Developer to buy Garment Center building for $58M

By Lauren Elkies | June 25, 2008 05:41PM

Commercial real estate firm Hidrock Realty will buy a Garment Center building for $58 million, and plans to close on the sale in six weeks.

Abraham Hidary, president of Hidrock, said he secured a $40 million mortgage for the purchase of a 162,000-square-foot office building at 240 West 35th Street, between Seventh and Eighth avenues.

“We got the financing despite the doom and gloom,” said Hidary, whose company owns three other office buildings in the neighborhood and specializes in small building deals.

Hidary said his company will put in a new lobby, spruce up the common areas and bring the building, built in 1925, up to code.

At 18 stories, the building has 40 commercial tenants. Hidary said he expects the number of tenants to remain the same and rents to range from $40 to $45 per square foot.

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