Christmas cheer all round as Riese regains 1552 B'way.

Dennis Riese, chairman of the Riese Organization, got the best Christmas gift he could have asked for this week when he closed on a $48 million deal to buy "the most important property" in his career.

Riese paid a whopping $3970 per square foot for the 12,091 s/f 1552 Broadway, home of the World's most popular and successful T.G.I. Friday's.

It was money well spent, according to Riese, who has been credited with reversing the fortunes of the family-run firm and returning it to its status as one of the city's premier restaurant companies.

"Not only have I turned the family's fortunes back around completely, but I am proud to own one of the corners of the Crossroads of the World," said Riese.

1552 Broadway was one of two Times Square properties that were originally owned by National Restaurants Management, Inc. (NRMI), the company developed by Dennis' father, the late Murray Riese. The other property is the retail condominium at 729 7th Avenue. In 1999, the two properties were sold to the New York City-based REIT, Northstar, and were then simultaneously leased back to NRMI, as the main piece of a massive re-structuring of all the Riese properties.

In June, Dennis Riese partnered with Himmel + Merringoff Properties to buy back 729 7th Avenue for $29 million.

The re-acquisition of the 15,000 s/f 1552 Broadway this week was cause for an early Christmas celebration for Riese.

"I am very pleased, both personally and for our business, to reacquire one of the most important buildings in Times Square, arguably the absolute center of the Planet Earth," Riese said. "This building, together with the condo at 729 7th Avenue, has been in our family for over 25 years, and our re-acquisition demonstrates the complete success of our restructuring plan, and the completion of this phase of our company's history."

The property is the home of the busiest, and most profitable T.G.I. Fridays in the entire world, a formidable achievement considering that there are approximately 1000 Fridays throughout the planet.

The location also boasts two of the most visible billboards throughout Times Square, which Riese used during the festivities celebrating the turn of the millenium, with an ad heralding the opening of the Fridays restaurant, at the "Crossroads of the Millenium."

The Riese Organization has been a major player on the New York restaurant scene for over 50 years. Today, it owns and controls many famous brand names in New York. In addition to T.G.I. Fridays, it also owns restaurants under the name Lindy's, home of New York's most famous cheesecake, Charley O's, Houlihans, Tads Steaks, and Nedicks. It has been in business since 1940, and owns and operates approximately 100 restaurants.

The Riese Organization also owns 604 5th Avenue, 560 5th Avenue, as well as numerous other buildings in prime locations in Manhattan.