JULY 25, 2012
HIDROCK REFINANCES GARMENT DISTRICT BUILDING
- Real Estate Weekly
Hidrock Realty has secured a $16.1 million refinancing for 35 West 36th St. from
Assurant, the original lender, at a 3.89 percent interest rate.
"Now is a great time to refinance commercial properties, as the lower interest rate environment has given owners the opportunity to increase income by lowering monthly payments," said Abraham Hidary, president of Hidrock Realty. "By lowering our interest rate, we have significantly reduced our mortgage debt costs."
Hidrock acquired the 12-story, 79,200 s/f Class-B property in 2007 and began renovations in 2008 to create loft-style office and showroom suites ranging from 2,500 to 6,500 s/f.
The firm also reconfigured the spaces to attract high-quality tenants. 35 West 36th St.
is currently 96 percent occupied, with a lease out on the remaining availability.
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