Pryor Cashman Represents LTS 711 11th Avenue LLC In Lease Transaction with Porsche
Pryor Cashman represented LTS 711 11th Avenue LLC, BSS 711 11th Avenue LLC and Josselyn Estates, Ltd. in a lease transaction with Porsche Financial Services, who then entered into a sublease with Porsche Cars North America, for a new automobile showroom and repair facility located at 711 Eleventh Avenue at West 51st Street.
The 26-year lease, with two 10-year renewal options, has the potential to cover 175,000 square feet of a yet-to-be-renovated building, with neighboring parking lots, and includes air rights transferred from adjoining properties located at 614 West 51st Street and 623 West 50th Streets. The lease represents one of the largest retail leases in terms of square footage in 2013. In addition, this important deal is being considered by the Real Estate Board of New York (REBNY) as one of the "Most Ingenious Deals of the Year" for the ingenuity, creativity and professional skill demonstrated in closing the transaction.
Pryor Cashman Partner Ronald B. Kremnitzer, Co-Chair of the firm’s Real Estate Group, and Counsel Benjamin J. Teig, represented LTS 711 11th Avenue in the transaction.
Kremnitzer represents clients in a wide-range of real estate transactions including leasing (representing both landlords and tenants), commercial, hotel, residential and multi-family property acquisitions and sales, land-use and construction financing, conventional mortgage loans, equity participation and other secured and unsecured lending, workouts and debt restructuring and cooperative/condominiums (conversion, new construction and bulk disposition of unsold units).
Teig focuses his practice on commercial real estate transactions, including the acquisition and disposition of real property, leasing transactions (representing landlords and tenants in both retail and office leasing), and real estate financings.
