Houston-based Rick’s Cabaret announced today that it has signed a definitive agreement to purchase a “large gentleman’s club in Midtown Manhattan.”
While Rick’s is contractually prohibited from naming the club, insiders told AVN.com that the club is located near 33rd and Broadway — the current location of the Paradise Club.
In a press release, Rick’s Cabaret CEO Eric Langdan said the deal calls for the transaction to be closed by Dec. 1. Langdan also said the total purchase price for the assets and stock of the club would be $7.625 million. Rick’s will assume the 19 years remaining on the club’s lease.
“Because of its proximity to sporting events at Madison Square Garden, the Javits Center, Penn Station, hotels and other major commercial and tourist attractions, we expect to attract substantial lunchtime and evening guests,” Langan said. “Once we have finished remodeling the club early next year, it should add significantly to the company’s annual earnings.”
The club, to be renamed Rick’s Cabaret, will occupy 10,000 square feet on three levels, with an additional 4,000 square feet available for office space.