Effy Jewelry designer to buy Garment District office building for north of $50M
Hematian would relocate firm's HQ to Hidrock-owned property: sources
A group of investors led by Effy Hematian, the diamond ring designer behind Effy Jewelry, is in contract to acquire a 12-story Garment District office building from Hidrock Realty for north of $50 million, or roughly $650 per square foot, sources told The Real Deal.
Hidrock, a development firm led by the Hidary family, has owned the 78,600-square-foot property at 53-57 West 36th Street, between Fifth and Sixth avenues since 2013. The company, in partnership with insurance provider Assurant, paid $29.6 million for it back in 2007, property records show.
JLL’s Richard Baxter and Jason Gold, who are representing the seller in the deal, declined to comment.
Sources told TRD that Hematian is planning to relocate Effy’s offices, currently at 7 West 45th Street, to the West 36th Street building. Hematian, an electrical engineer by trade, founded the fine jewelry design company in 1979 after emigrating to New York City.
Office tenants at 53-57 West 36th Street include Schnackel Engineers and social media agency Converseon. Irish pub the Keg Room occupies the ground-floor retail space.
Asking rents at the Class B building are in the $50s per square foot, according to CoStar.
Representatives for Hidrock and Hematian declined to comment.
Hidrock owns several assets in the area, including office buildings at 35 West 36th Street and the Embassy Suites by Hilton at 60 West 37th Street. In 2013, Hidrock reeled in a four-fold profit from its $29 million sale of a 12-story office building at 65 West 36th Street to Ray Yadidi’s Sioni Group. The firm had paid only $8 million for it in 2002.