Nightlife hotshots Ric Addison and Stephen Daly have inked a 10-year deal for 5,000 square feet on the 18th floor of 71 West 35th Street, where the duo will open Monarch rooftop lounge atop a new Courtyard by Marriott hotel next month.
Steven Hidary and Robert Kaplan of Hidrock Realty, which owns the property, represented tenant and ownership in the transaction. Asking rent was about $600,000 annually.
This 168-room Courtyard by Marriott is expected to open in the next few weeks. Hidrock has been converting the former office building since acquiring its note in 2009. The development and management firm has undertaken a series of eye-catching hotel projects, including a 300-key hotel at 388 Greenwich Street (for which it paid $27.9 million last year) and several Garment District purchases in addition to 71 West 35th Street.
“As new hotels have opened in the Herald Square area, there’s been an influx of different clientele of office tenants and, obviously, visitors,” said Abraham Hidary, president of Hidrock. “It’s not uncommon now to be walking the streets and hearing seven or eight different languages. There are lots of bars, and 34th Street retail continues to improve. The changes have affected all asset classes.”
Messrs. Addison and Daly have 15 years experience in Manhattan nightlife. Mr. Addison, president of Addison Hospitality Group, owns venues including AVA Rooftop Lounge and The Bar, both at the Dream Hotel. Mr. Daly, president of The Daly Group, is responsible for Tonic Times Square and Taj Lounge. Monarch will accommodate more than 300 guests and feature cocktails by Liquid Lab NYC, a light food menu and desserts courtesy of Bindi chocolates.
“We’re very excited about Monarch’s arrival,” Steven Hidary said, “and look forward to a long relationship with Ric and Stephen.”