PRESS

Tech firm leaves high rent behind for a better deal. I-Net Technologies has landed a seven-year lease for 2,000 square feet at 53 West 36th St., between Fifth and Sixth avenues. Asking rent was $44 a square foot.

The recruiting firm, which already moved into the new space, left its office at 10 E. 48th St.
when the landlord doubled the rent.

Converseon Inc. has signed a seven-year lease for 6,000 square feet at 53 W. 36th St., between Fifth and Sixth Avenues. The asking rent was $44 a square foot.

The online marketing firm, whose clients include PayPal, Dow Chemical and Coldwell Banker, is moving from 1140 Broadway.

Hidrock Realty and Assurant  Inc. have purchased a 12-story commercial building at
35 West 36th Street, between Fifth and Sixth Avenues, from Douglaston Equities LLC
for $28 million.

The 78,000 SF building is the second joint purchase on the block for Hidrock and Assurant;
the two companies bought 53 West 36th Street in 2007. Hidrock also owns 65 West
36th Street.

A history of Hidrock Realty

In the late 1970s, Jack A. Hidary, a businessman who worked for his family’s apparel business in the garment district, began purchasing industrial, retail, and office buildings in several states as a way to diversify assets in terms of region and product type. It was a business venture meant to secure financial stability. He could not foresee that his sons Abraham, Eddie and Steven would work with him years later to take that small property acquisition and management firm and transform it into Hidrock Realty, a real estate firm that has become a rapidly-growing player in New York’s competitive real estate market.

Two architectural firms are moving into offices at 53 W. 36th St., between Fifth and Sixth avenues. China Construction Design International USA and WBTL Architects each signed five-year leases for 2,500 square feet at an asking rent of $44 a square foot. CCDI is moving onto the 10th floor, while WBTL will be on the ninth floor. The firms have no connection, and it is only a coincidence that they are moving into the same size space in the same building.

How long have you been in the business?
8 years.

What made you decide to get into real estate?
There was a lack of better options at the time.

Who/what inspires you?
Given the nature of the capitalist society, I’m
inspired by the real estate’s limitless potential
for success.

The National Realty Club lunch meeting held on September 10, 2007 at The Williams Club featured Abraham J. Hidary, President of Hidrock Realty Inc., who discussed the dramatic changes that are affecting tenants, landlords and the business community. His topics included the conversion of manufacturing loft buildings into offices, the elimination of parking garages which are (in many cases) being replaced by hotels for business travelers, the influx of non-garment professional and service-oriented office companies as tenants into the old loft buildings, and the growing presence of institutional investors which are replacing families and individual owners.

In the world of commercial brokerage, there may be some truth to the old adage ‘good help is hard to find.’ Among recent college graduates, many would-be commercial brokers are turning to the financial sector and those who are choosing a real estate career fresh from college, tend to prefer the residential side where there’s less risk and more immediate results.