Lease Beat

AppNexus Extends, Expands to Total 220,000 Square Feet at 28-40 West 23rd Street

AppNexus's existing office on the fifth floor of 28-40 West 23rd Street.

AppNexus signed a 10-year lease extension and expansion that will give the advertising technology platform a 220,000-square-foot footprint at 28-40 West 23rd Street.

The company’s latest lease for 220,000 square feet–130,000 square feet of it an expansion–in the Flatiron District tower comes nine months after a 24,500-square-foot expansion. AppNexus arrived at the 600,000-square-foot tower about three years ago, initially signing for 24,500 square feet.

Mark Weiss and Rob Eisenberg of Newmark Grubb Knight Frank represented the tenant. Michael Cohen and Andrew Roos of Colliers International, who are both part owners of the building, represented the landlords. Read More

Cover Story

The Landlord’s Market: Midtown South’s Uphill Climb

Gas Odor Investigated In New York City

Midtown South is starting to look a little like Downtown North.

In the latest sign of the evolution of Manhattan’s former no-man’s land between Midtown and Downtown into the hottest office submarket in the U.S., Cushman & Wakefield last week noted a migration of financial firms into Midtown South and a corresponding overflow of technology and media firms into the Financial District over the past 10 years.

“We’ve never seen such an intertwining of the Midtown South market and Downtown,” Andrew Peretz, executive vice president at C&W, said in an interview. Read More

Lease Beat

Syracuse University Barrels into Midtown South with 20,000 SF Lease

136 Madison Avenue

As the city braces for its next snowstorm, Syracuse University is barreling from snow-coated Syracuse, New York towards Midtown South, where it will stomp a 20,000-square-foot footprint at 136 Madison Avenue.

The university plans to use the second floor of the 17-story, 150,000-square foot art deco building as a hub for academic programs and internship opportunities that will compliment alumni activities already housed at its Lubin House on East 61st Street, said a source familiar with the deal.

The Lubin House serves as the university’s regional admissions office, a gathering place for visiting faculty and alumni, and home to discussion panels, an art gallery and a division of its drama school. Read More

Lease Beat

AppNexus Expands At 28-40 West 23rd St.

AppNexus's Fifth Floor Offices At 28-40 West 23rd Street

The tech company AppNexus is expanding at 28-40 West 23rd Street, taking 24,500 square feet on the building’s fifth floor.

The deal will add to the 66,000 square feet the company already leases at the building, the 600,000-square-foot property’s entire fourth floor.

AppNexus will take the new space for five years in the deal for rents in the high $50s per square foot. Read More

The Sit-Down

David Berkey on How 200 Fifth Avenue Became a Template for Midtown South

David Berkey.

The success of 200 Fifth Avenue has served in many ways as the template for 28-40 West 23rd Street, and no doubt many other buildings in Midtown South. The building’s developer, L&L Holding Co., guessed the popularity of the neighborhood and bet a big reinvention of the property would draw top-shelf tenants, a gamble that paid off when it landed Grey Advertising and Tiffany & Co. Now the landlord of 28-40 West 23rd Street is in the middle of a similar kind of makeover. The Cohen, Roos and Carmel families, who together own the 600,000-square-foot tower, have plans to create a roof deck and have done deals with tech companies that are invading the neighborhood in droves. After the jump, The Commercial Observer talks to Andrew Roos, a Colliers International leasing executive and an owner of 28-40 West 23rd Street. Return at 10:30 today for a second installment with David Berkey, L&L’s director of leasing. Read More

Crime and Punishment

Parole Denied for Former Assistant at GVA Williams

Andrew_Roos_6_KK

An administrative assistant at GVA Williams who was convicted of swindling $3 million from former company executive Andrew Roos over the course of nine years was denied parole earlier this month, The Commercial Observer has learned.

Agnes Dickinson, 59, was ordered to continue her up-to-13-year prison sentence at a Jan. 12 parole board hearing, according to the New York State Department of Corrections. She has been incarcerated at the Bayview Correctional Facility in Manhattan since 2008, shortly after being convicted of grand larceny, forgery and money laundering.

“After a review of the record and interview, the panel has determined that, if released at this time, there is a reasonable probability that you would not live and remain at liberty without again violating the law, and your release would be incompatible with the welfare of society,” the parole ruling reads.  Read More

Power Broker

The Ambassador From Back in the Day

There is a swath of Manhattan overlooking the East River that Andrew Roos knows better than perhaps any other broker. It is First Avenue, near 42nd Street, where his main client operates.

Along with Gil Robinov, an executive managing director at NAI Global who has represented about 25 percent of U.N. member governments, no other Read More