Feb 8 2024

GDSNY and Sabal Provide Preferred Equity to AYA Acquisitions at 120-125 Riverside Drive

New York, NY – February 5, 2024 – GDS Brightstar, the lending arm of real estate firm GDSNY, and Sabal Investment Holdings (Sabal) today announced the signing with AYA Acquisitions (AYA) of a Preferred Equity investment of $11.5 million for the acquisition and renovation of 120-125 Riverside Drive.

120-125 Riverside Drive is comprised of two adjacent buildings located at West 84th Street and Riverside Drive, that feature one to four-bedroom layouts, just steps from Riverside Park on Manhattan’s charming Upper West Side. These stunning properties feature 82 rental residences that epitomize the charm of pre-war architecture. The 110,000-square-foot buildings were designed by architect George Keister and completed in 1906.

“Major metropolitan markets, like New York City, are typically steady performers,” says Tal Seder, managing director with Sabal Investment Holdings. “This Upper West Side property is an attractive investment opportunity due to its location and the regional need for more family-friendly units.”

“These are timeless buildings, in one of New York City’s most desirable neighborhoods, and we are pleased to partner with Sabal on this investment,” says Alan Rudikoff, Partner and co-founder of 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, as well as a recent loan for Met Tower.