The Real Deal New York

Hidrock buys trio of West Chelsea walk-ups for $35M

Seller had operated a restaurant on the ground level for nearly 60 years
By Rich Bockmann | March 09, 2015 01:10PM

Hidrock Realty has paid $35.5 million for a trio of West Chelsea walk-ups that have been around since the neighborhood was teeming with “tall ships and longshoremen,” instead of starchitect buildings and High Line tourists.

Lyclear Realty Corp. was the seller of the buildings  at 146-150 10th Avenue, which hold 48 residential units – about 20 percent of which are rent-regulated – above 5,400 square feet of ground-floor retail.

Lyclear’s president Colleen Lydon is also the CEO of Moran’s, which had operated at the property since 1957. According to the company’s website, the buildings date “back to the early 1800s when the surrounding neighborhood was bustling with tall ships and longshoremen. Our handcrafted cherry wood bar has survived prohibition and our wainscoted walls and tin ceilings reflect a custom of comfort and quality.”

Nowadays the neighborhood looks much different, with the High Line spurring development such as HFZ Capital Group’s Thomas Juul-Hansen-designed condo buildings across the street at 505 West 19th Street.

Hidrock COO Steven Hidary said the company was attracted to 10th Avenue for potential rent growth, particularly on the retail side.

“We see rents trending up in that submarket, connecting upwards toward Hudson Yards,” he said.  Retail rents in the area, he added, can range from $150 to $200 per square foot, and could grow by 50 percent over the next two years.

The space was delivered vacant, and Hidary said his company is looking to sign a food and beverage tenant.

Ivan Hakimian and Kevin Esh of HPNY were involved in the deal.

  • Christian Emanuel

    I’m not quite sure that the previous owner’s claim that “the early 1800’s” would be an accurate estimate for the year of construction of these buildings. For comparison, the Tenement Museum at 97 Orchard street was built in 1863, which is still a far cry from the “early 1800’s.”