Pryor Cashman Partners Ronald B. Kremnitzer and Samson R. Bechhofer represented Pinnacle Group, a real estate investment firm, in its $208 million buyout of the interests of its equity partner, Hudson Realty Capital, in 26 apartment buildings in Brooklyn.
The buildings have between 20 to 100 units each, and are located in various neighborhoods in Brooklyn where property values should continue to rise.
This deal comes on the heels of several transactions for Kremnitzer (together with Benjamin J. Teig), including representing 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 completed several lease transactions on behalf of Major Food Group for additional locations of its popular Parm Restaurant, including the most recent at 235 Columbus Avenue.
