Pryor Cashman’s Longtime Client Lenny's Group Opens 17th Deli and Signs Lease for #18
Pryor Cashman is pleased to announce that Partner Ronald B. Kremnitzer, co-chair of the firm’s Real Estate Group, along with Of Counsel Benjamin J. Teig, represented longtime client Lenny’s Group LLC in lease negotiations for its 18th deli location, which will occupy over 1200 square feet at street level and additional basement space at 459 Park Avenue South. The Landlord is 459 Park LLC, and brokers on the deal were Redwood Property Group and Ripco Real Estate.
The lease closing comes on the heels of the grand opening today of Lenny’s 17th store, which is more than 2500 square feet located in the Times Square area at 202 West 40th Street between Seventh and Eight Avenues.
A New York institution now celebrating 25 years, Lenny’s was founded by Chairman and Chief Executive Officer, Sei Hoon "Lenny" Chu, a Korean immigrant and former deli counterman. With locations throughout Manhattan, it has since become a thriving enterprise selling more than 3 million sandwiches each year and anticipating $45 million in revenue in 2014.
Kremnitzer has a long-standing relationship with Lenny’s and has represented the company since 1993, when he negotiated the lease on the second deli location on the Upper West Side. He has since represented Lenny’s in each of its store leases as it expanded throughout the city.
To read about the deal in the Commercial Observer, please click here.
