Published On: Fri, Aug 8th, 2014

Guttman and Schwartz Buying Larry Flynt’s Hustler Club

Larry Flynt’s Manhattan Hustler Club

New York City real estate developers Jack Guttman and Steve Schwartz are negotiating to purchase Larry Flynt’s Manhattan Hustler Club. The two are interested in the property in order to tear it down to make room for their proposed new office building on 12th Ave.

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

But Guttman and Schwartz are reportedly waiting to get an anchor tenant for the new building, before they sign on the dotted line with Hustler. Weisman told The NY Daily News that the two partners are in the late stages of leasing negotiations with several prospective tenants. But if they do not close on a contract soon with one of them then the deal with Hustler would expire.

The Hustler Club is located on prime Manhattan real estate, at the corner of 51st Street and Twelfth Ave. Hustler is looking to sell the business, in part, because it was ordered by a court to pay $2.1 million in back sales taxes that it failed to collect over the years when its strippers charged a total of $23.8 million for lap dances that they gave patrons between June 2006 and November 2008.

The price offered for the club’s property has not yet been disclosed.

Guttman and Schwartz want to demolish the Hustler Club along with seven other adjacent buildings to make room for a 240, 000 square foot office condominium complex. The new building is primarily intended for the use of film and television production studios and offices. It will be have nine stories that will overlook Manhattan’s West Side Highway. The project is expected to cost $300 million.

It will include 35, 000 square feet of retail space and its upper floors will have ceilings as high as 15 feet. There will be an events space on the roof and several terraces.

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