NEW YORK The Riese Organization, one of the largest restaurant operators and real-estate management companies in New York City, said this week it had exercised an option to purchase a two-story building in midtown Manhattan for $4 million. The property, located adjacent to Madison Square Garden at 416 W. 31st St., measures 2,500 square feet, and can be expanded under the city’s present zoning code to nearly 21,000 square feet, Riese officials said. Riese did not ...

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