54 Madison Partners takes control of Hidrock hotel project valued at $104M in Grand Central

54 Madison Partners through the entity Fifth Ave Holdings II LLC took control of Hidrock Properties’s 1248 Associates Mezz II LLC and the the hotel valued at $104.3 million at 12-14 East 48th Street in Grand Central. The deal closed on June 1, 2020, and was recorded on August 13, 2020. The transaction consists of 2 parcels, including the tax class miscellaneous (H9). The property is 115,924 square feet.

Hidrock has sued 54 Madison Partners to block the sale of the hotel, but the mezzanine foreclosure auction was allowed to proceed. The Real Deal reported Hidrock sued again in July calling the June auction a “sham.” Hidrock acquired the three parcels for $36 million in 2014. In December 2016, the parcels were transferred from one Hidrock-controlled entity to another with a value of $84,250,000. 54 Madison, headquartered in Manhattan, is led by Henry Silverman.  and initial capitalization of the firm included clients of Guggenheim Partners.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $35,000.There has been one new building permit application totaling 115,924 square feet. Those plans include a total of 161 hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 9 residential units.
Correction: a prior version of this article used the name Hidrock Realty.
Direct link to Acris document. link
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