PRESS

Earlier this quarter, Hidrock Realty made news when it was revealed that the
company had acquired a development lot on Greenwich Street near the World Trade
Center site for $27.9 million and planned to build a 300-key hotel there. What few real
estate analysts may have noticed, however, was that the deal was just the latest in a
series of increasingly ambitious hotel projects for the New York City-based development
and management company. Last week, brothers Abraham, Eddie and Steven Hidary—
president and vice-presidents, respectively—spoke to The Commercial Observer about
the hotel market, Lower Manhattan and sibling rivalries.

The Commercial Observer: Earlier this year, Hidrock acquired 133 Greenwich Street,
a site you intend on developing into a hotel property. Has Hidrock waded into the
hospitality market before?

Eddie Hidary: Actually we have two other hotels under development at this point, both
Marriott. One is branded as SpringHill Suites, 173 rooms, scheduled to open the first
quarter of 2013. The other is a Courtyard by Marriott, 168 rooms, scheduled to open
around the end of 2012.

Hidrock Realty has achieved the Energy Star label throughout its commercial portfolio
as part of an ongoing effort to achieve LEED certification.

Starting in April 2011, Hidrock began working with CodeGreen to establish Energy Star
benchmarks, evaluating each building’s energy consumption and comparing it to similar
buildings. CodeGreen and Con Edison then established steps for Hidrock to improve
energy efficiency, such as updating heating and plant operation systems, converting to
natural gas, and implementing LED lighting and daylight sensors to reduce electricity
usage. Hidrock also installed energy-efficient HVAC units and highly efficient windows
in every tenant space.

Marking its official foray into the hospitality sector, Hidrock Realty Inc. topped off
its first hotel project in the Herald Square submarket on Wednesday afternoon,
launching the arrival of the first SpringHill Suites by Marriott in the five boroughs.

Joined by joint venture partner the Robert Finvarb Cos LLC and Marriott officials,
Jack Hidary, owner of Hidrock, said the 19-story tower at 25 West 37th Street was
constructed in less than four months – and will be fully operational by 2013.

“We are proud to be building the first SpringHill Suites in Manhattan,” Hidary said
at the ceremony, explaining that the project involved the redevelopment of two
existing low-rise buildings into a 173-key guestroom hotel, which he described
as “not an easy” project. “Between getting the capital, purchasing the properties
and preparing the plans, it took over two years,” he said.” But it is an example of
our team’s continued dedication.”

The family-owned Hidrock Realty is upping its game by investing in its portfolio and
buying more properties. An important step in the upgrading of its office buildings has
earned it U.S. Energy Star ratings and started it on track for LEED ratings.

“Every building in New York City should be Energy Star and LEED-rated and reap
the benefits,” says Javier Lezamiz, director of operations for Hidrock, a proponent
of spending money on new equipment which will pay back in savings.”

Hidrock Realty, a New York developer, bought a vacant lot near the World Trade
Center site in lower Manhattan where it plans to build a 300-room hotel.

The property at 133 Greenwich St. was purchased in a joint venture with Robert
Finvarb Cos. for $27.9 million, Hidrock said in a statement.

The partners plan to spend an additional $70 million to develop the 28-story hotel,
which is slated to open in 2015.

Hidrock Realty, a New York developer, bought a vacant lot near the World Trade Center
site in lower Manhattan where it plans to build a 300-room hotel.

The property at 133 Greenwich St. was purchased in a joint venture with Robert Finvarb
Cos. for $27.9 million, Hidrock said today in a statement. The partners plan to spend an
additional $70 million to develop the 28-story hotel, which is slated to open in 2015,
according to statement.

Manhattan-based commercial real estate owner Hidrock Realty has implemented
a new web-based portal system called Angus Anywhere at all office properties it
owns and manages.

The portal, operated by Angus Systems, allows Hidrock to generate and auto-
matically dispatch work orders, track breakdowns, monitor assets, track periodic
maintenance on building mechanical systems, measure productivity and generate
reports, while increasing accountability to ensure that work orders are received
and promptly resolved.

Hidrock Realty secured a $22.5 million refinance for 53 West 36th St. Allstate Investments, the original lender, provided the five-year mortgage with a 30-year amortization at a 3.98 percent interest rate.

“We worked closely with the lender and paid off $1 million of the loan ahead of schedule, allowing us to lower our interest rate and bring the loan-to-value ratio below 65 percent,” said Abraham Hidary, president of Hidrock Realty.

Manhattan-based commercial real estate owner Hidrock Realty is launching its first
ever quarterly broker raffle.

Brokers who visit Hidrock-owned buildings with prospective tenants will be entered
in the raffle; the more often brokers visit, the better their chances of winning.

The winner of the first-quarter raffle, titled “Best of New York,” will receive an extra-
vagant night out for two, including dinner at one of New York City’s most exclusive restaurants and tickets to a premier Broadway show.

Herald Square office specialist Hidrock Realty is developing its first hotels, and
that means a first for the Herald Square area too: extended-stay. (Similar to the
Hotel California, except you are allowed to leave these after you check out.)

Hidrock prez Abie Hidary tells us that his firm will deliver the 173-room SpringHill
Suites by Marriott at 25 W 37th St. between 5th and 6th avenues in May 2013.
And Hidrock is converting the 100k SF office at 960 6th Ave. at 35th Street into
a 167-room Courtyard by Marriott to deliver this December.