Hidrock refinance

Real Estate Weekly,  May 16, 2007  

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Hidrock Realty has refinanced its office building at 65 West 36th Street in Manhattan with a $14.75 million loan from Wachovia Bank for a term of seven years, according to Abraham J. Hidary, president of the firm.

The 12-story, 60,000 s/f building, located just off Sixth Avenue, is fully occupied by a diverse group of companies.

"When we purchased 65 West 36th Street, it was derelict and neglected," said Hidary. "Since then, we have coordinated all our efforts to refurbish the building and turn it into a destination for prestigious office tenants."

Since the renovation, average rents in the building have risen from approximately $15 to $45 per square foot for new leases. Tenants include Delta Galil Industries, Massimo Zanetti Beverage USA and several mid-size law firms.

Tim Hallock and Edward Harrington led the group at Wachovia in the transaction.

COPYRIGHT 2007 Hagedorn Publication
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