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NEW YORK CITY-Hidrock Realty and joint venture partner Assurant Inc. have teamed to acquire 53 West 36th St. for $29.58 million, or $410.83 per sf. Madison Warehouse Corp. is the seller of the 12-story, 72,000-sf building between Fifth and Sixth aves.

The building is currently 90% occupied “All the leases expire in a 24-month period,” Abraham J. Hidary, president of Hidrock, tells GlobeSt.com. “That’s the focus of our hold, those 24 months.”

The asking rent is $44 per sf, and includes a $30 work letter for a full floor of space (6,000 sf). New central air conditioners will be installed on all the floors, with priority given to new tenants. General building system and common area upgrades are also planned.

Allstate Insurance provided acquisition financing, with Holliday Fenoglio Fowler’s Ed Finnegan acting as financial intermediary.

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