PRESS

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.

Hidrock hires Javier Lezamiz and promotes Dinko Nikolic

Hidrock Realty announced that Javier Lezamiz has joined the firm as director of
operations and Dinko Nikolic has been promoted to director of finance.

With 20 years of experience in commercial real estate, Javier Lezamiz was previously
a senior real estate manager at CB Richard Ellis, where he was responsible for the
management of one million square feet of office space in Manhattan, including the
Lipstick Building.

Hidrock Realty announced that Javier Lezamiz has joined the firm as director of
operations and Dinko Nikolic has been promoted to director of finance.

With 20 years of experience in commercial real estate, Javier Lezamiz was previously
a senior real estate manager at CB Richard Ellis, where he was responsible for the
management of one million square feet of office space in Manhattan, including the
Lipstick Building.

Hidrock Realty will develop two more hotels in the fashion district, at 960 Avenue of the Americas and 25 West 37th Street, the New York Post’s Lois Weiss reported last week. The Sixth Avenue lodge will be a Courtyard by Marriott, the other a SpringHill Suites by Marriott – both will be designed by architect Gene Kaufman, the architect Curbed.com says “did more to shape the Manhattan skyline during the boom than any other architect.”

Body Wrappers signs a lease at Hidrock’s 65 West 36th Street building

Having done the fashionable thing – businesswise anyway – and outgrown its space,
Body Wrappers is slipping into something larger at 65 W. 36th St.

The manufacturer of apparel for dancers – whose wares have been featured on
television’s Dancing with the Stars – has signed a 7-year lease for 5,200 square feet at
the building between Fifth and Sixth Avenues. Body Wrappers will take over the entire
fifth floor, according to Robert Kaplan of Hidrock Realty, who represented the landlord
6536 Associates, a Hidrock affiliate. That space was formerly occupied by fashion
accessory designer Cara Accessories/Page D, which is moving to the fourth floor.

Led by two forthcoming hotels from Hidrock Realty, the Fashion District is undergoing
a hotel boom, according to the New York Post.

As The Real Deal previously reported the commercial landlord is bringing hotels to
25 West 37th Street, between Fifth and Sixth avenues, and 960 Sixth Avenue, at
West 35th Street. Now, finally, demolition is nearly complete at the 37th Street site,
which will become a new 173-room, 70,000-square-foot SpringHill Suites. Meanwhile,
the Sixth Avenue office building, which Hidrock acquired at a foreclosure auction, will
be converted into a 100,000-square-foot, 167-room Courtyard by Marriott, with
a rooftop bar.

“This area [the Fashion District] has changed dramatically over the last few years,”
said Hidrock founder Abraham Hidary. “You see tourists walking around and every
morning you see buses loading and unloading.