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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Mortgage applications plunge 14%
Mortgage applications plunge 14% in a single week
Mortgage applications plunge 14% in a single week
Town & Country's Judi Desiderio (Getty,  Town & Country Hamptons)
Hamptons, North Fork sales data emerge in wake of computer hack
Hamptons, North Fork sales data emerge in wake of computer hack
From left: Cushman & Wakefield’s Doug Harmon and Adam Spies; American Express CEO Stephen Squeri; and 200 Vesey Street (Getty Images, Cushman & Wakefield, Brookfield Properties, Manhattan College)
American Express to explore headquarters sale, move
American Express to explore headquarters sale, move
Editor’s note: Reading the tea leaves of fall
Editor’s note: Reading the tea leaves of fall
Editor’s note: Reading the tea leaves of fall
arrow_forward_ios

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

Loading...