Pryor Cashman Partner Ron Kremnitzer Seals Deal for Lenny’s Group to Move Original Deli to a New Location
Partner Ronald B. Kremnitzer, Co-Chair of Pryor Cashman's Real Estate Group, successfully represented client Lenny’s Group in lease negotiations allowing the company to move its original Columbus Avenue location (between 83rd and 84th) to a new site in Manhattan.
Lenny’s will relocate its original store to a new, larger location just one block away on Columbus Avenue (between 82nd and 83rd). The new location will provide 2,000 sq. ft. of above ground space and additional square footage below street-level. The new space will be approximately 500 sq. ft. larger than its current location.
The move comes on the heels of three other recent store openings including Lenny's Park Place, LLC (25 Park Place) on January 6, 2014, Lenny's Hanover Street, LLC (10 Hanover Square) on December 16, 2013 and Lenny's Water Street, LLC (32 Water Street) in late 2012.
Lenny’s currently operates 16 delis throughout the city, which create more than 2.5 million specialty, made fresh-to-order sandwiches per year, including the famous "Jimmy T" (#5), the "Thanksgiving Special" (H1) and "Lenny's Combo" (#1).
Founded in 1989 by Chairman and Chief Executive Officer Sei Hoon Lenny Chu, a Korean immigrant and former deli counterman, Lenny’s Group is a thriving enterprise with more than $40 million in annual sales.
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. Kremnitzer has since represented Lenny’s in each of its store leases as it has expanded throughout Manhattan.
For more than 30 years, Kremnitzer has represented landlords and tenants, as well as buyers and sellers in transactions of commercial office buildings, hotels, residential multi-family buildings, shopping centers, and vacant land. One of his most successful transactions involved representing a group-buyer of more than 800 New York City properties, including 100 Manhattan multi-family properties in a single day.
To read the article in Real Estate Weekly about Lenny's relocation, please click here.
