The Real Deal New York

Hidrock pays $31M for Boerum Hill building 

Retail portion of the 28K sf property is net leased to NY Sports Club
By Rich Bockmann | January 30, 2017 06:33PM

96-110 Boerum Place in Boerum Hill and Steven Hidary

Hidrock Properties picked up the Boerum Hill home of the New York Sports Club for $30.5 million, according to property records filed with the city Monday.

The 28,000-square-foot building at 96-110 Boerum Place has 10 residential units and one retail unit that’s net leased to the sports club. It also comes with roughly 12,500 square feet of additional air rights.

The developer landed a $19 million acquisition loan from Signature Bank, records show.

Hidrock TRData LogoTINY COO Steven Hidary said the firm has no plans to alter the property, which sits on two tax lots.

“We were attracted to the property’s location … unbelievably located for both residential and retail use,” Hidary wrote in an email to The Real Deal. “Atlantic Avenue and the surrounding Smith, Court and Bergen Streets are well-known retail destinations with Boerum Place sitting in the center of all the action.”

Hidrock earlier this year sold its Courtyard New York Downtown Manhattan/World Trade Center hotel to Union Investment Real Estate GmbH, the property arm of Germany’s DZ Bank Group, for $206 million.

Hidrock owns a pair mixed-use retail-and-residential properties nearby at 348 Atlantic Avenue, and 336 State Street, which it picked up in 2014 for $7.1 million and $4.9 million, respectively.

Last year, the company scrapped plans to convert Park Slope’s Pavilion cinema into condos and sold the property $28 million to investors, who leased it to Nitehawk theater owner Matthew Viragh.

Correction: A previous version of this post incorrectly stated that the owner of the Nitehawk theater had purchased the Pavilion cinema in Park Slope. He leased the property from the investors who purchased it from Hidrock Properties.