Lender Bank Hapoalim takes title to Hidrock’s FiDi dev site valued at $36.9M, following settlement

Bank Hapoalim acquired a development site that had been subject to a now-cancelled foreclosure action at 140-142 Fulton Street in Financial District, Manhattan from Hidrock Properties’ entity 140 Fulton Associates LLC, for a transfer price of $36.9 million. The expected use is to hold for sale. The transfer resulted from a settlement between the parties, according to the transfer documents. The parcel was subject to a foreclosure action over the allegedly defaulted $32.8 million loan Bank Hapoalim originated in 2018. The total judgment in the foreclosure case, 850142/2022, was $39.2 million. The auction set for January 2024 was cancelled.
The deal closed on January 15, 2025 and was recorded on July 15, 2025. The property has zero square feet of built space and 56,120 square feet of additional air rights for a total buildable of 56,120 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $657 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on October 17, 2018, for $19.8 million. The signatory for Hidrock Properties was Abraham J. Hidary . The signatory for Bank Hapoalim was Jacob Weinstein . The contract date was January 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bank Hapoalim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hidrock Properties had not purchased any other properties and sold nine properties in six transactions for a total of $73.3 million over the same time period.

The property

The parcel has frontage of 25 feet and is 108 feet deep with a total lot size of 5,612 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $700 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 1, 2012. On the lot, there is one active new building construction project, 123732292, for a 119,758 square-foot B building. The project was submitted by Hidrock Properties and filed by Eddie Hidary with plans filed April 4, 2019 and it has not been permitted yet.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District is the 4th most active neighborhood among other neighborhoods. It had 14.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 131,602 square feet of the 330,236 square feet. The largest owner is Breuer Herskowitz Registered, followed by Niarchos Family and then Maverick Management.
On the tax block, there were two new building construction projects totaling 119,763 square feet. The largest is a 119,758 square-foot business (B) building submitted by Hidrock Properties and filed by Eddie Hidary with plans filed April 4, 2019 and it has not been permitted yet. The second largest is a five-unit, five square-foot 61 building submitted by Administrative Contractor with plans filed February 5, 2025 and it has not been permitted yet.

The majority, or 50 percent of the 330,236 square feet of built space are specialty buildings, with hotel buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Hidrock Properties owned at least three commercial properties with 42 residential units in New York City with 53,490 square feet and a city-determined market value of $9.1 million. (Market value is typically about 50% of actual value.) The portfolio has $22.9 million in debt, with top three lenders as Popular Bank, Piermont Bank, and Israel Discount Bank respectively. Within the portfolio, the bulk, or 80 percent of the 53,490 square feet of built space are elevator properties, with mixed-use properties next occupying 20 percent of the space. They are all located in Brooklyn.

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