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Rick's Cabaret International Inc Subsidiary Extends Purchase Option On New York City Property; Receives $8 Million Offer For 2/3 Of The Air Rights


Thursday, 11 Jul 2013 09:05am EDT 

Rick's Cabaret International, Inc. announced that its subsidiary has extended an option to purchase the property at 50 West 33rd St. until August 9th while it works out contractual details to sell some of the air rights it is acquiring to a third party. The subsidiary has an agreement in place to purchase the property, which is the site of the Company's flagship Rick's Cabaret/NYC adult nightclub. The original contract for the subsidiary to purchase the property was extended after the owner agreed to finance the acquisition. The parties mutually agreed to the first extension at no cost to the Rick's Cabaret subsidiary while the parties worked to mitigate taxation issues. Subsequently, the subsidiary paid an additional $92,708 to extend the current term by 30 days. 

Company Quote

11.48
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17 Sep 2014