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Hidrock makes first Chelsea purchase: Hidrock Realty.

Hidrock Realty announced has acquired 146-150 Tenth Avenue for $35.5 million.

The properties are three adjacent, five-story residential buildings located on the corner of West 19th Street with 5,400 s/fof retail spanning the ground floors.

Hidrock plans to plans to manage the asset and continue to rent the apartments and retail space in the buildings, the company's first in the West Chelsea neighborhood.

The properties have a combined 48 apartments that are a mix of studios and one-bedroom units. Asking rents range from $2,500-$3,000 a month.

The ground floor retail space was previously Moran's Restaurant, which was operated by the seller, Lyclear Realty Corp.

'The demand for residential and retail space in West Chelsea is extremely high due to the area's close proximity to the High Line, Chelsea Market, Hudson River Park and countless other amenities" said Abraham Hidary, CEO of Hidrock.

"It is one of the most sought after neighborhoods in Manhattan and our property sits right in the middle of all the area has to offer."

Ivan Hakimian of Hakimian Properties of NY was involved in the deal.

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Title Annotation:SELLING POINTS
Comment:Hidrock makes first Chelsea purchase: Hidrock Realty.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Apr 8, 2015
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