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JUNE 3, 2010

NEW PLANS FOR HERALD SQUARE OFFICES

- The Wall Street Journal


Hidrock to build it's first Manhattan hotel at 960 Sixth Avenue

Hidrock Realty, a family owned real estate investment company, is planning to embark
on what appears to be a pretty gutsy move: develop its first Manhattan hotel in a market
that's recovering but still far from robust.

But Hidrock is able to move forward with some confidence because of the enormous
discount it just got on a near-empty office building near Herald Square which it plans to
convert into a hotel. Hidrock paid about $40 million for the 100,000-square-foot building
at 960 Sixth Ave., less than half of the $105 million the former owner paid for the
property in 2007.

 

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2010-June