Hidrock sells stake in 16-story Courtyard by Marriott

Deal for 102K sf Herald Square property values it at $132M

New York /
Apr.April 02, 2015 03:30 PM

Hidrock Realty has sold its controlling interest in a 16-story Courtyard by Marriott hotel in Herald Square in a deal that values the property at $132 million, The Real Deal has learned.

An unidentified foreign investor with a small stake in the 102,000-square-foot building at 960 Sixth Avenue, near West 35th Street, bought out Hidrock to take majority ownership, said Hidrock COO Steven Hidary.

The development firm acquired a note secured by the largely vacant office building in 2010 for $40 million in a foreclosure auction. The property, once home to the Atlantic Bank of New York, underwent a conversion into a 167-key hotel and reopened in 2012.

The property also contains a three-story BankUnited branch at the base and Monarch Rooftop Bar. BankUnited occupies 10,000 square feet, while Monarch occupies 5,000 square feet.

There were no brokers involved with the deal, Hidary said.

“Hidrock’s objective was to add value to the property and we perfectly executed our business plan,” he added.

Just last month, Hidrock bought three Chelsea rental buildings for $35.5 million, as TRD reported.


Related Articles

arrow_forward_ios
Hidrock CEO Abraham Hidary, 54 Madison CEO Henry Silverman and a rendering of 12 East 48th Street (Credit: 54 Madison Partners)

Not over yet: Hidrock sues over auction of Midtown hotel project

Not over yet: Hidrock sues over auction of Midtown hotel project
Photo illustration of Hidrock CEO Abraham Hidary, 54 Madison CEO Henry Silverman and 12 East 48th Street (Credit: 54 Madison Partners, iStock)

Judge green-lights mezzanine foreclosure of Hidrock’s Midtown hotel project

Judge green-lights mezzanine foreclosure of Hidrock’s Midtown hotel project
Hidrock CEO Abraham Hidary, 54 Madison CEO Henry Silverman and a rendering of 12 East 48th Street (Credit: 54 Madison Partners)

“Shameless”: Suit claims lender uses pandemic to rig foreclosure

“Shameless”: Suit claims lender uses pandemic to rig foreclosure
RedSky’s Ben Bernstein and 182 Flatbush Ave (Credit: Google Maps)

RedSky sells building across from Barclays Center as partner liquidates holdings

RedSky sells building across from Barclays Center as partner liquidates holdings
Hidrock CEO Abraham Hidary and 72 Nassau Street (Credit: Hidrock and Google Maps)

Hidrock buys FiDi dev site from former Helmsley partner

Hidrock buys FiDi dev site from former Helmsley partner
Hidrock seeking up to $1,100 a foot with Garment District office condo conversion

Hidrock seeking up to $1,100 a foot with Garment District office condo conversion

Hidrock seeking up to $1,100 a foot with Garment District office condo conversion
Hidrock pays $41M for FiDi package that could give way to resi development

Hidrock pays $41M for FiDi package that could give way to resi development

Hidrock pays $41M for FiDi package that could give way to resi development
Hidrock picks up Lower Manhattan development site for $38M

Hidrock picks up Lower Manhattan development site for $38M

Hidrock picks up Lower Manhattan development site for $38M
arrow_forward_ios

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

Loading...