News
HIDROCK HOT FOR HOTELS
March 5, 2012
| 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.) |
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| Hidrock prez Abie Hidary (whom we snapped with brother Steven in their 36th Street office) tells us his firm will deliver the 173-room Spring Hill 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. Plus, the firm plans to invest another $250M in JVs in Herald Square office and hotel or other Manhattan tourist hot spots by the middle of next year. (Hidrock has a few Brooklyn properties, too, so might we suggest a little place in Williamsburg, where tourists can go hipster watching.) |
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| Construction on the 19-floor Spring Hill Suites is up to 11 floors. Hidrock stuck with its typical low leverage for construction financing—56% from a Canadian bank that had a relationship with Marriott. Abie also says this isn't a case of a non-hotel company jumping on the bandwagon; HVS International advised Hidrock, and the developer chose the flag with Marriott's preference in mind. The Courtyard conversion is being funded with 50% leverage from Spanish bank BBVA Compass and will have ground-floor retail and a rooftop bar. |
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| Hidrock's portfolio concentrates on office with ground-floor retail around Herald Square like 35 W 36th St, above. In addition to MSG, the Empire State Building, Macy's, Midtown offices, Bryant Park, Times Square, and all those other amenities we all know and love (and avoid on weekends), Hidrock has its own amenity in store: an Irish pub at the 12-story 53 W 36th St. |
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| Abie and his wife Yvette headed to Disneyland in January with their daughters and baby brother Jack. (Watch out Mom and Dad: Looks like Snow White might want to go home with Minnie instead!) Hidary brother Eddie wasn't in the office when we visited because his wife had just given birth to baby boy of their own. |
