2007

Hidrock Realty and Assurant Inc. have acquired the 12-story commercial building at 53 West 36th Street, between Fifth and Sixth Avenues, for $29.58 million from Madison Warehouse Corporation. The 72,000 sq ft building is near Herald Square and in the center of the “transit triangle” of Penn Station, Grand Central Terminal, and the Port Authority.

A history of Hidrock Realty

In the late 1970s, Jack A. Hidary, a businessman who worked for his family’s apparel business in the garment district, began purchasing industrial, retail, and office buildings in several states as a way to diversify assets in terms of region and product type. It was a business venture meant to secure financial stability. He could not foresee that his sons Abraham, Eddie and Steven would work with him years later to take that small property acquisition and management firm and transform it into Hidrock Realty, a real estate firm that has become a rapidly-growing player in New York’s competitive real estate market.

Two architectural firms are moving into offices at 53 W. 36th St., between Fifth and Sixth avenues. China Construction Design International USA and WBTL Architects each signed five-year leases for 2,500 square feet at an asking rent of $44 a square foot. CCDI is moving onto the 10th floor, while WBTL will be on the ninth floor. The firms have no connection, and it is only a coincidence that they are moving into the same size space in the same building.

How long have you been in the business?
8 years.

What made you decide to get into real estate?
There was a lack of better options at the time.

Who/what inspires you?
Given the nature of the capitalist society, I’m
inspired by the real estate’s limitless potential
for success.

The National Realty Club lunch meeting held on September 10, 2007 at The Williams Club featured Abraham J. Hidary, President of Hidrock Realty Inc., who discussed the dramatic changes that are affecting tenants, landlords and the business community. His topics included the conversion of manufacturing loft buildings into offices, the elimination of parking garages which are (in many cases) being replaced by hotels for business travelers, the influx of non-garment professional and service-oriented office companies as tenants into the old loft buildings, and the growing presence of institutional investors which are replacing families and individual owners.

In the world of commercial brokerage, there may be some truth to the old adage ‘good help is hard to find.’ Among recent college graduates, many would-be commercial brokers are turning to the financial sector and those who are choosing a real estate career fresh from college, tend to prefer the residential side where there’s less risk and more immediate results.

Featuring Abraham Hidary

It’s axiomatic that the subtext of golf is business. The game is a social lubricant that
seals deals including New York City real estate deals.

With real estate golfers getting closer to the time of year when they pack away their putters, here is what they had to say about how business etiquette on the course has evolved.

“I conduct a lot of business on the course and woo clients all summer long,” said Pam Liebman, CEO of the Corcoran Group, who boasts a 14 handicap. “Golf is really 19 holes. It helps you get beyond the superficial and see if you bond and build trust. The way someone behaves on the course is a good barometer of how they act all the time.”

Featuring Abraham Hidary

Fashion Week just came to a close in New York City, but apparel manufacturers aren’t
celebrating. They say new development in the Garment District has them hanging by a
string.

Office space, hotels and other commercial uses have sprouted up in the district, driving
up rents and forcing stitchers and sewers to move elsewhere. And with the city revisiting
zoning there, longtime apparel businesses are speaking up to preserve the industry
and, some say, their livelihood.