Pryor Cashman represented the Rudd family in the sale of 118 East 59th Street in Manhattan for $49 million to Euro Properties, an investment firm with offices in Hong Kong, Singapore and Beijing. The property is a 5,025-square-foot lot between Park and Lexington Avenues.

According to the offer memo involved in the sale, Euro plans to tear down the current structure to build a mixed-use tower with high-end retail on the ground level and condos on the upper floors.

Partner Ronald B. Kremnitzer, co-chair of Pryor Cashman’s Real Estate Group, has long represented Frederick Rudd in real estate transactions in Manhattan and represented him on this sale, along with Partner Samson R. Bechhofer.

This deal comes on the heels of Kremnitzer’s and Bechhofer’s recent transactions representing Pinnacle Group in its $208 million buyout of the interests of its equity partner, Hudson Realty Capital, in 26 apartment buildings in Brooklyn.

Kremnitzer, along with Counsel Benjamin J. Teig, also represented LTS 711 11th Avenue LLC, BSS 711 11th Avenue LLC and Josselyn Estates, Ltd., in a record-setting lease transaction with Porsche Cars North American for a 175,000 square foot building at 711 Eleventh Avenue and rights over adjoining properties. Kremnitzer and Teig also teamed to complete several lease transactions on behalf of Major Food Group and Lenny’s Group for additional locations of their popular venues.