Hidrock announced the acquisition of 182 Flatbush Avenue for $7 million. The property is located directly across from the Barclays Center in Park Slope. The stand-alone building features 4,791 square feet with 196 square feet of total wraparound frontage. A multi-million dollar renovation of the asset is being planned.
Hidrock Properties CEO Abie Hidary, who has developed multiple hotels in Manhattan, said the hospitality market has been flat for the past three years. In response, Hidrock has stayed profitable by finding savings.
“The important thing that we found, in hospitality is managing expenses…managing payroll, having people doing the right jobs and keeping a lean staff providing what guests want when they come to New York City,” he said. “The hotels we are building have a great room, a clean bathroom, not a lot of amenity space and not a lot of staff, and what we found is that’s a recipe for success.”
CEO of Hidrock Properties, Abie Hidary appears on The Stoler Report along with Celeste Burgos of M&T Bank, Larry Korman of AKA Hotels and Ashish Lall of Fortuna Realty Group to discuss their insights on Hospitality in NYC in 2019.
NY Based Real Estate Development firm Hidrock Properties announced today that they’ve signed bakery chain Insomnia Cookies to its first Brooklyn store at 32 Fifth Avenue in Park Slope, Brooklyn.. Hidrock is finalizing their $3mm gut renovation of the 3-story mixed-use building located on the corner of Fifth Avenue and Dean Street, which includes a 500 SF corner space and 1,100 SF inline space. The bakery signed a 10-year lease for the corner.
Hidrock announced an agreement to develop and sell a Hilton Grand Vacation time share hotel in midtown Manhattan. The 125,000 sf project will feature 161 studio and one-bedroom units and is set to open in 2020.
Hidrock Properties is planning a conversion of a 12-story loft building in the Garment District to office condominiums. The family firm, which owns multiple buildings in the neighborhood, will convert 35 West 36th Street, a 58,000-square-foot pre-war building, according to the New York Post.
– New York Post
– Commercial Observer
Hidrock sold the 41-story, 310-room hotel, Embassy Suites by Hilton, for $195 million. The hotel opened last year on 37th street in the Garment District.