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

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

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
arrow_forward_ios

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

Loading...