217
NEW YORK CITY — Two Trees Management Co. has begun the first phase of a multimillion dollar renovation at 50 W. 23rd St. in Manhattan. The company purchased the 13-story office property for $130 million two years ago. Two Trees plans to modernize the lobby of the 106-year-old building by adding new lighting and re-cladding the walls and floor with a white fiberglass-reinforced concrete. Designed by Leeser Architecture, the restoration will also update the building's entrances, elevator cabs and facades. Tenants at the building include Yodle, an advertising company, and Stantec Consulting, an engineering firm. Completion of the interior is slated for this June, and exterior renovations are expected to be complete this November.