One of the largest private employers in the city and theoperator of 113 restaurants, the company now plans to expand itsholdings. It has signed a long-term lease, with an option to buy,for a building at 416 Eighth Ave. near Penn Station, Madison SquareGarden and the US Post Office. Plans are to develop a restaurantthere once a concept for it has been created. "It will have toservice a diverse clientele, people coming out of the Station whomight want a sandwich and a cup of coffee, and people going to theGarden who are looking for a steak and a beer," Reise says.

Then, in the fall, Joe Franklin's Memory Lane restaurant isslated to open at 713 Eighth Ave. in the Theatre District.Franklin, the self-described "King of Nostalgia" who appeared onlocal TV for nearly 50 years, will be on hand some of the timegreeting guests. The company has also developed other conceptrestaurants including Martini's and The Java Shop.

Riese owns a building on the NE corner of 34th and Third Ave.that might be developed as a residential property. Most of thecompany's other real estate holding are three-, four- andfive-story retail buildings. Why not open restaurants in them?"There are times when third parties will pay us more in rent thanwe can make running our own restaurant. Right now, the big job infront of me is to infuse the company with cash," he says. This mayinvolve selling off a few properties.