Hidrock Realty has secured a $16.1 million refinancing for 35 West 36th St. from
Assurant, the original lender, at a 3.89 percent interest rate.

“Now is a great time to refinance commercial properties, as the lower interest rate environment has given owners the opportunity to increase income by lowering monthly payments,” said Abraham Hidary, president of Hidrock Realty. “By lowering our interest rate, we have significantly reduced our mortgage debt costs.”

Hidrock acquired the 12-story, 79,200 s/f Class-B property in 2007 and began renovations in 2008 to create loft-style office and showroom suites ranging from 2,500 to 6,500 s/f.

The firm also reconfigured the spaces to attract high-quality tenants. 35 West 36th St.
is currently 96 percent occupied, with a lease out on the remaining availability.

Three new hotels have opened in the Herald Square area in recent months, joining numerous others that have been built nearby over the past several years.

Last month, a 167-room Courtyard by Marriott opened on the corner of Sixth Avenue and 35th Street, immediately adjacent to a 298-room Hilton Garden Inn that opened in 2009 and a 146-room Hampton Inn that opened in late 2008.

On 36th Street between Fifth and Sixth avenues, a 94-room Best Western Premier opened at the end of May. It is next to two other hotels that also opened earlier this year—a 135-room Holiday Inn Express and a 185-room Hyatt Place.

New York City’s newest Courtyard by Marriott, developed by Hidrock Realty, is officially open for business. The hotel, located at 960 Avenue of the Americas, overlooks Macy’s Herald Square and features new sky lobby and room designs catering to Manhattan’s growing number of business travelers and tourists. The new hotel is Hidrock’s second
to open in three weeks.