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
Victor Sigoura and 109 East 79th Street
Life after Naftali: Sigoura breaks out with UES project
Life after Naftali: Sigoura breaks out with UES project
Neumann reveals his vision for Flow renters to “feel ownership”
Neumann reveals his vision for Flow renters to “feel ownership”
Neumann reveals his vision for Flow renters to “feel ownership”
From left: Extell's Gary Barnett with 217 West 57th Street, Related's Jeff Blau with 450 Washington, 300 West 30th Street and Fortis' Jonathan Landau Olympia Dumbo
New condos cool in Brooklyn, but hold steady in Manhattan
New condos cool in Brooklyn, but hold steady in Manhattan
L&L Holding Company’s David Berkey and Polsinelli’s Gabriel Dabiri along with 600 Third Avenue (Getty, L&L Holding Company, Polsinelli)
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
From left: Adam Weiner and John Fish (Getty, LinkedIn, Curry)
Developer destroyed potential evidence in battle over $800M project
Developer destroyed potential evidence in battle over $800M project
Fromk left: Mauricio Umansky, Christian Ulbrich, and Scott Rechler
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
RXR's Scott Rechler, Tamir Shemesh, Richard Meruelo, and Maria Meruelo (Getty, Serhant, Coldwell Banker)
Breakups, layoffs and walkaways: No love in real estate last week
Breakups, layoffs and walkaways: No love in real estate last week
Starwood's Barry Sternlicht with rendering of Field & Stream Lodge
Sternlicht’s Starwood plans outdoor-focused hotel chain
Sternlicht’s Starwood plans outdoor-focused hotel chain
arrow_forward_ios

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

Loading...