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Hidrock Properties now has the funds to move forward on a Midtown East project two years after the firm, led by Abie Hidary (above) and his brother, Eddie, acquired the development site.
Hidrock landed a $100.5M construction loan from Midland National Life Insurance and other lenders, represented by Guggenheim Partners, for 13 East 47th St, according to city property documents. Hidrock acquired three properties, 12 and 14 East 48th St and 13 East 47th St, from an affiliate of City Centre Properties for $47M in 2014.
Hidrock bought the site with the intention of building a residential condominium, Abie Hidary told the Wall Street Journal at the time, and, if the firm included a recreation facility, the site could support a 90k SF building. Hidary declined to comment to Bisnow on his current plans, citing a confidentiality agreement.
While the ultra-luxury condo market slowdown has made headlines — and made many lenders and investors skittish about funding new developments — Keller Williams NYC agent Mirza Avdovic told Bisnow last week there is still robust demand for condos between $1M and $4M, if Hidrock decides to stick to its plan to build residential condos.
The Hidary brothers already have the biggest property sale of 2017 so far, trading the 31-story Courtyard Marriott World Trade Center for $203.3M last week, less than a year after it delivered.
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