Michael T. Cohen

What’s different about the Midtown South office market this year?

Midtown South, already the market of choice for tech firms more broadly, emerged as the preferred location of the AI industry. Spaces of all sizes were gobbled up by established and emerging AI companies seeking the same thing: Amenity-rich, architecturally pleasing live-work-play environments that will help firms attract and retain their workforces. 

Midtown South is still the unrivaled destination for tech and creative industries.

Who has signed Williams Equities’ biggest lease deal so far in 2026?

Ramp became our largest tenant at 28-40 West 23rd Street. The two-building complex known to the general public by its retail tenant, Home Depot, also serves as the HQ for fintech phenomenon Ramp. Ramp continues to expand its footprint in the building, and will gradually occupy all the office space.

Leasing to AI startups — yea or nay?

Yea! Despite the superficial similarities, AI is not retreading the path of the so-called dot-coms of the early millennium. Today’s startups have  compelling products, recurring revenues and realistic business plans, rather than just catchy URLs. 

While I do expect there to be an eventual culling of the less successful AI startups, many will succeed and merge into larger, more established tech consolidators, or go public themselves.

How are your newest portfolio additions — 888 Broadway and 470 Park Avenue South — coming along?

Exceedingly well.

At 470, we’ve successfully retained and expanded most of our existing tenants (and their subtenants) as leases expired. We’ve also attracted several new tenants and are flirting with 100 percent occupancy. We have activated our amenities with food and beverages, updated them with new furnishings, and added biophilic walls to our lobbies. 

All these changes have been embraced by our occupiers, as has our prebuilt/turnkey program, which offers a modern environment with the industrially chic accents tenants love. 888 Broadway is home to Netflix’s East Coast headquarters, and it is our largest tenant there, with many years left on its lease and plans to expand.

Rates are up. Are you expecting market activity to moderate? 

There’s a perfect storm looming as demand for architecturally significant, well-located, amenity-rich buildings grows while supply dwindles, thanks to the 467-m abatement program for conversions and Midtown South’s rezoning. 

The demand for housing — luxury, market-rate and rent-stabilized — is so great, particularly in Midtown South, that we expect office inventory to shrink as demand grows. It’s a textbook case for rental growth. 

While rents are rising, interest rate increases still present a challenge to many investors. Distress is lurking for those who are overleveraged or can’t access sufficient capital, but the rising tide of rents will lift many boats in the office market.

Lightning Round:

Who would play you in a movie? Jon Stewart.

Jalen Brunson or Aaron Judge? Go Yanks!

“Oppenheimer” or “Odyssey”? “Oppenheimer.”

Tom Holland, Andrew Garfield or Tobey Maguire? Tobey.

Have you ever eaten pizza with a knife and fork? Only in the brief moment when it’s too hot to handle. 

Last book you read? Revenge of the Tipping Point by Malcolm Gladwell.

Borrowing costs — up or down in 2027? Up, unfortunately.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) Spring Lake, N.J.