The source tells GlobeSt.com that the firm chose this building because it is similar to others in its portfolio--240 W. 35th St. is on a side street in the Herald Square/Penn Station submarket. "Hidrock is extremely invested in the Times Square South neighborhood due to its convenient subway and Long Island Railroad access," the source says. "Hidrock prefers to buy side street buildings because they are viable options for small-sized and mid-sized businesses that cannot afford hefty avenue rents."
The 17-story building is the fourth purchased by Hidrock Realty in the Herald Square/Penn Station submarket. Hidrock is also the owner and landlord of 65 W. 36th St., 53 W. 36th St. and 35 W. 36th St., all located between Fifth and Sixth avenues. The building is fully occupied, with about 40 tenants. Among its largest tenants are Doubledown Media, which monitors online and print media for financial companies; First Funds, a provider of cash advances to small-sized and mid-sized business; and A Better Chance, a preeminent resource for identifying, recruiting and developing leaders among young people of color in the US.
Property management and leasing services at 240 West 35th Street will be handled by Hidrock Realty. Steven Klein and Michael Gigliotti of Holliday Fenoglio Fowler LP served as the brokers on the financing. HSH Nordbank is the lender.
"All three of our neighborhood buildings were neglected structures, and we launched capital improvement campaigns to transform them into upper-tier office space. They now boast high occupancy rates and an extremely satisfied client base," notes Abraham Hidary, president of Hidrock, in a prepared statement. "We look forward to transforming 240 W. 35th St. in a similar fashion."
Andrew Nathan, a principal at Meritage, adds that it is the company's first Manhattan acquisition in partnership with Hidrock. "Our firms share a 'tenants-first' mentality and commitment to excellence that will make 240 W. 35th St. the building of choice for small and mid-sized tenants in the Penn Station market," he says in a prepared statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
