Meister Seelig Reps Cabaret Club In NYC Air-Rights Buy

By Natalie Rodriguez (October 28, 2013, 3:18 PM EDT) -- After several months of negotiation, a unit of gentlemen's clubs operator Rick's Cabaret International Inc. announced Monday that it had scored air rights above its operations in midtown Manhattan, as well as an option to buy the land and building within the next five years.

Per the deal with developer Elo Organization LLC, RCI Holdings Inc. has bought 39,006 zoning and development rights for $13 million and has negotiated a right to buy the seller's stake in the property for $10 million anytime within the next five years, according to a filing with the U.S. Securities and Exchange Commission. In a...

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