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Hidrock pays $41M for FiDi package that could give way to resi development

Hidrock pays $41M for FiDi package that could give way to resi development

Hidrock pays $41M for FiDi package that could give way to resi development The firm is funding the purchase with a $33M loan from Bank Hapoalim

Hidrock Properties bought a development site and a six-story residential property in the Financial District for $41 million. The two adjacent properties at 140-142 Fulton Street sit mid-block between Broadway and Nassau Street.

The deal is done in two separate transactions. The 140 Fulton parcel is a vacant lot that covers 2,714 square feet and sold for $19.8 million. The site was previously the location of a five-story building that was damaged by fire twice. The city condemned the property in 2013.
The 142 Fulton property, meanwhile, is a six-story rental building. It was sold for $21.2 million and contains five apartments and one commercial unit that was previously occupied by deli Cafe Tomato.
A source with knowledge of Hidrock’s plans said that the sites are likely to give way to a residential development.
The two properties offer a total of 84,200 buildable square feet.

The seller is Raymond Gindi, who is part of the family behind Century 21. Gindi has a few assets in the Financial District. Last October, he bought the two-story retail property at 173 Broadway for $38.6 million. He also owns two adjacent five-story buildings at 175-177 Broadway. Cushman and Wakefield’s Kevin Donner and Maurice Suede represented Gindi in the transaction.

Hidrock is funding the acquisition with a $32.8 million loan from Bank Hapoalim. The firm recently acquired a development site near the World Trade Center for $38.5 million. A representative for Hidrock was not immediately available for comment, and Gindi could not immediately be reached.

By Christian Bautista | October 24, 2018 04:51PM

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