FINDING VALUE OTHERS OVERLOOK

12-14 EAST 48TH ST. & 13 EAST 47TH ST.

NEW YORK, NY 10017

FUTURE DEVELOPMENT SITE

PURCHASED: 2014
PARTNERS: Private Investors
LENDERS: Bank of the Ozarks (NYSE: OZRK), Ladder Capital (NYSE:LADR)


Hidrock Properties purchased this three-lot land assemblage in the Rockefeller Center area for $47 million in 2014. The three 25-foot wide lots sit at 12 East 48th Street, 14 East 48th Street and 13 East 47th Street between Madison Avenue and Fifth Avenue, in the Plaza District submarket of Midtown Manhattan. The assemblage allows for 90,000 buildable square feet and Hidrock is planning a 31-story tower.