The Sit-Down

Robert Weisz Diversifies with a Big City Purchase

Robert P. Weisz

Robert P. Weisz has long been a recognized name in commercial real estate circles north of New York City. With over three million square feet of office, retail and warehouse space, his company RPW Group is one of the largest commercial real estate developers in Westchester and Fairfield Counties. Recently, Mr. Weisz made headlines by deviating from the suburbs and delving into New York City real estate for the first time. Last week, Mortgage Observer reported that Mr. Weisz had closed on his acquisition of a 162,000-square-foot office building at 240 West 35th Street for $80.2 million.

Commercial Observer spoke with Mr. Weisz about his decision to invest heavily in suburban markets, why he has opted to diversify his portfolio by moving into Manhattan and what the future holds for the suburban office park. Read More

Mortgage Observer

Westchester Developer Receives $58M Loan for First Manhattan Buy [Updated]

240 West 35th Street.

Westchester landlord Robert Weisz of RPW Group received a $58 million acquisition loan for the purchase of a 162,000-square-foot office building at 240 West 35th StreetMortgage Observer can exclusively report.

The five-year acquisition loan from The Union Labor Life Insurance Company on behalf of its Separate Accounts closed on Tuesday night, a person familiar with the transaction said on background. The unwieldy name refers to Ullico’s real estate investment group. Read More

Banking on Hospitality: Hidrock Realty’s Hotel Play

Jack, Eddie, Steven and Abraham Hidary

Every day, Jack Hidary walks the same Garment District streets that his grandfather, an apparel businessman, walked in the 1940s. “We probably go to the same shoeshine guy,” he said.

Mr. Hidary, the founder and CEO of Hidrock Realty, works out of a building on West 36th Street, and the family bonds are far more palpable than the Hidarys’ garmento history in the Midtown neighborhood. Jack works alongside his sons Abraham, Eddie and Steven at the 31-year-old company. Read More

On the Market

Hidrock Hopes to Net $75 M for Office Building at 240 West 35th Street

240West 35th Street (Credit: Costar)

Hidrock Realty is selling an office building at 240 West 35th Street and expects to pull in upwards of $75 million for the 162,044-square-foot property with the help of a team at Jones Lang LaSalle, The Commercial Observer has learned.

City records show that Hidrock paid $58 million for the property in 2008, a 200 foot, 18-story building constructed in 1925.  The firm infused $6 million into a capital improvement program that included renovations to the lobby, new elevators and updated HVAC systems.  An affiliate of Meritage Properties reportedly provided $14 million in joint venture equity at the time of the purchase. Read More