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Acquisitions

Hidrock Properties acquires 112 Liberty Street

FiDi development site allows for 91,500 BSF

Area near 112 Liberty Street (Credit: Apartments)

Jack Hidary’s Hidrock Properties has acquired 112 Liberty Street in the Financial District for $38.5 million, according to TRD. The development site allows for 91,500 buildable square feet.

Sound Smart: At $420 per buildable foot, Hidrock is expected to develop condos. With the sluggish high end condo market, expect Hidrock to target the $1 to $4 million range. There are many wealthy financiers and investment bankers who work nearby.

Worth Noting: Sales velocity at Harry Macklowe’s condo project at One Wall Street will be a good bellwether for this project.

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