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Featuring Abraham Hidary

Reports that consumer prices spiked 1.1 percent in June raises the issue of inflation, which has in the past been advantageous to real estate investors. In the current state of the market, it’s not clear if rising inflation will end up being a boon or a burden on top of the credit cards.

During the inflationary periods of the 1970s and 1980s, many investors who held real estate made out reasonably well, reinforcing the idea that real estate is a good investment for bad times.

When Gavin Macrae-Gibson moved his architecture firm from Midtown Manhattan to the Garment District in 1995, he had no idea he would be soon followed by many others in his trade.

Once a thriving manufacturing area where an immigrant influx spurred the growth of the apparel industry, the Garment District, bounded roughly by Fifth and Ninth avenues and 34th and 42nd streets, by the 1990s had become one of the most depressed parts of Midtown Manhattan with the gradual loss of clothing factories, suppliers and wholesalers due to pressure from cheaper clothing imports.

Hidary recently supervised the nearly completed $2 million capital improvement and tenant build-out project at the newly purchased 53 West 36th Street. He joined Hidrock Realty in 2002 after graduating from Pace University. He discovered his niche when he worked on the renovation of a neglected 12-story, 60,000 s/f loft building, which had been recently purchased by Hidrock.

Hidrock Realty has negotiated a 97,846-square-foot lease at 186-196 Main Street in Paterson, New Jersey, for Apogee Retail, a national thrift store which sells unique clothing and household goods purchased from charities throughout the country, according to Abraham J. Hidary, president of Hidrock.

Featuring Abraham Hidary

The adage age is only a number proved true for Abraham Hidary, president of Hidrock Realty. At just 26 years old in 2004, he was at the helm of his family’s property management firm, shouldering responsibility that real estate professionals don’t typically face until mid-career – if ever. But youth didn’t hinder Hidary – or his vision of the firm –
and now Hidrock has become a major player in the New York market.

Hidary, a Brooklyn native, grew up in a family immersed in both the garment and real estate industry. He attended Yeshiva University, where he studied marketing, and after dabbling with the technology and apparel industries, he came to work for the family’s property management business as a comptroller at age 22.

Hidrock Realty Inc. has arranged a 2,028 square foot lease for Ridge Abstract Corporation at 53 West 36th Street, according to Abraham J. Hidary, president of Hidrock, the building’s landlord. The asking price was $45 per square foot.

Ridge Abstract, a full-service title insurance agency that represents the nation’s leading names in underwriting services, will take immediate occupancy of its second floor space for a term of five years. The tenant is relocating from 1359 Broadway.

Firms take 6,000 square feet each and get own floors in 12-story building. Shnackel Engineers and eReplicator Enterprises Inc. have each signed a 10-year lease for 6,000 square feet at 53 W. 36th St.

Omaha-based Schnackel will occupy the top floor of the 12-story building, which is between Fifth and Sixth avenues. Asking rent was $48 a square foot.

Abraham J. Hidary, president of Hidrock Realty announced that The Futures Group Holdings, Inc. has leased 2,023 s/f on the sixth floor of 53 West 36th Street for its headquarters. The asking rent was $45 per square foot.

Where do you stand on concessions?

We all like a little something for free, and New York City office tenants are no different. We asked our readers how they felt about concessions and they were close to being even. A stout 43% of you said “We’re standing pat – but it’s getting tough.” Another 38% voted that tenants are getting what they want, while another 19% don’t believe in concessions. Real Estate New York spoke with Abie Hidary, president of Hidrock Realty, and he expressed the necessity of looking at each building individually.

AOL, Ogilvy and similar companies create a bellwether effect for neighborhoods outside traditional Midtown – Featuring Abraham Hidary

Over the past 30 years companies – ad agencies, magazine and newspaper publishers,
TV studios and others – have received a lot of the credit (or blame) for the new-found hipness of certain New York City neighborhoods. The Eight Avenue corridor, the Garment District, the Far West Side, the Lower West Side and Astor Place/Cooper Union are prime examples of down-and-going or never-were neighborhoods that have gained the interest of these fast-growing corporate tenants. The desire to economize spurred Saatchi & Saatchi’s move to the Lower West Side some years ago, and that move had quite a bit
to with making that area trendy.