Bisnow’s New York State of the Market is coming up next Wednesday, Oct. 29, starting at 7AM at New World Stages. (Don't confuse us with Avenue Q, also playing at the theater.) New York's most active and successful investors and developers will join big-name brokers and finance folks to help you plan your 2015.
Hidrock Realty CEO Abraham Hidary, who'll speak at our event, told us yesterday his company is in contract to buy a corner building in West Chelsea and is considering a second extended-stay hotel in Midtown. (People are staying here longer than expected—just look at Carmelo Anthony.) The West Chelsea apartment building is near a High Line entrance, making the vacant retail block at the base an even bigger opportunity. That’s a sure win for any investor, but Hidrock also often goes contrarian, as with extended-stay hotels.
Hidrock's next extended-stay hotel would follow the company’s big success story at 25 W 37th St (above). The company delivered the 173-key SpringHill Suites in spring 2013 to do something different from all the other hotels rising in the area. Occupancy reached 90% right away, and Hidrock sold it in July to Hong Kong’s Keck Seng Investments for a $28M profit.
The company also is working to open a 317-room Courtyard by Marriott next year at 133 Greenwich (rendered here) across from the National September 11 Memorial. Downtown is underserved by business hotels, Abraham says, considering all the office leasing at Brookfield Place, the WTC, and even Wall Street—not to mention the shoppers and tourists headed Downtown in larger and larger crowds.
Another underserved market is well-located one- or two-bedroom condos, according to Hidrock. Large units are all the rage among developers, but Hidrock will break ground next summer on 90k SF of smaller luxury condos on 48th between Fifth and Madison at the site pictured above.
Grab your ticket now for our NY State of the Market: networking from 7AM to 8AM, 90 minutes of panels, and even more networking after. The event is Oct. 29 at New World Stages on 50th between Eighth and Ninth.
