2009

Hidrock purchases the building at 960 Sixth Avenue

Abe Hidary of Hidrock Realty has paid $40 million to Societe Generale for
its non-performing $95 million mortgage at 960 Sixth Avenue.

“We own five other assets within two blocks and are confident if we had
to run it, we could operate it and lease it,” said Hidary, who obtained a $7
million mortgage from Signature Bank for the purchase.

Less than one year after a joint venture of Hidrock Realty and Meritage Properties
purchased the building at 240 West 35th Street, the renovation of the 18-story,
162,000 square foot building is yielding results. Leasing momentum is strong and
the building’s transformation is nearing completion.

A handful of leases have recently been signed.

Risk Protective Services, a provider of trained security personnel to a myriad
of companies, expanded into Suite 1002.

Also on the 10th floor, Westside Clothing, an apparel designer located in the building
since 2004, expanded into Suite 1000.

By Abraham Hidary

AIG, Bear Sterns, Citigroup, Lehman Brothers, Washington Mutual, Bernard Madoff –
the financial world has collapsed over the past year. It’s trickled down into all facets of the economy and has dramatically impacted all disciplines of the real estate business.

Many complained about the high prices of property that resulted during the recent boom, saying they’d buy a house or invest in a commercial building when prices came down – only to find that with prices down, market liquidity is impaired and it is difficult to commit to a purchase. So when will it be the right time to buy again?

Featuring Abraham Hidary

Office building owners struggling to retain their tenants in the weak economy are more likely to pay a full broker’s commission on a renewal lease compared to a year ago, landlords said.

Peter Braus, executive vice president and principal at property owner and manager Sierra Realty, said tenant brokers have more leverage in the commercial leasing market today as vacancy rates rise and new tenants are hard to find.

53 Design Corp. has leased 2,000 SqFt of retail space on the ground floor of 53 West 36th Street, announces Abraham J. Hidary, President of Hidrock Realty, the building’s landlord. The asking rent was approximately $85 per SqFt.

The tenant has a string of fashion boutiques on Seventh Avenue and decided to open
a new wholesale division due to the store’s popularity. 53 Design Corp. will conduct its wholesale operations from the new space.

Shaw Industries, Inc signs a lease at Hidrock’s 53 West 36th Street building

Shaw Industries, Inc, a leading manufacturer of flooring, has leased 2,575 s/f of office space on the 5th floor of Hidrock Realty’s 53 West 36th Street, according to Abraham J. Hidary, president of Hidrock.

After Hidrock’s purchase of the building in the summer of 2007 with joint venture partner Assurant, the building’s renovation was completed in September 2008. This lease brings the lease-up campaign to 92% complete.