Kremnitzer and Teig of Pryor Cashman rep Lenny's Group in 2,500 s/f lease

According to Pryor Cashman LLP, partner Ronald Kremnitzer, co-chair of the firm's real estate group, along with of counsel Benjamin Teig, represented longtime client Lenny's Group LLC in lease negotiations for its 17th deli location, comprised of over 2,500 s/f. The new deli will be located in the Times Square area at 202 West 40th Street between Seventh and Eight Avenues, and is expected to open this August. A New York institution, Lenny's was founded in 1989 by Chairman and Chief Executive Officer, Sei Hoon "Lenny" Chu, a Korean immigrant and former deli counterman. 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. This deal follows other recent and significant transactions for Kremnitzer, together with partner Samson R. Bechhofer, including representing the Rudd Family in a $49 million property sale to Euro Properties, as well as 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, with Benjamin J. Teig, also represented LTS 711 11th Avenue LLC, BSS 711 11th Avenue LLC and Josselyn Estates, Ltd., in a lease transaction with Porsche Financial Services, who then entered into a sublease with Porsche Cars North America, for a new automobile showroom and repair facility located at 711 Eleventh Avenue at West 51st Street. Kremnitzer and Teig also recently completed several lease transactions on behalf of Major Food Group for additional locations of their popular restaurants.