Hidrock refinances Fashion District office tower

Hidrock Realty completed a $16 million refinance of its 12-story office building at 35 West 36th Street, Crain’s reported. The firm secured a loan with a 3.89 percent rate from the original mortgage lender, Assurant, taking advantage of the historically low mortgage rates. The original loan had an interest rate of 6 percent, Crain’s said.

“We were looking to hold on to the property and were able to increase our cash flow by lowering our monthly mortgage payments,” Abraham Hidary, president of Hidrock, told Crain’s.

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Hidrock bought the 79,200-square-foot property in 2007 for $28 million. [Crain’s]