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Hidrock Buys $30M Herald Square Asset

NEW YORK CITY-The 90%-leased building at 53 West 36th St. has all its leases expiring in two years. Building upgrades are planned.

By Sean Ryan | Updated on June 18, 2007

NEW YORK CITY-Hidrock Realty and joint venture partner Assurant Inc. have teamed to acquire 53 West 36th St. for $29.58 million, or $410.83 per sf. Madison Warehouse Corp. is the seller of the 12-story, 72,000-sf building between Fifth and Sixth aves.

The building is currently 90% occupied “All the leases expire in a 24-month period,” Abraham J. Hidary, president of Hidrock, tells GlobeSt.com. “That’s the focus of our hold, those 24 months.”

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