Recently Refinanced Midtown Building Being Converted to Office Condo Space
Asking prices at 35 West 36th Street are expected to begin at just under $3 million for a half-floor unit.
NEW YORK CITY—Several weeks after refinancing the property, Hidrock Properties now plans to convert its 35 W. 36th St. office building in Midtown Manhattan into office condominiums.
The firm has retained Rudder Property Group to handle the sales and marketing of the half-floor (3,300-square-foot) and full floor (6,600-square-foot) condo units at the circa 1911 Herald Square building. Asking prices at 35 West 36th Street are expected to begin at just under $3 million for a half-floor unit.
“35 W. 36th St. is meeting the demands of an under-serviced portion of the market in terms of both in size and value, especially in a quality building offered by a well-respected and accomplished sponsor in a desirable Midtown location off of Fifth Avenue,” says Michael Rudder, principal of Rudder Property Group. He adds that the conversion presents an opportunity for professional services and creative firms, fashion and apparel companies and non-profits to “sidestep the often-volatile leasing market and begin reaping the benefits of office condominium ownership.”
“We’re proud to have redeveloped this building over the course of our ownership into high class office space, complete with unique qualities and finishes that surpass market standard,” says Hidrock Properties principal Abie Hidary. “We’re excited to be offering these units for sale in this highly desirable location.”
All office units are available immediately for sale and half-floor units may be combined into full floors. Several units are currently vacant and available for occupancy by prospective buyers immediately after closing. Existing tenant leases for any occupied units will remain in place unless otherwise negotiated.
Earlier this month, Hidrock Properties closed on a $32-million refinancing deal for 35 W. 36th St. Ladder Capital Finance provided a three-year, floating rate loan that was negotiated by Holliday Fenoglio Fowler.
The 12-story, 77,880-square-foot building provides 70,800 square feet of office space with 7,080 square feet of ground-floor retail. Hidrock acquired the building in December 2007 for $28 million according to Real Capital Analytics.
All office units are available immediately for sale and half-floor units may be combined into full floors. Several units are currently vacant and available for occupancy immediately after closing. Existing tenant leases for any occupied units will remain in place unless otherwise negotiated, Hidrock Properties states.