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