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Hidrock Exec Reflects On Tuesday's Sale in Midtown

NEW YORK CITY-The $29 million trade of 65 W. 36th St. brought in triple the amount of the company's initial investment.

By Rayna Katz | Updated on October 23, 2013

NEW YORK CITY-At first glance, the reason behind the sale Tuesday of 65 W. 36th street would be obvious: profit. After all, seller Hidrock Realty—who first bought the property in late 2001—more than tripled its $8 million dollar investment.

The purchaser, Sioni Group, paid $29 million; plus, Hidrock made another $6 million on the asset earlier this year when it sold about 20,000 square feet of the building’s unused air rights to a partnership between insurance firm AIG and real estate firm Buccini Pollin Group, according to Crain’s New York Business. The partners used those air rights for a neighboring hotel development now under construction. Sioni did not respond to a request seeking comment.

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