A source familiar with the deal tells GlobeSt.com that they cannot discuss aggregate lease values or taking rent, but they did say that asking rent was in the mid-$50s per sf. Converse will now occupy the top three floors of the 12-story landmark building, located on 23rd Street between Fifth and Sixth avenues.
The property houses Home Depot as well as Marc Ecko Enterprizes and office space for Interpublic and Mattel. Built in 1878, it is the former home of the Stern Brothers Department Store, one of the city's first retail stores. The source says that the 440,000-sf building is currently 100% occupied.
GVA Williams principals Michael T. Cohen and Andrew Roos own the building and represented themselves in the transaction. Joseph Thanhauser and Gordon Ogden of Burnam Wood represented Converse in the lease negotiations.
"Converse's expansion serves as a testament to this extraordinary building," Roos says in a prepared statement. "It has long been a landmark in the 23rd Street area and we are pleased to see continued interest from major national tenants."
Led by Jerome Cohen of GVA Williams, 28 W. 23rd St. went through a major transformation in the 1970s, including a restoration of the building's cast-iron façade and the transformation of the building's courtyard into a replication of the courtyard of the Hotel Plaza Athenee in Paris. According to GVA, the improvements helped to change the nature of the building's tenant occupancy as offices and showrooms began to replace the manufacturing and shipping tenants.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
