HIDROCK REALTY TO BUILD A 150,000 S/F, 33-STORY BUILDING
A 6,160 f development site at 133-135 Greenwich St., with approved design
plans created by architect Costas Kondylis for the construction of a 150,000 s/£
33-story mixed-use building, has just traded for $28 million to Hidrock Realty .
Eastern Consolidated senior director Adelaide Polsinelli and associate director
Robert Khodadadian procured the buyer New York City-based developer
Hidrock Realty. Executive managing director David Schechtman, Esq., and
senior director Lipa Lieberman represented the seller.
Jeffrey Dayon Esq., Mishaan Dayon & Lieblich represented the buyer and
Daniel Mann, Michael, Levitt & Rubenstein, LLC, acted for the seller.
"Hidrock plans to develop a 28-floor, 300-room hotel with incredible light and
brilliant views at an estimated cost of 70 million. The new inn, between West
and Washington streets in Lower Manhattan, should be open for business in early 2015," said
Kbodadadian who added that given its location and in-place design plans the offering generated
tremendous investor interest
"Hidrock and their attorney1s ability to execute and perform with flawless precision enabled them to
secure the property quickly and satisfy the seller's expectations,” said Polsinelli. "This purchase is part of
Hidrock1s goal to acquire $250 million in assets by mid-2013. The company expects returns north of
20%."
Developer Sam Zell had previous bid on the site in 2010 after its Israeli owners filed for bankruptcy.
They had paid $45 million at the height of the real estate boom and planned a 203-room hotel.
Situated on the southeast comer of Greenwich and Thames Streets the new building is poised to attract a
burgeoning Downtown residential population, given Lower Manhattan's repositioning as a dynamic
global business center. Two major transit projects the Fulton St. Transit Center and the World Trade
Center