Hidrock makes four-fold profit on Garment District building

October 22, 2013 05:47PM

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.

“Everything that has happened in Midtown South has made Herald Square and the Garment Center even more central,” principal Abraham Hidary told Crain’s. “It used to be we were on the southern fringe of Midtown, now we’re in the middle of everything.”

In January, Hidrock paid $28.5 million for a parking lot at 59 West 36th Street, and $5.9 million for an adjacent, 2,123-square-foot lot at 62 West 37th Street, as previously reported. [Crain’s]Mark Maurer