PRESS

Hidrock Realty has promoted Robert Kaplan and Yvette Shin.

Robert Kaplan has been promoted to director of leasing, and is responsible for
managing the day-to-day leasing activity at Hidrock, including marketing spaces,
drafting and negotiating proposals, negotiating leases, preparing leasing reports,
and keeping Hidrock’s partners apprised of all leasing activity, as well as assisting
in maintaining and updating Hidrock’s turnkey office build-out program.

Hidrock Realty recently negotiated a deal that will put a 3,500 square foot lounge
atop the soon-to-open Courtyard by Marriott, located at 960 Ave. of the Americas.
The upcoming lounge is slated to open in the third quarter of 2012. Hidrock’s Steven
Hidary, principal, and Robert Kaplan, director of leasing, represented both the
tenant and landlord, 960 Associates, LLC, an affiliate of Hidrock.

Hidrock is performing base building work, as well as relocating HVAC equipment
on the roof, extending the elevator shaft, installing soundproofing in the floor, and
building a greenhouse structure to allow for year-round use. The tenant will design
the installation to fill the space.

Like many tenants on the northern edge of Midtown South, the ground-floor storefronts
spread across 53 West 36th Street were, until recently, among the city’s vibrant quilt of
garment wholesalers. But by March, when it became clear to landlord Hidrock Realty that
at least three of those fabric wholesalers were unable to cover the cost of rent at the
13-story office property, principal Steven Hidary and his colleagues looked to the
neighborhood’s shifting commercial landscape for inspiration.

In Javier Lezamiz’s 20-year career in commercial real estate, he has brought many
ideas and programs to the buildings he’s managed. His latest accomplishments come
as the director of operations at Hidrock Realty, where Lezamiz is introducing innovative tools to the Manhattan-based owner and developer. Since starting with Hidrock in April 2011, Lezamiz has launched a variety of initiatives to establish an operational structure that matches the needs of Hidrock’s investment partners, and bringing cost-cutting initiatives to help Hidrock better serve its tenants.

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.