NEW YORK CITY—In an effort to take advantage of low interest rates, Hidrock Realty has secured a $22.5 million refinance for 53 West 36th St. Allstate Investments, the original lender, provided the five-year mortgage with a 30-year amortization at a 3.98 percent interest rate.
In a partnership with Assurant, Hidrock acquired the 12-story, 78,426-sq.-ft. class-B office property for $29.58 million in 2007 and began extensive renovations to create loft-style office suites ranging from 500 to 6,900 sq. ft. The firm also reconfigured the spaces to attract credit-worthy tenants and increased the asking rent from $25 to $40 per-sq.-ft. As a result, the property was fully leased within 13 months of purchase.
53 West 36th St. features a state-of-the-art attended lobby with 24/7 access, new elevators, upgraded security, central air and exposed ceilings. Tenants enjoy close proximity to public transportation including multiple subway lines, Penn Station, and Grand Central Station and are steps from Herald Square, Madison Square Park and numerous restaurants.