Hidrock Realty has sold its controlling interest in a 16-story Courtyard by Marriott hotel in Herald Square in a deal that values the property at $132 million, The Real Deal has learned. [more]
Posts Tagged ‘abraham hidary’
Hidrock Realty acquired three Midtown East sites for $47 million. The firm plans to raze the buildings currently on the properties and construct a condominium building.
An affiliate of City Centre Properties sold the lots at 13 East 47th Street, 12 East 48th Street and 14 East 48th Street for roughly $522 per square foot. Several developers were vying for the sites, but Hidrock’s offer was highest, the Wall Street Journal reported. [more]
Hidrock Realty reeled in more than quadruple what it paid for a 12-story office building in the Garment District.
The landlord, owned by the Hidary family, sold the 65,000-square-foot property at 65 West 36th Street for $29 million to the Sioni Group. Twenty-thousand square feet of unused air rights went to insurance titan AIG and real estate firm Buccini Pollin Group for an additional $6 million. In 2002, the purchase was made for $8 million. [more]
Greenwich Street is poised to regain its former glory in 2016 when the World Trade Center complex is complete and the thoroughfare becomes one again, the New York Times reported. The revival will be carried by the World Trade Center buildings, which will all boast the street’s name as alternate addresses, and be supplemented by several high-profile hotel projects rising on the street.
“It is literally as if a new city is being built around Greenwich Street,” said Hidrock Realty President Abraham Hidary, who plans a 320-room hotel at 133 Greenwich Street. [more]
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. [more]
Hidrock Realty has secured $66 million in construction loans for its two Fashion District hotel projects — at 960 Sixth Avenue and 25 West 37th Street — the developer announced earlier this week.
Hidrock purchased the note for 960 Sixth Avenue, also called the Atlantic Bank building, from Societe Generale for $40 million in October 2009, according to published reports. The company foreclosed on the 35th Street office building, which by then had only one tenant, in August 2010. Previous owner Statuto Group had planned a residential conversion for the site, and Hidrock had considered a mixed-use space including offices, but in the end a hotel was the most lucrative venture, said Hidrock’s president, Abraham Hidary.
The developer now plans a Courtyard Marriott at the address, for which it just closed on $36 million in construction financing from BBVA Compass. The hotel, across the street from Macy’s Herald Square
flagship, will boast 167 rooms, a rooftop bar and retail, and should be completed by October 2012. The total cost of the conversion will be around $30 million, Hidary said. … [more]
From left: Hidrock Realty founder Abraham Hidary, 960 Sixth Avenue (credit: PropertyShark) and the building that was demolished at 25 West 37th Street
Led by two forthcoming hotels from Hidrock Realty, the Fashion District is undergoing a hotel boom, according to the New York Post.
As The Real Deal previously reported, the commercial landlord is bringing hotels to 25 37th Street, between Fifth and Sixth avenues, and 960 Sixth Avenue, at West 35th Street. Now, finally, demolition is nearly complete at the 37th Street site, which will become a new 173-room, 70,000-square-foot SpringHill Suites. Meanwhile, the Sixth Avenue office building, which Hidrock acquired in a foreclosure auction, will be converted into a 100,000-square-foot, 167-room Courtyard by Marriott, with a rooftop bar. … [more]
From left: Sam Chang, architect Gene Kaufman, 538 West 48th Street, Abraham Hidary of Hidrock Realty and 25 West 37th Street (building photos credit: PropertyShark)
The unexpectedly fast recovery in the Manhattan hotel market has spurred developers such as Sam Chang and Hidrock Realty to dust off once-stalled projects or start new ones as room rates and occupancy levels have grown over the last year.
“We are seeing renewed interest in projects that have been stalled,” hotel consultant John Fox, a senior vice president at Colliers PKF Consulting, said. “Despite significant additions to the supply of rooms over the past few years, occupancies are at levels approximating those before the declines that started in September of 2008.” … [more]
Abraham Hidary’s Hidrock Realty won the 100,000-square-foot office property at 960 Sixth Avenue in Herald Square this week in a long-expected foreclosure auction nearly eight months after his company bought a … [more]