GDS Development Management (GDSNY) and Sabal Investment Holdings (Sabal) have signed a joint venture and asset management agreement with Aareal Group (Aareal) 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.
Metropolitan Tower is next to Carnegie Hall Tower, separated from it only by the Russian Tea Room. The building has entrances at 57th and 56th Streets, connected by a passageway that forms part of 6½ Avenue. The base contains about 225,000 sq ft (20,900 m2) of office space, with a triple-height mechanical area at the top. The office stories are owned as a single condominium, as are each of the 235 residential apartments in the upper stories. The residential tower resembles a right triangle in form, with a pointed edge facing north on 57th Street. Because of the high ceilings of the office stories, several floor numbers are skipped and the highest floor is numbered 78.