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                                                                   Exhibit 10.10


                             THE GARNET GROUP, INC.
                                825 THIRD AVENUE
                            NEW YORK, NEW YORK 10022

                                                               December 14, 1999

J.A. Bernstein & Co., Inc.
750 Lexington Avenue
New York, New York 10022

Axonyx, Inc.
750 Lexington Avenue
New York, New York 10022

             Re:   Occupancy of Space on the 40th Floor in the Building known by
                   the Street Address 825 Third Avenue, New York, New York
                   -------------------------------------------------------

Gentlemen:

         This letter sets forth the terms governing your occupancy of a
designated portion of the premises under Lease to us pursuant to Lease dated as
of August 25, 1989 made between The Durst Buildings Corporation (whose interest
has been succeeded to by Advance Magazine Publishers, Inc.) (the "Landlord"),
and the undersigned, as Tenant, as amended by the First Amendment of Lease dated
as of November 30, 1999 (said Lease dated as of August 25, 1989 as amended
November 30, 1999, is hereinafter referred to as the "Lease"). The specific
portion of space to be occupied by you (the "Designated Area") is outlined in
the drawing annexed to this letter.

          1.   TERM. The term of your occupancy shall begin on December 15, 1999
               and end on February 27, 2003, unless sooner terminated as
               hereinafter provided ("Occupancy Term").

          2.   OCCUPANCY FEE. You agree to pay the undersigned $168,000 per
               annum, payable $14,000 monthly in advance on the first day of
               each month during the Occupancy Term as payment for occupancy by
               you of the Designated Area. Payment shall be made by you to the
               undersigned at its offices at 825 Third Avenue, New York, New
               York. You shall be entitled to the use of electricity available
               at the premises, provided such usage by you is consistent with
               the terms and provisions of the Lease. Additionally, you will be
               responsible for the payment of New York City Commercial Rent Tax
               with respect to your occupancy of the Designated Area.

          3.   SECURITY DEPOSIT. Concurrently herewith, you have provided us
               with a security deposit of $42,000, which we will deposit in an
               interest-bearing account and such sum will be applied to pay any
               charges due to the

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               undersigned upon termination of your occupancy. The undersigned
               shall be entitled to recover as its administrative costs one
               percent (1%) of the Security Deposit. The balance of the security
               deposit, if any, will be repaid to you with interest within 20
               days after the end of the Occupancy Term.

          4.   NUMBER OF OCCUPANTS. You shall be entitled, other than for
               occasional vistors or business guests, to have eight people (in
               the aggregate) occupy the Designated Area.

          5.   SERVICES. Except as hereinafter provided, the undersigned shall
               not be obligated to provide you with any services whatsoever. You
               will provide your own computers, typing and printing equipment.
               However, you shall be entitled to use of the existing furniture
               and furnishings located in the Designated Area. Further, you
               shall be entitled to use of the existing telephone equipment in
               the Designated Area. Upon your vacating the Designated Area, such
               furniture, furnishings and equipment shall be in good order,
               reasonable wear and tear excepted. Further, you shall be entitled
               to use of the conference room located in the premises occupied by
               the undersigned, when available, on reasonable prior notice.

          6.   AS IS. You have inspected the Designated Area and accept it in
               its present condition "as is".

          7.   SUBJECT AND SUBORDINATE. You acknowledge and agree that your
               occupancy of the Designated Area is subject and subordinate to
               the terms and provisions of the Lease and acknowledge that you
               are familiar with the terms and provisions of the Lease.

          8.   GENERAL CONDITIONS.

               a.   During the Occupancy Term, you shall have exclusive use of
                    the Designated Area. The Designated Area will be used by you
                    solely for office purposes.

               b.   You will maintain the Designated Area in a clean and orderly
                    condition and assume full responsibility for the safety and
                    security of the Designated Area and any personal property
                    you may locate therein.

               c.   Upon the termination of your occupancy, the Designated Area
                    shall be left "broom clean".

               d.   You agree not to make any alterations, decorations or
                    modifications to the Designated Area.

               e.   You agree to indemnify and hold the undersigned harmless
                    from and against any and all costs and expenses arising from
                    claims of any

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                    nature for personal injuries and/or property damage which
                    may be asserted against the undersigned arising from or in
                    connection with your occupancy by you of the Designated
                    Area, except if any such injuries or damage is a result of
                    the negligence of the undersigned or the Landlord. In
                    furtherance of the foregoing, you shall obtain and keep in
                    full force and effect during the Occupancy Term, at your own
                    cost and expense, naming the Landlord, Landlord's agents,
                    any superior lessor, superior mortgagee and the undersigned
                    as insureds, public liability insurance to afford protection
                    against any and all claims for personal injury, death or
                    property damage occurring in, upon, adjacent to or connected
                    with the Designated Area, or any part thereof in an amount
                    of not less than $3,000,000 for injury or death arising out
                    of any one occurrence or in any increased amount reasonably
                    required by Landlord.

               f.   You will not hold yourself out in any way as an agent,
                    partner, joint venturer or business associate of the
                    undersigned and you will at all times conduct your business
                    without reference to the undersigned. The undersigned agrees
                    not to hold itself out in any way as your agent, partner,
                    joint venturer or business associate and shall not make
                    reference to you in the conduct of its business.

               g.   You will not at any time use or occupy the Designated Area
                    in violation of the terms and provisions of the Lease or any
                    applicable law (Federal, State or local).

               h.   You cannot assign or sublet your right of occupancy in whole
                    or in part.

               i.   You shall be entitled to access the Designated Area during
                    the Occupancy Term to the same extent the undersigned is
                    entitled to occupancy of its premises, pursuant to the
                    Lease. The undersigned shall provide you with keys enabling
                    you to access the Designated Area.

     9.   REMEDIES. If you default in fulfilling any of the terms set forth in
          this letter, including, without limitation, the payment of rent on the
          first of the month during the term hereof, the undersigned shall be
          entitled on three days written notice addressed to you at the
          Designated Area to terminate the term of you occupancy. Upon such
          termination, you consent to the remedy of eviction by summary
          proceedings or otherwise, for holding over and waive any rights to any
          further notice to terminate your occupancy; and further, waive any
          other rights, laws and/or regulations which may be applicable and
          agree further in the event you fail to vacate the Designated Area on
          the date designated in such notice of termination, you shall be liable
          to the undersigned as and for

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          liquidated damages, and not as a penalty, at the rate of $1,000 per
          day through the date that you vacate the Designated Area.

     If you are in agreement with the foregoing, please sing and return a copy
     of this letter together with a check in the amount of $14,000 representing
     payment of the first month's rent and an additional check in the amount of
     $42,000 for security.

                                             Very truly yours,

                                             THE GARNET GROUP, INC.

                                             By:/s/ Joseph Cohen
                                                ------------------------------
                                                     Joseph Cohen

         ACCEPTED AND AGREED:

         J.A. BERNSTEIN & CO., INC.


         By:/s/ Jay Bernstein
            -----------------------------
                  Jay Bernstein

         AXONYX INC.


         By:/s/ Michael Strage
            -----------------------------
                  Michael Strage