Hidrock secures offering plan for new Herald Square office condos

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Hidrock Properties announced that the NYS Attorney General’s
office has declared the offering plan effective at 35 West 36th Street, a
12-story, 80,000s/f office building in Herald Square being converted from
traditional office space to office condominium units.

Initially brought to market in January 2020, Hidrock has
seen steady interest in the newly created office condominium units, selling several
of the 24 available units despite the slower market due to the pandemic—closings
are set to begin in August, 2021.

“The office condo market is bouncing back as prices and
sales activity city-wide continue to trend upwards after bottoming out last
Spring,” said Michael Rudder, principal of Rudder Property Group, the exclusive
marketing and sales agent leading the conversion. 

“Historically low interest rates and low inventory coupled
with readily available financing make purchasing an office more favorable than
signing a long-term lease.  35 West 36th
Street presents a unique opportunity to purchase an office condo at a relative
discount.”

The units, measuring 3,300 square feet or 6,600 square feet,
are being offered a prices starting at over $3 million for a half-floor unit;
18 units remain available for sale.

“Hidrock is meeting the market demand for small and midsized
office condominium units in Midtown as buyers continue to come off the
sidelines as things normalize,” said Steven Hidary, Principal of Hidrock
Properties.

“Hidrock is proud to have redeveloped this building into
high class office space complete with unique qualities and finishes that
surpass market standard.  Declaring the
offering plan effective sends a strong signal to buyers that the project is—and
will continue to be—a success.”

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