2011

Hidrock Realty chose to design its new development on Stillwell Avenue in Bensonhurst with its surrounding neighborhood in mind.

According to Steven Hidary, a principal at Hidrock, the company worked with its architects, Kutnicki Bernstein, to make sure the building fit in.

“It didn’t make much sense to build a modern glass condo tower in an area filled with two- and three-family homes,” he said. “We built three-story townhouses that give each owner a front door, and make use of every bit of square footage available by eliminating the common areas.”

Securing financing for Manahattan hotels can be hard to come by, but for owner
Hidrock Realty, its two latest Fashion District hotel projects have garnered $66 million
in construction loans. The hotels, located at 960 Avenue of the Americas and 25 West
37th St., gave generated interest from domestic and international banks.

“I don’t know if lending is back to the norm, but there are loans out there for projects
that are well-located, well-operated and by strong developers that are putting in a lot
of equity,” Hidrock Realty’s president Abraham Hidary tells GlobeSt.com. “You can’t just
get financing for a hotel that’s just anywhere, but Midtown Manhattan has as good of
a shot as anyone else.”

Hidrock Realty has secured $66 million in construction loans for its two Fashion District hotel projects – at 960 Sixth Avenue and 25 West 37th Street – the developer announced earlier this week.

As The Real Deal previously reported, Hidrock purchased the note for 960 Sixth Avenue, also called the Atlantic Bank building, from Societe Generale for $40 million in October 2009. The company foreclosed on the 35th Street office building, which by then had only one tenant, in August 2010. Previous owner Statuto Group had planned a residential conversion for the site, and Hidrock had considered a mixed-use space including offices, but in the end a hotel was the most lucrative venture, said Hidrock’s president, Abraham Hidary.

Manhattan-based owner Hidrock Realty announced that it secured two loans
totaling $66 million for the $126 million development of two brand-new hotels
in Midtown Manhattan.

The hotels will be located at 960 Avenue of the Americas and 25 West 37th St.,
continuing the gentrification of the traditionally industrial Fashion District.

BBVA Compass Bank provided a $36 million construction loan for the $72 million
development of the hotel located at 96 Avenue of the Americas.

Hidrock Realty offers flat screen TVs to buyers at Stillwell Townhouses

Anthony Franzese, broker/owner of Weichert Realtors – The Franzese Group, is giving away flat screen TVs with every new condo at 1725-1739 Stillwell Avenue, Brooklyn.

Anyone who makes an accepted offer and goes into contract before the end of November qualifies for the offer. The B or C unit buyers will receive a 42 inch flat screen while A unit buyers will receive a 50 inch flat screen.

Hidrock purchases 960 Avenue of the Americas to develop a Courtyard by Marriott

Marriott International Inc. is developing a 100,000-square-foot former office building in Midtown Manhattan into the Courtyard by Marriott New York Manhattan/Herald Square.

New York-based Hidrock Realty Inc. purchased the former Atlantic Bank of New York building for $40 million in 2010, reports the New York Observer. Marriott will manage
the new hotel under an agreement with Hidrock affiliate 960 Associates.

Featuring Robert Kaplan – 2012 Future Star

Robert Kaplan is precocious. At age 29, he has two kids, and he has propelled himself from leasing associate to senior director in only 4 years.

After graduating from Rutgers University cum laude, Mr. Kaplan began his career as a tenant representative. “I like the overall deal-making aspect of it. I love it; I live for it,”
he said.

But as Hidrock acquired more properties, he was pulled to the landlord side. He has
now carved a perfect niche for Hidrock and himself. They are the build-out experts.

amNew York signs a lease at Hidrock’s 240 West 35th Street building

Free daily newspaper amNew York will shift its headquarters in the garment district
one block north and one block east. The firm has signed a five-year lease for 10,100
square feet at 240 W. 35th St. The asking price for the space was in the mid-30s
per square foot.

“Our lease was up, and we wanted a fresh, all-new office that we designed from
scratch to meet our needs,” said Stephen McCarthy, marketing director for the paper.

Hidrock signs three deals at 65 West 36th Street

Hidrock Realty announced the completion of three deals at 65 West 36th St. totaling 15,570 square feet of new leases and renewals at the Fashion District office building.

Body Wrappers, an apparel provider to the dance community that has been featured
on Dancing with the Stars, signed a seven-year 5,190 square foot lease at 65 West
36th St. Robert Kaplan, director of leasing at Hidrock realty, represented the landlord,
6536 Associates, LLC, an affiliate of Hidrock Realty, while David Menaged of Intrepid
Real Estate Group represented the tenant in the deal. Asking rent for the space was
$34 psf.

New York City is the busiest for hotels, according to hotel-consulting firm Lodging Econometrics. Manhattan lodging properties sold for an average of %505,157 a room.

Building a hotel in New York City is becoming more affordable than buying one, as demand from publicly traded investors helps drive a surge in property prices.

Increased competition for purchases has led developers to plan the opening of about 50 new hotels through 2013 in New York, more than triple the number in Washington D.C., the next busiest U.S. city for construction, according to hotel-consulting firm Lodging Econometrics. Sixty-eight more are set for completion in 2014 and after.