Hidrock Realty pays $47M for Midtown East land

Firm reportedly outbid several developers to acquire sites
July 14, 2014 11:50AM

Hidrock Realty acquired three Midtown East sites for $47 million. The firm plans to raze the buildings currently on the properties and construct a condominium building.

An affiliate of City Centre Properties sold the lots at 13 East 47th Street, 12 East 48th Street and 14 East 48th Street for roughly $522 per square foot. Several developers were vying for the sites, but Hidrock’s offer was highest, the Wall Street Journal reported.

Hidrock’s proposed tower could be as big as 90,000 square feet if a recreational space is included. R. Stuart Gross of Eastern Consolidated represented both sides of the deal, the paper said.

City Centre acquired the land in 2006 and was in talks with a hospitality chain to develop a hotel prior to the recession. The project was subsequently scrapped.

Last year, Hidrock, led by Abraham Hidary, reeled in more than quadruple what it paid for a 12-story office building at 65 West 36th Street, as previously reported. [WSJ]Mark Maurer