Hidrock Realty building first hotel

New York /
Jun.June 26, 2008 12:20 PM

Commercial real estate developer Hidrock Realty is building its first-ever hotel, a 146-room lodge in Midtown.

“We own the site and it’s the highest and best use [for it],” said Abraham Hidary, president of Hidrock, which does development, asset management and leasing brokerage.

Hidary said his company knows how to develop buildings, but not operate a hotel. So he plans to retain ownership of the parcel at 25 West 37th Street, between Fifth and Sixth avenues, and have a large hotel operator run the business as an extended-stay hotel.

Hidary plans on differentiating his hotel from those developed by prolific hotelier Sam Chang, who continues to erect several hotels in the area, with bigger rooms as well as kitchens, as are common in extended-stay hotels.

The existing four-story, 25,500-square-foot commercial building, built in 1925, will be cleared to make way for an 18-story hotel with an average room rate of $350 per night. The company paid $21.5 million for the site. Hidary expects construction to commence in May 2009.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Opendoor CEO Eric Wu (Opendoor, iStock/Illustration by Alexis Manrodt for The Real Deal)
Opendoor revenue plunged 45% in 2020
Opendoor revenue plunged 45% in 2020
CoStar CEO Andy Florance
CoStar retreats from failed CoreLogic bid
CoStar retreats from failed CoreLogic bid
Ascena owns Ann Taylor, Lane Bryant, Lou & Grey and Cacique. (Getty)
Ascena restructuring approved post-bankruptcy
Ascena restructuring approved post-bankruptcy
Jimmy Fallon and Nanvy Juvonen with their penthouse at 34 Gramercy Park East (Photos via Getty/Sotheby's Jeremy V. Stein and Debbie Korb)
Jimmy Fallon lists Gramercy Park penthouse for $15M
Jimmy Fallon lists Gramercy Park penthouse for $15M
From left: Erica Grossman, Michaela Keszler, Maggie Keats, Margaret Harrington and Maria Babaev (Photos courtesy Douglas Elliman)
Douglas Elliman honors tristate brokers after a chaotic year
Douglas Elliman honors tristate brokers after a chaotic year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...