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PRESS

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]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.”[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]Hidrock Realty has arranged a 2,000-square-foot lease for The Jackson Group LLC at 1407 Broadway.

The Jackson Group, a commercial real estate company, is relocating from 570 Fifth Avenue. The firm will occupy its new space on the 38th floor in July, for a term of three years.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]The former garment district, once home to hundreds of design and manufacturing firms, has changed drastically in recent years. The area, commonly referred to today as Times Square South, extends from Madison to Ninth Avenues and from 23rd to 42nd Streets. With space becoming increasingly expensive and garment manufacturing having largely moved to low-wage countries, the district has evolved into a prime location for office, retail, residential, and hotel development and redevelopment projects. As a result, the apparel and manufacturing industries that choose to remain in the area sometimes constitute an overlooked and underserved market niche.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]In recent years, thousands of condominiums have been built throughout the country. From New York to Texas to Florida, new submarkets have emerged with a seemingly perpetual demand for units that range from tiny to spacious.

To determine where the market is headed, we first must look at how and why it got so hot in the first place. Real estate prices are a function of supply and demand. From third-quarter 2002 to fourth-quarter 2005, the largest influences on demand came from interest rates hitting historic lows.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]In recent years, thousands of condominiums have been built throughout the country. From New York to Texas to Florida, new submarkets have emerged with a seemingly perpetual demand for units that range from tiny to spacious.

To determine where the market is headed, we first must look at how and why it got so hot in the first place. Real estate prices are a function of supply and demand. From third-quarter 2002 to fourth-quarter 2005, the largest influences on demand came from interest rates hitting historic lows.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]Featuring Abraham Hidary on the success of Hidrock’s side street locations

Tenants faced with steep jumps in office rents and loss factors are retreating to side streets or smaller buildings and splitting operations to reduce their occupancy costs, brokers say.

“It’s a question of price and location,” said Mark Lauzon, senior director of Cushman & Wakefield. “You can’t afford $80 to $90 a foot, so you will see a migration to these buildings in the 20s, 30s, and 40s. Those side streets off of Fifth Avenue have great buildings and used to get $20 a foot on a good day.” Now those buildings are in the $40s, $50s and close to the $60s a foot, brokers say.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]VIEW FULL ARTICLE [/vc_column_text][/vc_column][/vc_row]