Hidrock Secures $32M Refi for Manhattan Asset
- Apr 08, 2019
Hidrock Properties has closed on a $32 million refinancing of its Manhattan office property at 35 W. 36th St. HFF placed the three-year, floating-rate loan on behalf of Hidrock through Ladder Capital Finance.
The 77,880-square-foot property is a loft-style building that also includes 7,080 square feet of ground-floor retail. Built in 1911, the 12-story building is situated in Midtown between Sixth and Seventh avenues, in an area known as the Garment District. Hidrock acquired the building in 2007 for $28 million from Foremost Real Estate, according to Yardi Matrix data. In 2008, the building underwent a cosmetic renovation.
Tenant amenities at the building include a doorman, 24/7 key card access and on-site retail such as a café and kickboxing gym. The building is located close to numerous subway lines, NJ Transit, LIRR, PATH, commuter bus lines and the Metro North.
An HFF debt placement team of Steven Klein, Scott Findlay and Jackie Ferrer represented Hidrock.
“What drew us to acquire this building in 2007 was its central location and proximity to mass transit, including walking distance to both Grand Central Station and Penn Station,” said Abie Hidary, CEO of Hidrock Properties, in prepared remarks.
Last week, an HFF team in New Jersey facilitated an $8 million industrial property sale to Penwood Real Estate Investment Management.