On the Market
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.
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.
Hidrock Realty has purchased a parking garage at 59-61 West 36th Street, between Fifth and Sixth Avenues, for $28.5 million, city records show.
The lot is 8,690 square feet, and the garage is 17,380 square feet, but current zoning allows for 86,900 square feet of usable space, according to information provided by PropertyShark.