New York, NY – November 20, 2023 – GDS Development Management (GDSNY) and Sabal Investment Holdings (Sabal) today announced the signing with Aareal Group (Aareal) of a joint venture and asset management agreement on a loan collateralized by the 18-story office component of the Metropolitan Tower in Manhattan.
Located at 142 W 57th Street, Met Tower is a 77-story mixed-use highrise between West 56th and West 57th Streets containing a mix of apartment units, office and retail space. The 531,657-square-foot property was completed in 1986.
“Today’s market calls for innovative asset management and value-add solutions,” says Tal Seder, Head of Opportunistic Investments at Sabal Investment Holdings.
“We are believers in the continued recovery of Manhattan’s office and retail market and are pleased to partner again with Sabal on this iconic project in the city,” says Alan Rudikoff, partner and co-founder of real estate firm GDSNY.
In June 2023, GDSNY and Sabal also provided a $50 million renovation loan at 40 Crosby, a 70,000-square-foot 5-story SoHo office building.
A Newmark team led by Adam Spies and Evan Layne, and Dustin Stolly and Jordan Roeschlaub marketed the opportunity on behalf of Aareal.