Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.