2013

Every day, Jack Hidary walks the same Garment District streets that his grandfather, an apparel businessman, walked in the 1940s. “We probably go to the same shoeshine guy,” he said.

Mr. Hidary, the founder and CEO of Hidrock Realty, works out of a building on West 36th Street, and the family bonds are far more palpable than the Hidarys’ garmento history in the Midtown neighborhood. Jack works alongside his sons Abraham, Eddie and Steven at the 31-year-old company.

Real estate “wasn’t necessarily the game plan growing up,” Eddie said. “But as we got older and went to college, we started working here during the summers as interns and learned the business. That’s when I decided that I wanted to grow this company to the next level. And there’s no place like New York City.”

Hidrock Realty Inc. and Robert Finvarb Companies (RFC), the joint venture that purchased the parcel at 133 Greenwich St., has selected Courtyard by Marriott to flag their upcoming 317-key hotel.

The project is due for completion in the second quarter of 2015.

The property, located across the street from the World Trade Center redevelopment site and the September 11 Memorial, will also include approximately 3,000 s/f of ground-floor retail and a rooftop bar. Hidrock and RFC are co-developing the property and have retained Peter Poon Architects to design the hotel. Danny Forster, an architect and host of the Science Channel’s Build it Bigger, is consulting as a design architect on the project.

Manhattan-based commercial real estate owner Hidrock Realty recently secured three leases totaling 8,790 s/f at 35 West 36th St., near Herald Sq. The new tenants, Kings
Thai Boxing, Aesop and SBH Fashion, bring the building to full occupancy and mark the completion of Hidrock’s extensive capital improvement program at the building.

“Kings Thai Boxing, Aesop and SBH Fashion are all contributing to the rapidly changing face of retail and office tenancy on 36th Street and in the area as a whole,” said Robert Kaplan, director of leasing at Hidrock. “Traditionally an industrial, garment-centric neighborhood, we’re seeing an influx of tenants from a wide variety of industries that
are looking to find space in one of the fastest-growing neighborhoods in Manhattan.”

Hidrock Realty announced that it secured three new leases to bring its 35 West 36th Street building to full occupancy. The new tenants – Kings Thai Boxing, Aesop and SBH Fashion – signed leases totaling 8,790 s/f, marking the completion of Hidrock’s capital improvement program at the building.

“Kings Thai Boxing, Aesop and SBH Fashion are all contributing to the rapidly changing face of the retail and office tenancy on 36th Street and in the area a a whole” said
Robert Kaplan, director of leasing at Hidrock. “Traditionally an industrial, garment-centric neighborhood, we’re seeing an influx of tenants from a wide variety of industries that
are looking to find space in one of the fastest-growing neighborhoods in Manhattan.”

Construction in New York slowed to a trickle in the recession, but there are finally
signs that the construction loan market is coming back to life.

While lending for multifamily rental buildings, with its steady income flow, has been
popular for the last 12 to 18 months, a growing number of lenders are now looking
at condominium projects, hotel developments and certain office and retail buildings.

“There is plenty of debt capital available and as we bid on transactions there is a lot
more competition than there was 12 months ago, and certainly more than 24 months
ago,” said Bill Cotter, the northeast division manager at Wells Fargo Commercial
Real Estate.

A Hidrock Partnership is offering a 162,000-square-foot office building in Midtown Manhattan that’s expected to fetch around $73 million.

The Class-B property, at 240 West 35th Street, is 96% occupied. At the estimated
price of $450/sf, a buyer’s initial annual yield would be 4-5%. Jones Lang LaSalle
has the listing.

Three new hotels have opened in the Herald Square area in recent months, joining numerous others that have been built nearby over the past several years.

Last month, a 167-room Courtyard by Marriott opened on the corner of Sixth Avenue and 35th Street, immediately adjacent to a 298-room Hilton Garden Inn that opened in 2009 and a 146-room Hampton Inn that opened in late 2008.

On 36th Street between Fifth and Sixth avenues, a 94-room Best Western Premier opened at the end of May. It is next to two other hotels that also opened earlier this year—a 135-room Holiday Inn Express and a 185-room Hyatt Place.