PRESS

On October 20th, the New York City Landmarks Preservation Commission unanimously approved Hidrock Properties’ plans for Pavilion on the Park, a repurposing of the Pavilion Theater building and adjacent lot located on Bartel Pritchard Square, one of the main entry portals into Prospect Park and Park Slope. Finding that the project conforms to the design and preservation standards of the Park Slope Historic District, the Commission awarded it a Certificate of Appropriateness.

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Robert Arnzen has joined the firm as Senior Director of Construction. Arnzen oversees Hidrock’s development portfolio and manages all aspects of the design, consulting and construction management teams. He collaborates with the acquisitions and accounting departments to ensure the proper execution of Hidrock’s business plans within established budgets and time frames.

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The future Courtyard New York Downtown Manhattan/World Trade Center has topped out at 133 Greenwich St., and framing proceeds apace. It’s being co-developed by Hidrock Properties and Robert Finvarb Companies. Situated on the perimeter of the World Trade Center site, the hotel will represent a symbolic return for Marriott International when it opens, projected to be in Q1 2016.

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Jack Hidary, a member of the board of trustees at Maimonides Medical Center, was among the winners of the Distinguished Trustee Awards presented by the United Hospital Fund at the Waldorf Astoria Hotel on May 11. The award honors individuals for their leadership and service in the field of health care.

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Grand Army, which opened on Tuesday evening in Boerum Hill in Brooklyn, represents the coming-of-age of the neighborhood’s restaurants — a cocktail bar with only small plates, and nothing repurposed in sight.

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Jessica Schmidt has joined the firm as managing director of finance. In her new role, Schmidt supports and directs Hidrock’s financial objectives by providing analyses and strategic recommendations to ownership.

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Hidrock has sold its controlling interest in a 16-story Courtyard by Marriott hotel in Herald Square in a deal that values the property at $132 million.

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Hidrock announced today that it has signed three new restaurant leases in its retail spaces at 336 State Street and 75-77 Hoyt Street in Boerum Hill, Brooklyn. The firm purchased the two adjacent buildings last year and repositioned the six underutilized retail spaces into three, more efficient storefronts. The tenants – The Grand Army, Oaxaca Taqueria and Little Sweet Cafe, bring the buildings to 100% leased.

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Offshore investors are breaking into the hotel market at a rapid rate, and despite what it may seem like from recent headlines, not all are arriving from China. The buyers – many of them hailing from Qatar, Kuwait, Malaysia and Singapore – were involved in 50 percent of all New York City hotel investment sales in 2014.

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