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

The firm is funding the purchase with a $33M loan from Bank Hapoalim

TRD New York /
Oct.October 24, 2018 04:51 PM

Abe Hidary and 140-142 Fulton Street (Credit: Google Maps)

Hidrock Properties bought a development site and a six-story residential property in the Financial District for $41 million.

The two adjacent properties at 140-142 Fulton Street sit mid-block between Broadway and Nassau Street. The deal is done in two separate transactions. The 140 Fulton parcel is a vacant lot that covers 2,714 square feet and sold for $19.8 million. The site was previously the location of a five-story building that was damaged by fire twice. The city condemned the property in 2013. The 142 Fulton property, meanwhile, is a six-story rental building. It was sold for $21.2 million and contains five apartments and one commercial unit that was previously occupied by deli Cafe Tomato.

A source with knowledge of Hidrock’s plans said that the sites are likely to give way to a residential development. The two properties offer a total of 84,200 buildable square feet.

The seller is Raymond Gindi, who is part of the family behind Century 21. Gindi has a few assets in the Financial District. Last October, he bought the two-story retail property at 173 Broadway for $38.6 million. He also owns two adjacent five-story buildings at 175-177 Broadway. Cushman and Wakefield’s Kevin Donner and Maurice Suede represented Gindi in the transaction.

Hidrock is funding the acquisition with a $32.8 million loan from Bank Hapoalim. The firm recently acquired a development site near the World Trade Center for $38.5 million.

A representative for Hidrock was not immediately available for comment, and Gindi could not immediately be reached.

Related Articles

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder