The Riese Organization, one of the largest restaurant operators and real-estate management companies in New York City, said it has exercised an option to purchase a two-story building in midtown Manhattan for $4 million. The 2,500-square-foot property adjacent to Madison Square Garden can be expanded under the city's present zoning code to nearly 21,000 square feet, Riese officials said. Riese did not detail its plans for the space, which is currently occupied by a Brother Jimmy's barbeque restaurant, which is not a Riese operation.
Riese, which operates about 80 restaurants, already has a full brand stable. Included in its portfolio are T.G.I. Friday's, Houlihan's, Pizza Hut and KFC brands. It also has proprietary concepts including Charley O's, Tad's Steaks, Nedick's and Lindy's. The latest Riese offer is Times Square Grill with Richard Krause as executive chef.
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