Pryor Cashman Partner Ronald Kremnitzer, co-chair of the firm's Real Estate Group, was quoted in the Real Estate Finance & Investment article, "Euro Properties Buys Midtown Development Site."

The article addresses the sale of 118 East 59th street by Kremnitzer’s client, the Rudd family, to Euro Properties. The property was marketed as a strategic opportunity to purchase for development. "In the current market in the 50s Eastside corridor, we see super luxury housing going up. The most expensive real estate in this market is for development opportunities, so the owners decided capture the market, whereas before they could not command any meaningful rents. And rather than develop themselves they sold to developers," said Kremnitzer.

To read the article in its entirety, please click here.