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

arrow_forward_ios
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
CEO Mark Tritton and 410 East 61st Street (Getty, Google Maps)

Bed Bath & Beyond will permanently close UES store

Bed Bath & Beyond will permanently close UES store
arrow_forward_ios

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

Loading...