordered the club to pay $2.1 million in back taxes.

“We’ve reached a deal in the last three weeks to buy them out,” Alan Weisman, a leasing and sales broker at Lee & Associates representing the partnership, told the website.

The Hustler Club’s exit would make it easier to attract tenants to the 240,000-square-foot building, which is being marketed to television and film production companies. Interested firms, who would have to invest heavily in customizing their spaces, were not interested in buying into the building if the strip joint remained on the block, Weisman told Crain’s. [Crain’s]Tom DiChristopher


Related Articles

arrow_forward_ios
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Marcus & Millichap CEO Hessam Nadji

Marcus & Millichap CEO predicts “exodus” from cities to last two years

Marcus & Millichap CEO predicts “exodus” from cities to last two years
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
HelloOffice CEO Justin Bedecarre

HelloOffice raises $20M in Series A funding

HelloOffice raises $20M in Series A funding
1300 Flushing Avenue (Google Maps)

Bushwick office building trades for $44M, sign of life for i-sales market

Bushwick office building trades for $44M, sign of life for i-sales market
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
Wall Street firms and their landlords are making plans to welcome a trickle of employees back into their buildings as New York slowly reopens. (Getty)

“Very gradual return”: Wall Street tenants, landlords lay out reopening plans

“Very gradual return”: Wall Street tenants, landlords lay out reopening plans
270 Park Avenue (Google Maps; iStock)

City planning through a pandemic

City planning through a pandemic
arrow_forward_ios

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

Loading...