PRESS

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.

Featuring Abraham Hidary

It’s axiomatic that the subtext of golf is business. The game is a social lubricant that
seals deals including New York City real estate deals.

With real estate golfers getting closer to the time of year when they pack away their putters, here is what they had to say about how business etiquette on the course has evolved.

“I conduct a lot of business on the course and woo clients all summer long,” said Pam Liebman, CEO of the Corcoran Group, who boasts a 14 handicap. “Golf is really 19 holes. It helps you get beyond the superficial and see if you bond and build trust. The way someone behaves on the course is a good barometer of how they act all the time.”

Featuring Abraham Hidary

Fashion Week just came to a close in New York City, but apparel manufacturers aren’t
celebrating. They say new development in the Garment District has them hanging by a
string.

Office space, hotels and other commercial uses have sprouted up in the district, driving
up rents and forcing stitchers and sewers to move elsewhere. And with the city revisiting
zoning there, longtime apparel businesses are speaking up to preserve the industry
and, some say, their livelihood.

Featuring Eddie Hidary

I grew up in Midwood on Avenue J. My parents still live in the house I grew up in and I live down the block. I’m working on a development in Midwood, a 15-minute walk from my house. I never had any special fantasy of what I wanted to do when I grew up. I had no interest in construction when I was younger, and I am not very handy. If I tried to put a cabinet together, it would come out crooked.

I’m developing the East 19th Street Condos in Midwood (at 1288 East 19th Street and Avenue M]. It was a single family home that was basically vacant and left for dead. It wasn’t occupied for as long as I can remember and was basically boarded up.

Featuring Abraham Hidary

Many tenant representation firms prefer to work with big -name clients. However, there’s at least one real estate company in New York City that believes in serving the needs of small and mid-sized businesses is an important niche.

Finding the right office or showroom space tends to be more of a headache that expected for business owners, particularly in today’s extremely tight market. Hidrock Realty, with its intimate knowledge of New York’s commercial real estate sector offers the same level of guidance and expertise that larger tenants expect from the biggest brokerage firms in the city.

Allstate Real Estate Investment Group, though its commercial mortgage division, has provided a 4.9-year, $23.5-million acquisition loan to the joint venture between Hidrock Realty Inc. and Assurant Inc. for the purchase of 53 W. 36th St. Ed Finnegan, from Holliday Fenoglio Fowler, arranged the financing on Allstate’s behalf.

To make money on their new buildings, whether luxury condos or offices, developers
have typically followed a simple rule of thumb: The profit margin should equal around
20 percent of the project’s cost.

In the current market, though, that’s becoming increasingly difficult, as labor and
materials costs remain overheated. Another obstacle is if projects drag on for longer
than expected, owing to structural problems, bad weather or community opposition.

In commercial real estate, bigger is usually better, but the exceptions in New York
are pleased to disprove this rule.

A compilation of data prepared by The Real Deal on Manhattan’s most prominent
commercial brokerages found that the biggest firms usually do the greatest number
of large deals involving the most money – but not always. And smaller firms are often
quick to point out that size isn’t everything when it comes to corporate culture or
carving out a niche market.

Hidrock Realty has refinanced its office building at 65 West 36th Street in Manhattan with a $14.75 million loan from Wachovia Bank for a term of seven years, according to Abraham J. Hidary, president of the firm.

The 12-story, 60,000-square-foot building, located just off Sixth Avenue, is fully occupied by a diverse group of companies.

“When we purchased 65 West 36th Street, it was a derelict and neglected commercial loft building that catered to manufacturing and warehousing tenants,” says Mr. Hidary. “Since then, we have coordinated all our efforts to refurbish the building and turn it into a destination for prestigious office tenants in the Midtown South submarket.”