Bank Hapoalim Takes Over FiDi Development Site from Hidrock Properties for $36.9M
Bank Hapoalim Takes Over FiDi Development Site from Hidrock Properties for $36.9M
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July 17, 2025 | New York City
Bank Hapoalim has officially taken control of 140-142 Fulton Street in Manhattan’s Financial District, acquiring the two-property development site for $36.9 million from Hidrock Properties. The transfer follows a drawn-out legal dispute stemming from Hidrock's failure to repay a $32.8 million loan, which the developer had used to fund a now-defunct hotel project.
Hidrock originally purchased the pair of sites in 2018 for a combined $41 million from Raymond Gindi. After filing building permits in 2019 for a hotel on the vacant lot, the project stalled. Despite three loan extensions, Hidrock missed the final maturity deadline, prompting Bank Hapoalim to initiate foreclosure proceedings in 2022. The lender was eventually awarded a $39.2 million judgment.
Although an auction was initially scheduled for early 2024, the bank allowed Hidrock to attempt a private sale—but no buyer emerged. Tensions escalated again when the bank claimed Hidrock tried to obstruct a potential sale by refusing to sign transfer documents, prompting a lawsuit that was later dropped once the paperwork was completed.
Bank Hapoalim’s future plans for the site remain undisclosed, and the project faces further complications due to New York City’s post-2021 hotel construction restrictions, which require special permits. This marks yet another setback for Hidrock in the Financial District, following last year’s loss at 112 Liberty Street, where the firm sold at a significant discount.
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