2013

Each year, hundreds of enthusiastic young real estate agents find themselves rolling off the bus and landing in the city’s biggest brokerages, having left behind hometowns and college campuses in search of fame and fortune, wealth and wisdom—or, perhaps, just enough money to pay the monthly rent.

But commercial real estate has never been for the faint of heart, and thus for every college graduate who makes the cut as a junior broker at Jones Lang LaSalle and Avison Young, an equal number of determined peers find themselves marveling at just how disciplined the competition can be.

Manhattan-based commercial real estate owner Hidrock Realty announced today that it has signed Greek bakery Artopolis to a ten-year, 2,100-square-foot lease at 512 Broome Street. The property is a single occupancy retail building in SoHo that Hidrock acquired for $2.8 million earlier this year as part of a 1031 Exchange. The lease marks Artopolis’ first foray into Manhattan; the bakery currently has a location in Astoria, Queens.

Hidrock Realty Inc. announced today that it has secured a $1 million refinance on its construction loan for Stillwell Townhouses, located at 1729 Stillwell Ave. in the Bensonhurst section of Brooklyn. Sterling Bank provided the financing, which allows Hidrock the flexibility to retain and rent the property’s five unsold units. Hidrock originally took out a $7 million construction loan to build the 24-unit condominium in 2011.

When The Commercial Observer first set out to survey New York City’s most venerable commercial real estate owners in our inaugural Owners Inquisition last year, the old guard at some of Manhattan’s largest public relations firms pushed back, presuming their clients might wilt in the face of questions about their personal role models, biggest fears and market forecasts.

One year later, however, our second annual Owners Magazine is better than ever, with even more real estate owners gamely discussing topics as serious as what the next mayor’s priorities should be and as silly as what actor they would choose to play them in the movie of their life (Hint: George Clooney in most cases).

Hidrock Realty and Marriott International welcomed more than 200 guests to celebrate the grand opening of Courtyard by Marriott in Herald Square. The ribbon cutting ceremony was led by Mayor Michael Bloomberg, Hidrock Realty CEO Jack Hidary and David Marriott
of the Marriott hotel chain. Guests enjoyed a reception at the hotel’s rooftop lounge, Monarch.

Hidrock Realty and Marriott International recently welcomed more than 200
guests to celebrate the grand opening of New York’s newest Courtyard by Marriott
at 960 Sixth Ave. in Herald Square. The official ribbon cutting ceremony was led by
Mayor Michael Bloomberg; Jack Hidary, CEO of Hidrock Realty; David Marriott, COO,
Eastern Region, The Americas at Marriott International; and George Fertitta, CEO
of NYC & Company.

Hidrock Realty has retained Jones Lang LaSalle to manage operations for three of its office properties, including 35 West 36th St., 53 West 36th St., and 65 West 36th St.

The properties will be managed by Richard D. Molfese, general manger of Jones Lang LaSalle.

For most of the last 20-odd years or so, the Manhattan hotel market was not one to see much growth in the supply of hotel rooms, and with good reason.

In 1993, New York City saw 1,946 homicides and 86,001 robberies, and that was a 2.5 and 5.7 respective percent drop from the year before.

Compare those crime numbers with 2012, when there were 414 total murders. Crime is down so much in fact, that on November 26, there was not a single shooting, stabbing or homicide recorded. Lower crime has helped to bring in a record 52 million visitors last year and has driven construction of new hotels, more than 70 opening between 2008 and 2012, according to a market study by HVS Global Hospitality Services and NYU Preston Robert Tisch Center.

Hidrock Realty has acquired 512 Broome Street, a retail property in SoHo, for $2.8 million as part of a 1031 Exchange. It’s the company’s first SoHo investment. Michael Rothstein and Eleas Mathios of Marcus and Millichap represented both Hidrock and the seller, RHS Ventures, in the transaction.

Located on Broome Street off of West Broadway, 512 Broome Street is in close proximity to galleries, cafes, restaurants and stores. The property offers 1,100 sq. ft. of ground-floor space, as well as 1,000 sq. ft. of basement space.