HFF secures $32 million refinance on behalf of Hidrock Properties for Midtown New York City office tower

35 West 36^th Street, a 12-story, 77,880-square-foot office building

               in the Garment District of Manhattan, New York

  

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) and Hidrock Properties announce the closing of a $32 million refinancing for 35 West 36^th Street, a 12-story, 77,880-square-foot office building in the Garment District of Manhattan.

HFF placed the three-year, floating-rate loan on Hidrock’s behalf through Ladder Capital Finance.

Abraham J. Hidary

Originally built in 1911, 35 West 36th Street is a 12-story, loft-style building with 70,800 square feet of office space and 7,080 square feet of ground-floor retail. 

The building’s renovated lobby boasts two high-speed elevators that open directly into each tenant’s space.  Tenants benefit from multiple building amenities such as a doorman, 24/7 key card access, high-speed internet providers, including fiber, and on-site retail amenities, including a café and kickboxing gym. 

Steven Klein

The retail units share 55 feet of frontage on West 36th Street.  Situated mid-block between 5th and 6th Avenues in the Garment District, 35 West 36th Street is near Herald Square and the Times Square, Grand Central and Midtown South submarkets. 

Public transport is available via 18 subway lines, NJ Transit and LIRR, PATH, commuter bus lines and Metro North lines, all within walking distance.

“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, Hidrock’s Chief Executive Officer. 

“We are pleased to have seen its value increase steadily as we redesigned, renovated and re-tenanted the building over the years.”

Jackie Ferrer

HFF’s debt placement team representing  Hidrock Properties consisted of managing director Steven Klein, director Scott Findlay and senior associate Jackie Ferrer.

“Hidrock Properties is a multi-generational real estate company dedicated to long-term investment in commercial real estate properties and 35 West 36th Street was no exception,” Klein said. 

“The office property has been and continues to be well-maintained and is a testament to Hidrock’s 12-year ownership of the building.  It was a pleasure working with Hidrock and its affiliates on this financing.”

CONTACTS:

STEVEN KLEIN

HFF Managing Director

(212) 245-2425

sklein@hfflp.com

sklein@hfflp.com
 

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com