Kremnitzer and Bechhofer of Pryor Cashman represent the Rudd Family in $49 million property sale to Euro Properties

Pryor Cashman partners Ronald Kremnitzer and Samson Bechhofer represented the Rudd family in the sale of 118 East 59th Street for $49 million to Euro Properties, an investment firm with offices in Hong Kong, Beijing and Singapore. The property is a 5,025 s/f 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. Kremnitzer, who is co-chair of Pryor Cashman's Real Estate Group, has long represented Frederick Rudd in real estate transactions in Manhattan.

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Columns and Thought Leadership

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Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent

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The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account